Buying an Apartment/Condo in Manhattan (Inwood, York: wood floors, real estate, apartments)

[Panam]

We all know about the TV shows.. Selling new York, Million Dollar Listing, etc BUT are all Manhattan apartments that expensive to purchase? I think these shows do not highlight the numerous properties that Manhattan's middle class live in.

This got me wondering if buying an apartment in MANHATTAN is doable on a $100K/yr salary. I hear property taxes are relatively low (compared to other USA big cities). What is the average maintenance/ HOA/ Condo fee per month for a Manhattan apartment? How much (ON AVERAGE) do utilities cost for 2 people, etc?

Can anyone tell me the average cost of a newish Manhattan apartment (stainless steel, wood floors, modern, etc) in the various parts of the city? UES, UWS, Chelsea, Tribeca, the rest.

Also, are there any pitfalls to owning a Manhattan apt/condo?

Please PM me if you don't want to post your answer here.

thanks
Cheers

[WithDisp]

So few people own here because currently the cost of ownership in 1 lifetime may exceed the cost of renting.

[varan]

Originally Posted by Panam

We all know about the TV shows.. Selling new York, Million Dollar Listing, etc BUT are all Manhattan apartments that expensive to purchase? I think these shows do not highlight the numerous properties that Manhattan's middle class live in.

This got me wondering if buying an apartment in MANHATTAN is doable on a $100K/yr salary. I hear property taxes are relatively low (compared to other USA big cities). What is the average maintenance/ HOA/ Condo fee per month for a Manhattan apartment? How much (ON AVERAGE) do utilities cost for 2 people, etc?

Can anyone tell me the average cost of a newish Manhattan apartment (stainless steel, wood floors, modern, etc) in the various parts of the city? UES, UWS, Chelsea, Tribeca, the rest.

Also, are there any pitfalls to owning a Manhattan apt/condo?

Please PM me if you don't want to post your answer here.

thanks
Cheers

The answer to your question about how much a typical newish apartment in Manhattan costs is easy. Go to Streeteasy.com and look at the median prices on the first page.

[nyctc7]

Originally Posted by Panam

Also, are there any pitfalls to owning a Manhattan apt/condo?

Oh Yah. You're an owner, not a renter, so walking away if you want to or need to is a completely different affair.

Having repairs or maintenance done to your apartment is sometimes not just a matter of calling the super or landlord like it is in a rental--you OWN it, just like a house, you are responsible. Sometimes with damage or repairs (say a water leak) it's not clear who is responsible, you, a neighbor, or the co-op/condo. It has the potential to get unpleasant.

If you end up not liking your neighbors, you're stuck! If you are a renter you can just live out your lease and move.

Some buildings are better managed than others. A poor managment company can make your life miserable if you or the building as a whole needs something done. If self-managed, you will find some people willing to pitch in and others who won't lift a finger in managing the building's affairs.

That's all I can think of off the top of my head.

[bmwguydc]

Do you know the size of unit you would prefer? #Bedrooms/bathrooms? If you want a condo, that comes at a price premium over a comparable co-op, though the type of building you seek is more than likely going to be a condo, unless it's a fully renovated co-op. Prices are all over the map, by size of unit, and neighborhood, in general terms, though prices within the neighborhoods, and even within a building can vary as well.

[Kefir King]

We all know about the TV shows.. Selling new York, Million Dollar Listing, etc BUT are all Manhattan apartments that expensive to purchase?

NO, they are NOT. Those shows are PURE real estate hype.
" Ohhhh, let's put on a kiddie fashion show to get the "right" kind of people in to see this $2 Million dollar, 2 bedroom overlookinng the scenic Second Avenue dig."

[bluedog2]

Originally Posted by Panam

We all know about the TV shows.. Selling new York, Million Dollar Listing, etc BUT are all Manhattan apartments that expensive to purchase? I think these shows do not highlight the numerous properties that Manhattan's middle class live in.

This got me wondering if buying an apartment in MANHATTAN is doable on a $100K/yr salary. I hear property taxes are relatively low (compared to other USA big cities). What is the average maintenance/ HOA/ Condo fee per month for a Manhattan apartment? How much (ON AVERAGE) do utilities cost for 2 people, etc?

Can anyone tell me the average cost of a newish Manhattan apartment (stainless steel, wood floors, modern, etc) in the various parts of the city? UES, UWS, Chelsea, Tribeca, the rest.

Also, are there any pitfalls to owning a Manhattan apt/condo?

Please PM me if you don't want to post your answer here.

thanks
Cheers

An income of 100,000/yr allows one to spend between 2,000 and 2,500/mo on housing,in this case mortgage and maintenance.If you figure in a $750/mo maintenance it leaves you with about 1,500/mo to spend on mortgage payments.That's roughly the interest and principal payments on a 300,000 loan.

So if you have a 70,000 downpayment saved up you could purchase a 350,000 apartment with a maintenance of around 750/mo and be able to pay the interest and principal payments on the balance of around $280,000

This pretty much eliminates all of Manhattan except for Harlem,Washington Heights and Inwood.

You can check it out yourself by using any real estate listing site like the NY Times and setting $350,000 as your maximum price.You may find a few listings in your price range in more centrally located neighborhoods but they will most likely be problem listings.