I'm going into contract on Monday.

Give us the deets!

mdasch: all cash deal?

Steve: I will when I close
hypnotik: No. But mostly. 30 year mortgage amount is less than I make a year. Very good credit. No debt. Shouldn't be a problem.

Good luck!!

Good luck -- I hope you enjoy your new home.

mdasch...good luck with your new home..enjoy!

Thanks! I'll post details after closing. Just figured I'd throw one positive thread up in the midst of about a thousand bad ones.

Facts are, it is a good deal, I love the place, I can afford it comfortably, and I need a place to live. Say what you will say, but even if things go down a bit more, the above mentioned is what counts.

And if things do drop another 99% like everyone claims, we're all screwed anyway. So, I may as well live comfortably in the mean time.

mdasch,
Good for one. Well said. Maybe some day in the near future, I will follow you. Enjoy your new place. You love it, you can afford it, and everybody has to live somewhere.

Funny that you say that. I just signed a contract as well!

Congrats, uppereast! I've been following your posts for the last 3 or 4 months. Glad to see you found something.

The market moves, look at that, it moves.

Congratulations mdasch and uppereast! Enjoy your new homes, but keep checking in with us once in a while. OK?

And if things do drop another 99% like everyone claims, we're all screwed anyway. So, I may as well live comfortably in the mean time.

you mean 99.9%...well said.

> You can stick that in your peace pipe and smoke it, doom and gloomers.

Actually, its the doom and gloomers who said wait... and you're getting a 28% discount if you're buying a coop now. Doom and gloomers were the ones who told you it would happen, so you're only vindicating them!

> So, I may as well live comfortably in the mean time.

Agreed... but, I think its a WHOLE lot more comfortable to have a one year lease rather than a 30 year mortgage when the assets themselves are tanking.

I'd be shitting myself right now if I had a huge mortgage.

Renters are probably a lot more comfortable these days, especially with rents falling every week.

nyc10022, who is saying that we have a 'huge mortgage'. I could pay down 100% so no pressure for me. Sorry if you don't have that kind of money.

mdasch and uppereast - congratulations and good luck!

nyc10022 - you keep throwing that 28% down number around, but the report showed that the numbers were skewed because of no volume on higher priced co-ops. This doesn't mean the market hasn't declined (it has), but it does mean that you are spitting out a number that is not accurate.

i love the fact that 407PAS is all excited about the market while trying to sell his own place.

Actually, it IS refreshing to read about someone who is happy with his/her place, even if they haven't moved in yet. It seems like so many people in NYC hate where they live. Or, at least, most of the people who post on SE seem pretty damn miserable.

I will add...we are in contract...as a seller...will rent....for at least 1 year to see if then we can afford "our dream condo" ....

"nyc10022 - you keep throwing that 28% down number around, but the report showed that the numbers were skewed because of no volume on higher priced co-ops. This doesn't mean the market hasn't declined (it has), but it does mean that you are spitting out a number that is not accurate."

Not to mention that it's a) from the NYT, which nyc has long criticized as untrustworthy when it comes to RE reporting, and b) has no source as far as I can tell. It's quite careless to cite it as fact, even though I would guess that it's not far off from the actual truth.

fyi - bjw2103 - we came down 28% for our sale from listing in the summer...

well...like 25%

ap2492, may I ask you: Did you sell because you want a bigger apartment or did you sell because you afre afraid the market will tank further?

Interesting observation ron - most people who rent are miserable, while most people who own are happy . . .

mdasch: "You can stick that in your peace pipe and smoke it, doom and gloomers."

Congrats--but I still prefer not to be buying a place right now. Good luck to you.

uppereast....both....but we want to upgrade eventually and see prices going down over the next year(at least)...then we will see the situation....we are more flexible to buy if we are renting...

"nyc10022 - you keep throwing that 28% down number around, but the report showed that the numbers were skewed because of no volume on higher priced co-ops. This doesn't mean the market hasn't declined (it has), but it does mean that you are spitting out a number that is not accurate."

And there was the reverse skew on the way up.... but, bjw himsel has said its the median number he follows.

There are other numbers, but bjw doesn't like those.

So, this is the measure he wants to hear, and its down 28%.

"Interesting observation ron - most people who rent are miserable, while most people who own are happy . . ."

LIC, I guess you don't actually read the board. HUNDREDS of threads to the contrary.

Look who is lashing out these days. Alpine starts a "bitter renter" thread which is about as bitter as it gets. A broker jumps on and calls out names. SteveF is freaking out because of his condo investments and calling peole names.

Meanwhile, the renters are doing a lot of "told you so".

Hell, LIC's comment alone sort of disproves his point.

Pretty clear that bubble buyers are lashing out these days.

uppereast - If we had the cash to buy now I think it is a great time to buy for the negotiating power...uncertainty..so good luck...

"i love the fact that 407PAS is all excited about the market while trying to sell his own place."

Why is that? I'm happy to see contracts being signed so that people can move into places they want. Does it matter that I am a seller in the marketplace? I'll be a buyer next week.

Someone needs to drain the urine from the fountain that is being poured into all of your corn flakes.

And I consider myself a pretty bitter, cynical person.

.. I luv these number throw outs......20%, 30% up/down...so funny. prices are up 50%!... All I know is my condos, selling @ 200k in 1989 are now worth 500-600k so they doubled in 20 years. It's just that I started buying in 2000.

I have a question about timing, which can be asked in any of many threads here. If you believe that we will have significant inflation in the near future given all the new money printed and going into the system, how would that affect the price? Also, what would that do to mortgage rates for jumbo loans?

guys,

look, if your entire mortgage amount is less than you make in a year then call this what it is: a purchase that has no material impact on your financial situation. that's great, but clearly isn't the situation for the vast, vast majority of buyers even in a rich place like manhattan. if you essentially don't care what happens to the value of the investment, then it isn't an investment. you are buying because you want to buy and the finances are not relevant. when you say you don't care if the market declines, that's what you mean.

i've considered doing the same--i can buy a very nice apartment right now for less than i will make this year--but the frugal, child of immigrants side of me just can't stomach buying a depreciating asset. since it is plain as day that the market is in the midst of a free-fall, i am not going to be the guy who catches the falling knife halfway down.

i hope you guy love your new home, but when you start a thread with 'You can stick that in your peace pipe and smoke it, doom and gloomers" you shouldn't be shocked when some people come back at you. there are deals made at every stage of a falling market; the fact that you are signing a contract right now really says absolutely nothing about the health of manhattan real estate.

^^ If not accompanied by higher employment and incomes, negative from higher mortgage rates would outweigh positive on nominal price from any inflation (not to mention you don't know for sure if general inflation passes through to real estate).

Happyrenter: ANY real estate purchase has the potential to be a depreciating investment. ANY person who is buying a home hopes the value of said home will go up. If I expected the value to plummet, I wouldn't buy it. I don't think it will.

I'm obviously not surprised people are coming back at me. This is an Internet forum. I have some idea how it goes.

mdasch,
any purchase of anything has the 'potential' to depreciate, but i hope you aren't suggesting that every investment is equally wise because every investment has the potential to go to zero. some investments are more likely to depreciate than others. so you think manhattan real estate is headed up. i'd be interested to hear why. i'd also be interested to hear how far off the peak comp price you got your apartment for? are we talking 10%, 50% or somewhere in between?

People are coming back at you??? I just read the thread and saw a lot of people wishing you well and congratulations, including some of the biggest bears on the board. The only negative comments I see are from you and LICComment.

Congratulations and good luck.

"...-but the frugal, child of immigrants side of me just can't stomach buying a depreciating asset."

Never buy a new car, that's for sure. I never have bought a new car, now that I think about it....

i certainly wouldn't by a car thinking it would go up in value! a car is really just consumption, like buying a coat. whether it's new or used, you'd be crazy to think it's going to appreciate.

"so they doubled in 20 years"

You get that that is a fairly lousy return, right? And, hell, with interest payments... you would have been better off with a CD.

And things are still declining...

"I could pay down 100% so no pressure for me. Sorry if you don't have that kind of money."

More and more buyers lashing out...

pretty clear who is bitter these days.

People who buy today or next week, next month, this year or even next year are very aggressive or just financially illiterate. Most likely these buys have been or still are carrying large balances on their credit cards?

mdasch - congradulations, you are the smart one. don't pay attention to the bitter renters. if you want to sell your new place agian soon you should talk to me.

nyc10022, you keep trying to make a point that owners are bitter now and not renters, but you are the only one saying it. Just about everyone I know who owns is happy to own. Aside from the financial argument, if you are not a person who moves around a lot, it is just a better way to live.

LICComment you are correct. I agree with you. You are definitly the smart one to buy youre apartment in LIC in 2007. Maybe you paid too much, I don't know, but Long Island City is up and coming. I heard that bloomberg was going to increase the police in LIC to clean up the massive homeless and prostitutes problem so its safe again - let's hope he does!!! that would be good for you LICComment and your condo. You are smart.

"nyc10022, you keep trying to make a point that owners are bitter now and not renters, but you are the only one saying it."

I'm simply pointing out the obvious. Look who is lashing out these days...

And, claim what you want, but I'm not the only one saying it.

(not to mention, you tried to make the opposite claim on another thread)

..."Long Island City is up and coming. I heard that bloomberg was going to increase the police in LIC to clean up the massive homeless and prostitutes problem so its safe again..."

I'm now a broker_ivan fan. He's the Borat of StreetEasy!

mdasch - I am wondering where you came up with enough cash to do a mostly cash deal. I know you bailed on a new-construction contract last year (good move) and had the good fortune of getting most of your deposit back, but I am curious how you pulled off the huge cash component, and the financing, for this new deal.

As for me, I am getting to the point where I don't want to buy at ANY price (well, that's an exaggeration), but the point is I have no interest in taking on a large amount of debt to buy a depreciating asset. Too stressful. My personal goals have totally changed in the last year. I am a very happy, rent-stabilized, debt-free renter.

"has no source as far as I can tell."

huh? Source is the Department of Finance. Well covered in the argument.

But, why am I surprised... folks arguing with evidence they didn't read. It was posted on this board and well covered several days ago.

And I'm sure bjw will get a kick out of this one... where someone from a brokerage notes the problem with the numbers he likes.

"Gregory J. Heym, the chief economist at Halstead and Brown Harris Stevens, said that the decline in co-op prices occurred several months ago, but is appearing only now in property records because co-op closings are often delayed until the buyer is approved by the co-op board"

"huh? Source is the Department of Finance. Well covered in the argument."

No - read the article carefully - it does not cite the source for this statement. Though as I said, I tend to think it's closer to the truth than not, that you've posted it countless times reeks of desperation. I don't get that, but whatever gets you going. And I've been very clear about closing prices not being real-time - the problem, again, is that we don't have any good real-time data. Sorry.

> No - read the article carefully - it does not cite the source for this statement.

Reading is Fundamental!

"As a result, the average co-op sale price recorded by the Department of Finance "

Try again, though.

> that you've posted it countless times reeks of desperation

Bitter now, are we???

> And I've been very clear about closing prices not being real-time - the problem, again, is that we
> don't have any good real-time data. Sorry.

Which doesn't make out of date data any more accurate.

Sorry.

You have such a vested interest in trying to knock down any market decline data... bjw, at least your bias is consistent.... you've always been slanted (coincidentally on the side of your "investment").

nyc10022, as stated in the other thread, you throw the term "bitter" out anytime someone disagrees with you, which is strange and unfounded. You're right about the source of the data though, my fault there. However, by its own admission, the data are preliminary. That's the crux of our debate, really. You like to jump the gun and accept any shred of data that conforms to your notions; I prefer to go by the most legit data, while fully acknowledging its drawbacks (for the millionth time, I know it's not real-time), in light of there being no published data that are any better. I don't have any interest in "knocking down" data - what good would that do, in all honesty? Nothing any of us writes here will change the market, though you seem to think so and that informs your nonstop posting of "28% down!" every chance you get. Tell me which scenario sounds more like "having a bias."

mcdash, you are now my favorite streeteasy poster, because:
1) the reference to "urine in your corn flakes" is my favorite euphamism for someone being a debbie downer
2) taking a pot shot at people on internet forums

enjoy your new home

> nyc10022, as stated in the other thread, you throw the term "bitter" out anytime someone disagrees
> with you, which is strange and unfounded.

No, I throw it out when I see bitter.

And, pot, you are the putz who threw out "deperation".

Your hypocrisy never ceases to surprise me.

> You're right about the source of the data though, my fault there.

Exactly. Yet you are the first to throw our multiple posts saying it isn't valid.

Your slant also never ceases to surprise me...

> However, by its own admission, the data are preliminary.

Slant all you want... they are preliminary to the quarter, but those are FINAL sales numbers.

Slant all you want!

> I prefer to go by the most legit data

Sorry, data from the WRONG PERIOD is never "legit" let alone the "most legit".

That you keep claiming so just shows the slant...

> in light of there being no published data that are any better.

Much better data has already been published... but you do all you can to disclaim it (erroneuously, as in this case).

Your slant is very clear.

> Tell me which scenario sounds more like "having a bias."

Yours, easily. Where you seek to "correct" only one side, and they come up with erroneous claims about actual data.

Doesn't get much more slanted than you!

"No, I throw it out when I see bitter.
And, pot, you are the putz who threw out "deperation"."

Which I wrote because you post the same thing incessantly. That qualifies. I don't know how you could qualify me or my tone as "bitter." I have no ill will towards anyone really.

"Slant all you want... they are preliminary to the quarter, but those are FINAL sales numbers."

Final sales numbers yes, but the 28% is definitely preliminary as a solid indicator. Sorry. And note, again, that I think it's close to the truth, so you need to relax a bit on this issue. How that's "slant" is a fabrication on your part.

"Sorry, data from the WRONG PERIOD is never "legit" let alone the "most legit"."

It's not the "wrong" period - it's the most recent verifiable data of good quality. I know you don't like it, but that's what it is. The "much better data" you cite - even Jonathan Miller denounced it as suspect. Sorry.

"Where you seek to "correct" only one side,"

Plainly untrue. You take it more personally when I disagree with you, but I have clearly and visibly disagreed with people you label "bulls" here as well. You have a clear and consistent bias, which is served by trying to knock anyone disagreeing with you (hence your spin here).

"Which I wrote because you post the same thing incessantly. That qualifies. I don't know how you could qualify me or my tone as "bitter." I have no ill will towards anyone really."

ROTFL.

What a hypocrite!

> Final sales numbers yes, but the 28% is definitely preliminary as a solid indicator.

The unintentionally funny statement of the week!

> It's not the "wrong" period - it's the most recent verifiable data of good quality

Of the WRONG PERIOD. If the most recently verifiable data were 1982, that doesn't make it accurate for 2009! Oh my lord, you are funny!

> but I have clearly and visibly disagreed with people you label "bulls" here as well.

Claim whatever you want, we've read the posts!

Slant, baby, slant!

> b) has no source

Wow, did somebody jump to conclusions.

Slant, baby, slant!

BJW, if there was better quality data about Boston, would you use that too because its higher "quality"?

Slant, baby, slant!

mdasch, you promised us the deets!

"The unintentionally funny statement of the week!"

You don't understand. Because a few sales prices are final, that does not mean that you can apply a 28% figure to the overall co-op market. Not so funny, really.

"If the most recently verifiable data were 1982, that doesn't make it accurate for 2009!"

No, it doesn't, but you're exaggerating to make a silly point. The market report data is from Q4 2008, which is sales closed in that quarter. Yes, it reflects some contracts from 2007, but those are not the majority. And again, closed prices are all you can go by. Contract data are quite suspect.

"we've read the posts"

What, are you the SE spokesperson now? Or do you use the royal "we"? Speak for yourself, as you seem to be a population of 1 here. Such arrogance.

Steve - he said he will provide details when he closes, and he is only going into contract today. So we'll have to wait.

However, based on other threads: mdasch is 24 years old, and had about $200-250k in cash to put down, and was looking for something in the $400k's range, on the UES (I think).

In any event, that is a very unusual buyer - I sure didn't have a quarter million dollars laying around when I was 24. In fact, I don't even have that now, at 39. So, for those of us who are merely upper-middle class, with our compensation level flat, our bonuses down, having lost some of our savings in the market, and lacking the financial resources (e.g., rich parents) to come up with a 50% down payment, we are in a different (and much larger) boat than mdasch. We'll keep renting.

Call me a "doom and gloomer" if you want. I totally confess I am gloomy about buying real estate. But I am totally happy about my own situation - I have cheap rent and zero debt, which translates into less stress and more freedom. Now, if I was 24 and had $250,000 to play with, that would be another thing.

> Because a few sales prices are final, that does not mean that you can apply a 28% figure to the
> overall co-op market.

Same medians you LOVED before! Only you don't love them so much now!

> Not so funny, really.

Nope, still is. Plenty funny. Hypocrisy always amuses me!

> And again, closed prices are all you can go by. Contract data are quite suspect.

And these are closed prices! Boo-Yah! And you are now complaining!

Wow, the hypocrisy never ends!

> What, are you the SE spokesperson now?

Sorry, do you think I'm taking that away from you, oh king!

Wow, you really are the hypocrite aren't you!

Slant, baby, slant!

Contract = signed.

PJC, you can email me for details. Though, I'm impressed at your research. I'm pretty sure you and I talked on the phone a while back. Still have my e-mail?

"Same medians you LOVED before! Only you don't love them so much now!"

How are they the same? Those are preliminary numbers! Don't worry, as I've said, I'm pretty confident they'll be official soon enough. I don't know why you're so impatient, esp with regards to something like real estate, which is notoriously slow in its machinations. It's crazy! And your shrill tone and hysterical accusations do you no favors either. Take it easy.

Hi mdasch, can I ask the general vicinty of where you bought? I am nearing putting a bid on a place in the village, but am so nervous. But, I need a bigger place so i have to make a move.

"Only if you lie!"

Lie? It says it right there in the NYT article you cited! Preliminary!

"And 7% S&P jump while RE prices continue to decline... its a great day to be a renter!"

I don't see a correlation - you think people who own don't have money in the stock market? Or do you put the money you expect to use on a down payment for a home in the stock market? Because then we can talk about losing some serious equity in the past year or so. Weird.

As for the rest of your post, yikes. As I said, take it easy. You're doing much of the shilling around here.

Folks who are buying apts this year are shrewd. The bear will notlast forever and the bulls are gettng restless.

"I don't see a correlation - you think people who own don't have money in the stock market? Or do you put the money you expect to use on a down payment for a home in the stock market? Because then we can talk about losing some serious equity in the past year or so. Weird."

Even simpler... signs of life in the economy, good for most people, with housing prices continuing to decline, good for folks who don't own. As I noted several times before, RE generally trails the market by years (4 after 1987). Doesn't take a lot of brains to put 2 and 2 together... prospect of incomes up and prices down.... good for those who don't already own aka renters...

As I said, great day to be a renter!

"Folks who are buying apts this year are shrewd. The bear will notlast forever and the bulls are gettng restless"

Deja vu. Perfitz said just that a year ago! And SteveF just 11 months ago!

After looking for the past 4 months I also just went to contract on a sponsor unit in the village. Alcove studio with great views, southern light. Similar apt in the building sold for over $100,000 more last year. I negotiated over a 10 percent listing discount with no broker. I'm very happy that I won't have to live with the uncertainty of trying to time the market bottom for the rest of the year and I can now get on with living my life in the city. If I break even in 4-5 years I will be content to have had the oppotuntity to live EXACTLY where I most desired, while paying less than market rents.

good buy. smart people aremaking deals on apartments this year. as the stock market moves back up, flks will feel wealthier (just as they felt poorer at dow 6600) and sentiment will change. Negotiability is greatest right now. end of year, not so much.

Congrats, nycjunior!

"Even simpler... signs of life in the economy, good for most people, with housing prices continuing to decline, good for folks who don't own. As I noted several times before, RE generally trails the market by years (4 after 1987). Doesn't take a lot of brains to put 2 and 2 together... prospect of incomes up and prices down.... good for those who don't already own aka renters...

As I said, great day to be a renter!"

Again, don't see the correlation between S&P up 7% and being a renter. You didn't address my question. It's good for anyone in the stock market (though it's only a one-day move, obviously), regardless of their owner/renter status. Housing prices is a different thing altogether.

This was not an easy decision I almost backed out. I strongly weighed the prospect of renting for a year, and hoping that prices would drop another $100,000 and then I'd either be able to afford a one bedroom or the equivalent studio while having a big cushion of savings. But none of us really know for certain whether that would happen. And there's a cost - social, personal, time, stress, etc... - that is not just financial to waiting for a bottom. I that the ability to have the certainty of living where I want going forward with my life/career now, is worth more to me than a POTENTIAL $100,000 savings.

Also, I've been paying close attention to the closings and contracts over the past months. I've noticed that the apts I've been looking at in this area (Julia take note) have going to contract and selling at around the price I settled at. Yes, it'll keep trending down. But there are indeed people waiting for some of the superior units and those are getting snatched up on the way down. It's something to keep in mind, because a lot of the unit that are on the market or are coming on are not the top quality. Plus, I've seen many of the nicer apts I've bid on (and not been accepted) pulled off the market by (unrealistic) sellers who then list them for rental.

It's been a strange ride for me. I just sold my apt on te UES in December 2008, now I've been a desperate buyer, and now I'll be an owner again. I've been rooting up and down, up and down. I actually do hope that prices continue to drop quite significantly over the next year because it will be better for the city. We need more social diversity if we are going to remain vibrant. The lower the prices go,, the more interesting my neighbors will become.

nycjunior--how much did you pay? and east or west village?

E. 9th st between Broadway and University. Co-op. Middle of the block. Original ask was $479K Maint is under $700/month. The listing discount was over 10 percent. Sponsor, no board approval. Floors just redone. Very clean. Needs new kitchen, bathroom, and closets (has lots of closet space). But everything works and it's in move in condition and I'm not someone who requires marble and fancy appliances or hardware. Plus, I can do most of the work myself over the next year because I'm very handy and DIY.

I know tat building. I was outbid on a forcelosure stdio in that space in 07. went for 219. Those go for 479? that building has a lobby with doorman and bacyward courtyard, yes?

Actually, the one I mean may be on the same block but on 8th street.

"Again, don't see the correlation between S&P up 7% and being a renter. You didn't address my question. It's good for anyone in the stock market (though it's only a one-day move, obviously), regardless of their owner/renter status. Housing prices is a different thing altogether."

Try actually reading my response then.

I directly addressed it.

And would it be preferrable if it was a 10 day move? Not to mention, we've been increasing for weeks. Up 20% off the bottom.

So, not quite sure if you have a point

"And there's a cost - social, personal, time, stress, etc... - that is not just financial to waiting for a bottom. I that the ability to have the certainty of living where I want going forward with my life/career now, is worth more to me than a POTENTIAL $100,000 savings."

Are you SERIOUS???? Pls say you're joking. Your life / career can't "go forward" if you are renting a for a year or two?????????? WTF? Dude, Manhattan RE is a bursting bubble - POPPING *NOW* - only dopes buy in when we are JUST STARTING to plummet. Don't be a dope...

The rationalizations get funnier and funnier!

"Try actually reading my response then.
I directly addressed it."

You didn't really address it, just mumbled something about the economy being better. I see how that can improve the net worth of people invested in the stock market, but I don't see a differentiation being made in favor of renters. If you had said it's a good day to be a shareholder, it would have made more sense.

mdacsh/nycjunior, if you are young and sitting on a pile of cash it is not such a bad idea to put it into property you can afford. Be happy with your decision. Owning property will force you to conserve cash to pay to maint/mortage instead of blowing it on discretionary expenses which I know are very enticing especially when you are young and living in NYC. Congratulations.

congrats nycjunior -- terrfic block in a great area. that buidling isn't "hot", just solid, so I think you did well.

nyc10022... What is funny about this?

I found an apartment I love. I need to live some place. I can afford it and live comfortably. It is significantly cheaper than it would have been 5 months ago.

> but I don't see a differentiation being made in favor of renters

Uh, so you completely missed the part about housing prices going down? you think that helps the owners?

> If you had said it's a good day to be a shareholder,

That, too!

Bsex - I could rent for a year or two, living in New York, and burn down my savings while hoping that I may potentially get a better deal. However, to live within my means I'd have to rent outside of New York and spend over an hour commuting everyday, have great difficulty with my social life, and my job (which is in entertainment and requires late nite work.) This apt allows me to do what I need to do, and I can afford it. I'm no dope. I know what's happening, and I know the risks of what I'm doing. I may end up losing money. But I've got a nice place to live and my life is going to be much happier in a neighbor close to my friends, my job, and everything I love (and the best subways all 2 blocks away.) If I wait, I might do better. But I would not have the above certainties. Speak for yourself.

mdasch, congrats - when do you move in? Want to compare notes on this experience email me at nyc.junior1 at gmail

80sman - thanks. I'm pretty frugal to begin with. I'll enjoy the challenge of rebuilding my savings. Fortunately I love sardines!

Thanks hurting - I had a very large studio on the UES but hated the area. I was unwilling to compromise on location this time, and knew I'd have to trade down in size a little. The price I got is actually cheaper than I imagined was possible back when I put my place up for sale back in August 2008. So I'm pleased.

One thing I would recommend is that people try negotiating directly instead of using their broker entirely. I ended up doing much better that way, knew exactly what was going on in the negotiations, and enjoyed it.

"Bsex - I could rent for a year or two, living in New York, and burn down my savings while hoping that I may potentially get a better deal. "

Except that its still cheaper to rent than buy. You'd actually have more money if you waited.

> However, to live within my means I'd have to rent outside of New York and spend over an hour
> commuting everyday

So, you can't afford to rent here, but you can afford to buy?

If you can't afford rent payments, perhaps you shouldn't be considering taking a mortgage. This approach is what got much of America into trouble.

nyc10022.... Care to share the date I wrote that?

nycjunior, as a 24-year old with his/her own apartment not in peril of foreclosure you gain much props. Hope you find a lesson from '02-'08 and don't think of it as a cash machine.

nycjunior, I mean don't think of your home as money until you sell it. Avoid the temptation to mark your house to market every day and count perceived gains as increase in your net worth. Count the money after (when/if) you sell.

I'm 28. Worked and saved a lot of money by sacrificing, and, sadly, inherited a little too. I'm in a rare, very lucky position in which owning is far cheaper for me than renting at market prices. I use a credit card only for emergencies and hospital bills. I don't even have an ATM card (I like the discipline of getting cash from a person at a bank, and I only spend the cash I have in my pocket, which isn't much.) I have an aversion to debt. My carrying costs for this apt is less than $1000 / month. Similar apts in the building and on the block just rented for $2200. So, believe, me 10022 - I'm not part of the problem in America.

I'm 24. Worked and saved a lot of money by sacrificing, and, sadly, inherited a little too. I'm in a rare, very lucky position in which owning is far cheaper for me than renting at market prices. I use a credit card responsibly and have never carried a balance. I have an aversion to debt. My carrying costs for this apt is less than $1500 / month. Similar apts in the building and on the block just rented for $2200. So, believe, me 10022 - I'm not part of the problem in America.

80sman - luckily I'm an anti-consumer. There are few material things I desire. It wouldn't matter how much money I had because the only thing I'm interested in is good health, laughter, and having enough time to pursue my work. My only extravagence is Tropicana OJ. I refuse to patronize any restarant with a burger over $8. I can't understand the mentality of people who spent money they did not have and got themselves into debt they couldn't pay back - that's like stealing from yourself.

mdasch - weird!!!! did you just happen to write virtually the same thing I did, or plagiarize? Either way. Spooky coincidence.

"Uh, so you completely missed the part about housing prices going down? you think that helps the owners?"

No, but that has nothing to do with the S&P being up today.