Two Plus Two Newer Archives  

Go Back   Two Plus Two Newer Archives > Other Topics > Business, Finance, and Investing

Reply
 
Thread Tools Display Modes
  #1  
Old 10-12-2007, 12:01 PM
167-169 167-169 is offline
Member
 
Join Date: Jan 2006
Posts: 66
Default New York real estate experts-Advice for the noob



Seeking advice on some property in Manhattan. (Will be moving there next month-job transfer) Would really appreciate it if someone can post some solid and sound advice. Not particularly familiar with the real estate market, I’ve only bought land twice. (Old house & new condo) The old house was to live in after being refurbished; the condo was an investment, very fortunate to have made a nice profit after the flip.

This time I plan to purchase a condo to live in for the next 3 years. I’m seeking a place that is fairly modern and easy to re-sell. Size is not that important as I have a limited budget. Plan to put only 100k as down payment. Thinking about buying a place that is approximately 400k, (25% down)

I hope some posters can lead me in the direction as to what the best options are. Interest rates, location, what questions to ask, what to look for, which banks to deal with, best way of going about this, current market, good time or bad time now? As you can see, these are fairly newb questions. 100k is a lot of money to me, I want to be very careful not to make a bad investment.

I know there are many details that I am leaving out. Please let me know what other details I need to post. My realtor seems like a decent guy, he has many clients and I’m too small time for. (I get that feeling for some reason)

I’ve posted on a couple real estate forums but response was scarce. Other suggestions/forums? Thanks in advance.
Reply With Quote
  #2  
Old 10-12-2007, 12:09 PM
SteveOMS SteveOMS is offline
Member
 
Join Date: Jun 2005
Posts: 64
Default Re: New York real estate experts-Advice for the noob

400k condo's don't exist in Manhattan! Unless you're buying a 300 SQF hovel/closet in a bad area. Transaction costs in NYC are higher then most other areas (one time fees, taxes, brokers, etc...) Personally I don't think a 3 year time period justifies buying in NYC right now and you'd be better of renting. One alternative is some areas in Brooklyn and Queens close to the city have some decent condos in the 400-600k range but I still think 3 years isn't long enough to justify a buy here.

SteveOMS
Reply With Quote
  #3  
Old 10-12-2007, 02:10 PM
MrBlue MrBlue is offline
Senior Member
 
Join Date: Sep 2003
Posts: 287
Default Re: New York real estate experts-Advice for the noob

For 400k, you can find a coop studio that's about the size of a medium sized bedroom.

I saw one on 84th and 3rd last year for 295k but couldn't figure out how would one fit in a bed, a desk, and a TV. There just wasn't enough room. Oh yeah, and no closets FTL.

If you go further uptown (above 96th on the east side, and above 120 on the west side), you can find something in your range. But IMO, there's no point living in Manhattan if you're going to live that high up anyway. Might as well just move to Queens or Brooklyn. Same commute time.
Reply With Quote
  #4  
Old 10-12-2007, 02:22 PM
nyc999 nyc999 is offline
Senior Member
 
Join Date: Sep 2004
Posts: 2,195
Default Re: New York real estate experts-Advice for the noob

Enjoy your rental!
Reply With Quote
  #5  
Old 10-12-2007, 02:49 PM
spex x spex x is offline
Senior Member
 
Join Date: Jun 2005
Location: who dares wins
Posts: 569
Default Re: New York real estate experts-Advice for the noob

[ QUOTE ]



My realtor seems like a decent guy, he has many clients and I’m too small time for. (I get that feeling for some reason)


[/ QUOTE ]

Two words: You're fired. Honestly, you're paying the guy to work for you. If he's not, he can find himself another client. All realtors seem like decent guys. They're salespeople - seeming like decent a guy is how they make a living.
Reply With Quote
  #6  
Old 10-12-2007, 05:13 PM
SlowHabit SlowHabit is offline
Senior Member
 
Join Date: Apr 2006
Posts: 1,509
Default Re: New York real estate experts-Advice for the noob

[ QUOTE ]
[ QUOTE ]



My realtor seems like a decent guy, he has many clients and I’m too small time for. (I get that feeling for some reason)


[/ QUOTE ]

Two words: You're fired. Honestly, you're paying the guy to work for you. If he's not, he can find himself another client. All realtors seem like decent guys. They're salespeople - seeming like decent a guy is how they make a living.

[/ QUOTE ]
Reply With Quote
  #7  
Old 10-14-2007, 02:11 PM
pokermac pokermac is offline
Senior Member
 
Join Date: Jun 2005
Posts: 104
Default Re: New York real estate experts-Advice for the noob

I agree with SteveOMS, MrBlue and nyc999.

With the market flattening a bit, you might just be better off renting if you are only here for 3 years. You can find what you are looking for, it will be much smaller than you ever imagined, and will take a year or two to find. Even the right rental might take awhile to find. You might try craigslist. We used ManhattanMortgage and we're happy with them. Susan Levine was our RE attorney. If you get lucky at the 1000NL tables and your budget goes up, I'd sell our place and move to Kansas.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -4. The time now is 11:29 AM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.