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Buying in NYC. Discuss
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Date: January 25th, 2020 3:01 PM Author: aquamarine charismatic business firm Buying a 1bdrm, discuss. Plan to live 1 more year in NYC, then move South. Will i be able to rent and flip if I buy at a discount now? Or it's going to drop in price while rental income is insufficient to cover mortgage? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486167) |
Date: January 25th, 2020 3:02 PM Author: Anal odious kitty cat brunch Best advice I can give you is to put in bids 25% above ask, and to waive appraisals and financing contingencies. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486172) |
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Date: January 25th, 2020 3:03 PM Author: Titillating apoplectic codepig love of her life ljl (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486175) |
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Date: January 25th, 2020 3:09 PM Author: mind-boggling ticket booth becky (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486209) |
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Date: January 25th, 2020 11:47 PM Author: spruce fragrant indirect expression sweet tailpipe (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488875) |
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Date: January 25th, 2020 3:03 PM Author: Titillating apoplectic codepig love of her life This is a terrible idea, as many have told you. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486173) |
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Date: January 25th, 2020 3:05 PM Author: aquamarine charismatic business firm Why? I only see comments from retarded kikes with no substance (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486186) |
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Date: January 25th, 2020 3:11 PM Author: Titillating apoplectic codepig love of her life What? You got explained that we're at peak market, that fees on condos/coops are shitty, that there are a million rules for coops, that NYC is a TTT in decline, etc. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486214) |
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Date: January 25th, 2020 4:00 PM Author: aquamarine charismatic business firm I'm not buying coop. NYC is not at peak market, a lot of condos dropped 30% off peak. My main question is in regards to NYC being a ttt in decline. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486464) |
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Date: January 25th, 2020 11:34 PM Author: dashing coral pit digit ratio this is wrong tbf to op (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488770) |
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Date: January 25th, 2020 3:06 PM Author: stirring police squad church Just do Flatbush, bro. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486189) |
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Date: January 25th, 2020 3:10 PM Author: aquamarine charismatic business firm No I'd buy around Wall Street. So I could take a ferry to the beach in Rockaway and be within walking distance of all the bars in East village or wherever (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486210) |
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Date: January 25th, 2020 3:12 PM Author: stirring police squad church The Financial district is the shittiest part of Manhattan. It is dead there at night. Like literally across the river in Brooklyn has a better night life. Ain’t any good restaurants by Wall Street too. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486219) |
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Date: January 25th, 2020 3:19 PM Author: aquamarine charismatic business firm It's only a 20 minute walk to les or whatever is hip from Wall Street. But in Brooklyn you're stuck taking a shitsmelling train each time that u go to Manhattan. I would hardly ever use a Subway if I lived downtown (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486246) |
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Date: January 25th, 2020 3:26 PM Author: Topaz nighttime shitlib school cafeteria completely ridiculous fucking nonsense. do you even live in new york now? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486286) |
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Date: January 25th, 2020 3:59 PM Author: aquamarine charismatic business firm Are u one of those fat lawyers that takes an Uber to go 5 blocks? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486461) |
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Date: January 25th, 2020 5:02 PM Author: Topaz nighttime shitlib school cafeteria no. i very seldom take cabs/ubers.
do you live in new york? |
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Date: January 26th, 2020 10:46 AM Author: Cocky theatre son of senegal i walk the 25 minutes from 20 exchange place to grand street on the weekend thank (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39489920) |
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Date: January 26th, 2020 12:27 PM Author: Topaz nighttime shitlib school cafeteria lol (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490294) |
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Date: January 25th, 2020 4:14 PM Author: Cocky theatre son of senegal This has to be flame (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486519) |
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Date: January 25th, 2020 3:19 PM Author: Topaz nighttime shitlib school cafeteria by far the worst neighborhood in manhattan (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486249) |
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Date: January 25th, 2020 3:06 PM Author: Alcoholic razzle useless brakes juggernaut Yes we can all predict where the real estate market is going within timespans as short as one year (and we do this using information that isn't already priced into housing) that's why we all spend our weekdays in miserable wagecuck jobs we hate. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486194) |
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Date: January 25th, 2020 3:08 PM Author: aquamarine charismatic business firm Im just worried that NYC will go into permanent decline like Chicago. Too much construction and get population loss. And the price/rent in NYC is much higher than in Chicago or Philly but better than 2 yrs ago (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486201) |
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Date: January 25th, 2020 3:10 PM Author: Alcoholic razzle useless brakes juggernaut if you believe that real estate is a risky asset, why do you wish to acquire real estate as an investment?
if I were you, and I only planned to live in my current city for 1 year, I would rent for 1 year
you are doubtlessly aware that there are transaction costs to buying and selling real estate that cannot be recouped based on a mere 1 year of appreciation and that owning real estate comes with obligations to pay tax on it, maintain it, etc. |
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Date: January 25th, 2020 3:16 PM Author: aquamarine charismatic business firm My main concern is that if I hold this apt and rent it out i 100% lose $$. In fact on a $700k condo(that would've cost $1mln 2yrs ago) if I mortgage and rent it out I lose about $10k/yr. And this is one of the better deals. Yet why do most people who can, prefer to buy?? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486234) |
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Date: January 25th, 2020 3:17 PM Author: Alcoholic razzle useless brakes juggernaut Consider either that they are not buying it as an investment, or that they have a strong need (real or believed) to diversify their investments away from equities. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486242) |
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Date: January 25th, 2020 3:11 PM Author: aquamarine charismatic business firm I just bought a samsung 9+. Previously used a 5yr old phone. Now need to switch my phone service away from parents line. Moving up in the world (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486217) |
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Date: January 25th, 2020 11:48 PM Author: spruce fragrant indirect expression sweet tailpipe You're about to be wealthier than op though. You're clearly more responsible with your money. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488880) |
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Date: January 26th, 2020 12:01 AM Author: aquamarine charismatic business firm I am the op nigger (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488950) |
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Date: January 25th, 2020 3:16 PM Author: green stage No faggot (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486235) |
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Date: January 25th, 2020 3:22 PM Author: Saffron Hideous Stain Elastic Band You're not going to cover your monthly mortgage and maintenance from the rental income if that's what you're asking. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486258) |
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Date: January 25th, 2020 4:02 PM Author: aquamarine charismatic business firm I know that. But that's always been the case in NYC. Some of the better deals right now are comparable with regards to price/rent to what u could get in 2009. So why do people buy? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486474) |
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Date: January 25th, 2020 4:13 PM Author: Cocky theatre son of senegal Because their trust mandates the money is spent on a residence. Because their parents gave them the money. Because they’re foreigners laundering cash (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486516) |
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Date: January 25th, 2020 4:31 PM Author: Titillating apoplectic codepig love of her life (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486600) |
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Date: January 25th, 2020 3:23 PM Author: soul-stirring salmon locus laser beams (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486266) |
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Date: January 25th, 2020 3:23 PM Author: Irradiated Navy Main People Yarmulke discount now? lol (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486269) |
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Date: January 25th, 2020 4:02 PM Author: Cocky theatre son of senegal Xo never ceases to have the investment acumen of a nigger who received a lump sum settlement (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486479) |
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Date: January 25th, 2020 4:09 PM Author: dashing coral pit digit ratio i make >400k and am thinking about dropping 4k/mo to lease an apartment. buying in nyc instead is beginning to seem like an appealing alternative (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486497) |
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Date: January 25th, 2020 4:10 PM Author: Cocky theatre son of senegal Obviously a senior associate lawyer (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486500) |
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Date: January 25th, 2020 4:17 PM Author: dashing coral pit digit ratio would rather commit hari-kari than be a comma jockey (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486534) |
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Date: January 25th, 2020 4:41 PM Author: aquamarine charismatic business firm I make much much less and I can buy at around $4500/mo or rent at $3000-3500 (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39486679) |
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Date: January 25th, 2020 10:30 PM Author: exhilarant onyx dilemma ^^^Guy who doesn't understand transaction costs... (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488373) |
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Date: January 25th, 2020 10:44 PM Author: aquamarine charismatic business firm What's it cost on a $700k sale? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488467) |
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Date: January 25th, 2020 10:51 PM Author: Wonderful burgundy parlor fortuitous meteor Probably 30kish. Battery Park? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488510) |
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Date: January 25th, 2020 11:31 PM Author: aquamarine charismatic business firm Yes, why does it cost that much? Or do u value the services of a lawyer at $25k? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488751) |
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Date: January 25th, 2020 11:32 PM Author: Cocky theatre son of senegal closing costs (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488756) |
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Date: January 25th, 2020 11:32 PM Author: aquamarine charismatic business firm What that consist of? Who gets the 30k? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488761) |
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Date: January 25th, 2020 11:36 PM Author: exhilarant onyx dilemma Realtors, the government, I think in NY many people pay lawyers too... (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488785) |
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Date: January 25th, 2020 11:37 PM Author: Cocky theatre son of senegal (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488791) |
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Date: January 25th, 2020 11:42 PM Author: aquamarine charismatic business firm U're saying that I pay a realtor 4% of the price? Lol. And lawyers lol. But I do have a law insurance lol. I think I can get away without paying lawyers. And realtor 1% or I find a new one (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488825) |
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Date: January 25th, 2020 11:48 PM Author: Titillating apoplectic codepig love of her life When you buy you theoretically pay 0%, but when you sell you'll pay 6% or you'll get someone who doesn't care about getting a good price for your place. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488878) |
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Date: January 26th, 2020 12:00 AM Author: aquamarine charismatic business firm Then u're saying the closing costs of buying is 0, or do u write a big fat check to a lawyer? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39488947) |
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Date: January 26th, 2020 10:00 AM Author: exhilarant onyx dilemma I'd avoid paying a lawyer if possible. Depends on the jurisdiction, but usually a buyer will pay the transfer taxes, costs of recording the deed, etc. Plus you're going to have to pay fees to your lender for origination, etc. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39489823) |
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Date: January 26th, 2020 10:52 AM Author: Anal odious kitty cat brunch NYC has a bunch of charges that the buyer pays (not the seller), including a mansion tax that's like 10k on a $1M place, mortgage tax, title insurance, etc (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39489942) |
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Date: January 26th, 2020 12:10 PM Author: aquamarine charismatic business firm Less than $1m so mansion tax doesnt apply. Do the other fees really come out to 5%? (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490214) |
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Date: January 26th, 2020 10:53 AM Author: cobalt fantasy-prone sound barrier Instead of Wall Street, buy something with views onto Gramercy Park. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39489943) |
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Date: January 26th, 2020 12:08 PM Author: aquamarine charismatic business firm What's that? I like to have a view of the water at the least (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490204) |
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Date: January 26th, 2020 12:12 PM Author: aquamarine charismatic business firm I think now it makes more sense to find a roommate and rent a nice apt. U get more for the $ that way. And indeed investing in NYC real estate is not the best time, if stock market crashes there will be much better deals. Though 3.4% mortgage is pretty low as it is... (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490222) |
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Date: January 26th, 2020 12:29 PM Author: spruce fragrant indirect expression sweet tailpipe This is a laughably bad idea but OP knows this. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490305) |
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Date: January 26th, 2020 2:20 PM Author: aquamarine charismatic business firm The only reason I see against buying is I think NYC will go down like Chicago. But otherwise NYC price/rent is much better than 2 years ago and mortgage rates near all time lows. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490748) |
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Date: January 26th, 2020 2:25 PM Author: mind-boggling ticket booth becky it only makes sense if you are going to live in NYC for the foreseeable future (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490780) |
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Date: January 26th, 2020 2:28 PM Author: aquamarine charismatic business firm I'll live at least 12months, but probably no more. Might be nice to rent out an apt like a hotel so I could also have a place to stay. But condo-hotel are a complete ripoff (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490796) |
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Date: January 26th, 2020 2:24 PM Author: mind-boggling ticket booth becky The condo fees alone make this a stupid idea
Also NYC is a festering TTT in decline...banks moving out, pple moving out |
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Date: January 26th, 2020 2:27 PM Author: aquamarine charismatic business firm My main question is the last statement really true? Certainly that was not true from 2000-2018. And condo fees as a % of apt price are much cheaper in NYC than in Brickell miami (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490789) |
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Date: January 26th, 2020 2:39 PM Author: mind-boggling ticket booth becky https://nypost.com/2018/11/22/big-banks-are-moving-regulators-out-of-new-york-city/
why would you buy a condo in miami? just get a house |
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Date: January 26th, 2020 2:45 PM Author: aquamarine charismatic business firm Because Miami has badass rooftop lounges. U live where people come to party. Houses are so isolated might as well get a house in the middle of nowhere.. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490887) |
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Date: January 26th, 2020 2:50 PM Author: Topaz nighttime shitlib school cafeteria fucking LJL (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490938) |
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Date: January 26th, 2020 2:51 PM Author: aquamarine charismatic business firm Fucking Jew lawyer. Too many of u. I'm moving to maimi (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490947) |
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Date: January 26th, 2020 2:52 PM Author: Topaz nighttime shitlib school cafeteria lol nobody's coming to "party" at your "miami rooftop condo" LJL (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490957) |
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Date: January 26th, 2020 6:54 PM Author: mind-boggling ticket booth becky (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39492778) |
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Date: January 26th, 2020 2:46 PM Author: aquamarine charismatic business firm But are those articles actually true? NY times will also tell u this spic Cortez is the best thing that happened to NY. I don't trust them. (http://www.autoadmit.com/thread.php?thread_id=4429309&forum_id=2#39490897) |