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$345K in The Village? What did she buy, a bedroom? Not a good "investment" in my opinion. When she grows up and wants a real apartment, she's not going to get her investment back and will probably lose money on this deal.
She should have waited and purchased a real apartment.
Based on the real estate articles that I have read, she actually made a good decision. These people want the city life and $2100 per month is a drop in the bucket for Manhattan. She was paying that in rent. The co-op building she bought in caters to young folks. Working and socializing where they live are very important to these group of folks. They are not willing to move to Brooklyn and Queens. It is all about the lifestyle that Manhattan affords them.
Based on the real estate articles that I have read, she actually made a good decision. These people want the city life and $2100 per month is a drop in the bucket for Manhattan. She was paying that in rent. The co-op building she bought in caters to young folks. Working and socializing where they live are very important to these group of folks. They are not willing to move to Brooklyn and Queens. It is all about the lifestyle that Manhattan affords them.
I agree. Its amazing what people are willing to pay. About 15 yrs ago, I thought my uncle was foolish to pay 250k for a 1 bedroom railroad track layout in the east village which was lower than ground floor that was really a basement. Room had zero natural light and there was rats to contend with. After a few yrs of living there he almost tripled his money.
I agree. Its amazing what people are willing to pay. About 15 yrs ago, I thought my uncle was foolish to pay 250k for a 1 bedroom railroad track layout in the east village which was lower than ground floor that was really a basement. Room had zero natural light and there was rats to contend with. After a few yrs of living there he almost tripled his money.
EV still has a lot of rats
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
It’s not hard to buy a $250,000 apartment—it’s hard to find a $250,000 apartment in the Village.
Exactly!
AS for self-reliance, yes some are correct it does not reflect the majority of 22 year olds but it also does not reflect a small minority. If your family sells property even outside of New York City that has retail or multiple apartments you will get 600K (maybe more or less depending on the neighborhood and ease to get to NYC and the airports as well as job availability) on AVERAGE within roughly a 10 mile radius of NYC. So, a family giving 50K to their daughter toward the 250K takes care of 20% down while using less than 10 % of the average sale price. Granted these are VERY rough numbers, but I know from personal experience as I have family who have sold multifamily/retail property in the NYC - NJ area.
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