a $250K apartment in NYC:

Is it possible to buy a 2 bedroom condo in a reasonable neighborhood in NYC? The

rz
Tuesday, September 9, 2003

argh. sorry about that. Went crazy with the return key.

Is it possible to find a $250K 2 bedroom apartment in Manhattan? I would prefer the upper west side area, or possibly chelsea. Somewhere in soho would be nice also but i seriously doubt the availability of a $250K condo in this area.

I'm a single guy that runs a software consulting gig with clients in Boston and NYC. I'm through with renting in Boston and would rather own a place in NYC vs. Boston. I'm looking for a 2 bedroom because the 2nd room would be used as an office. I'm more interested in nice building, good location vs. space.

Any ideas on areas/buildings/brokers to check out? Or is a suitable apt. for $250K a pipe dream?

thanks!

rz
Tuesday, September 9, 2003

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
Tuesday, September 9, 2003

The neighborhoods you're talking about you'd be lucky to find a 2 bedroom condo for $750,000...

If you had to do $250,000 in Manhattan I'd say your only hope is a co-op (not condo) in Inwood/Washington Heights. And once you're that far away from Midtown you might as well consider Williamsburg, Brooklyn Heights, or Astoria.

Joel Spolsky
Wednesday, September 10, 2003

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.

According to some of the literature I have, it is still feasible to purchase a 2 bedroom place in a decent building in Williamsburg for less than $400K, which seems reasonable, considering my other option at this point is buying a 2 bedroom place in a crumbling apart triple decker in Cambridge for the same price.  Can anyone confirm that it is still possible to purchase a nice place in williamsburg for less than $400K ?

thanks again!

rz
Wednesday, September 10, 2003

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...

Steve Sacho
Wednesday, September 10, 2003

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. 

rz
Wednesday, September 10, 2003

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...

Steve Sacho
Wednesday, September 10, 2003

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...  :)

Kentasy
Thursday, September 11, 2003

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. 

(We settled for Park Slope and I now am much happier than I would have been on the UWS).

Lance Ball
Monday, September 15, 2003

  Recent Topics

  Fog Creek Home