Buy & hold real estate investor. Designer & animator. · Jersey City, NJ · Member since 2015 · 81 posts · 12 votes
I have recently done a refinance. My plan was to do two other investment properties in Jersey City or maybe 1 investment and 1 for me to live. I need to live in NYC. I do not want to do a co-op. I want to do a condo in downtown area. I love the west village and a condo came on the market. However in order to make it work I would have to use all my refinance and on top of it it's a 5 floor walk up with no washer dryer. I'm only considering buying it because a condo in the west village is unheard of and the agent has really been working with me on the price. However I'm hesitant because I wouldn't be making money. It would pay for itself if I rented it out. I guess it comes down to no cash flow for a substantial down payment Vs owning a part of the neighborhood I love. I guess in the process of writing this I figured let me increase my income by investing and hope another condo in a desirable neighborhood comes on the market that isn't a 5 floor walk up and has a washer dryer. Curious to hear anyones thoughts? I'm nervous I'm missing out on a deal. Also NYC is its own special kind of beast for anyone to really understand.
Born and raised NYC here. If you're not looking to be a real estate investor for this one, great area. I don't see any questions, so...
You need to live in NYC. Why? Or is it that you really want to live in NYC? Is there a benefit other than you can tell others you live in Wvillage? Manhattan doesn't have the social cache it once did.
I'd go with your gut and get your cash flow up. Don't want to be sucked into the geography trap unless that geography really adds to your life. Manhattan's a bit of a city under glass nowadays, super-rich echo chamber with few real neighborhoods left. Chinatown and Harlem come to mind as being places with real, rooted people, as opposed to a constant swirl of 3 year transients.
Hahaha well its more I want to be in NYC. I've lived in JC and done the house hacking. I'm currently a renter paying $2,200 for a studio in greenwich village which is rent stabilized. This property my monthly payments would go up to $3,458. I can afford up to $3,700. However that's with putting less into savings and more into spending. I guess my question is is this a once in a life time opportunity to actually have a condo in the west village or do I hold off do one more investment and probably getting something with a little more perks in chelsea or east village which are second options. I just can't tell if a condo for 860,000 in west village is just unheard of and I should jump on it. Again cons are less in savings, 5th floor walk up and no washer dryer. Otherwise it's a step up from current living situation.
A condo in the West Village seems like a great opportunity especially when you consider something like 85% of apartments for sale in Manhattan are coops. We would have bought a condo if it was at all feasible when we bought our place. That said I wouldn't buy it just because it is a condo. 5th floor walkup is a big negative (been there, it sucks). Have you seen it in person? How big is it? If cashflow is your priority then this deal doesn't work, most in Manhattan won't. If your gambling on appreciation, that's a pretty safe bet. Manhattan may not have the social cache anymore but there will always be someone who wants to live in the West Village. Good Luck!
@Carl C. what is your background? I do sometimes see other great condos pop up in chelsea or East village but the location always seems to be a little off.
Julie Verardi no better real estate than NYC. One thing about it too. It never will seem more affordable unless you hit it big. Stuff I thought that was really expensive 25 years ago when I was thinking of buying and didn't is not 3-4x what I would have paid.
I've never know anyone that bought in NYC and regretted it, as long as they held on for a few years.
@Julie Verardi Looks ok, that last 5th floor in August with groceries is killer tho; I've been there. A deal of a lifetime comes by every week. Condo.com shows a gang of condos under 900.
I'd have to also agree with @John Hickey . Only question is, if you can ride the coming wave and come out the other side unscathed.
I work in the NYC market. A condo west village buy is almost always a good idea...but the 5th floor walkup is a tough one. When it comes time to sell just know that you'll be facing the same battle that the seller is facing now. A WV condo for under $1m is rare, but it's also on the market for 5 months.
@Julie Verardi I think the price is a bit overpriced...inflated solely because it's a condo and location. I feel like when it comes time to rent or sell you'll struggle just as the current seller is now. I sent you a direct message on something else.