a $250K apartment in NYC:
Is it possible to buy a 2 bedroom condo in a reasonable neighborhood in NYC? The
argh. sorry about that. Went crazy with the return key.
I'm going to say pipe dream... but if you look hard enough I'm sure you can find one... when you say UWS, as long as >96th st. fits into that desc. you can probably do it.
Michael H. Pryor
The neighborhoods you're talking about you'd be lucky to find a 2 bedroom condo for $750,000...
Thanks. When I last lived in NYC I lived in Williamsburg (1998) and should have bought a place then... I've been doing a bit of research and what suprised me was the jump in buying prices for a place in Chelsea from 2000 to now. If I remember correctly it was feasible to buy a 2 bedroom in Chelsea for less than $300K in 2000. Now the same places are selling for $750K! Sigh.
It's a great pity, but with only 250K you have to simply ask yourself how much you're prepared to spend ON RENT to be in this great city. I'm in a similar situation, an my wife and baby even looked at the awful but tempting prospect of a larger 1 bed in a decent area - we just couldn't stomach the outrageous price not to mention impossible living conditions. So unless there's a major correction, or your long lost well heeled aunt dies and leaves it all to you, just consider other suburbs close by, or cough up the absurd rents. Wish I had better news...
My issue is that I will have to spend a similar amount of money in Boston, and if I am going to buy a place I would rather buy in NYC.
I too had the Cambridge-Manhattan thing going for a while 3 yrs ago, when the market was just as insane. On this return, I had hoped things would normalize - no such luck. My cynical friends tell me the crash is coming, just wait. They said that 3 yrs ago too! My gut-feel is it's still better to buy anywhere than throw the cash away monthly on rent, but only you can know where your budget will permit you to buy. So again, it depends on how much you want to be in the city...
Why don't you move to Canada ? Your money goes a lot further up here - 250 K is over 400 K and you can get a very nice house... :)
2 years ago I was looking at 2 bedrooms on the UWS where UWS was defined as "above 111th. The best I could find was about $650,000 co-ops. I think you'd be very lucky to find a 2 bedroom apartment in one of the better borough neighborhoods for $300,000. If I were you that's what I'd be looking at.
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