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January 1, 2008
How long did it take you to find/buy your first apartment?
Happy New Year, fellow Brownstonians! I've often lurked on this forum and found great advice about the nuts and bolts of apartment shopping and owning.
My husband and I have been seriously looking to buy our first place for over 1 1/2 years. Off the top of my head I can think of 30 plus apartments that we've seen in the past 6 months and I know that there are likely more than that--after a while they all blend together a bit.
In the past 3 months we've really kicked our search into high gear and we've come very close to closing on several properties. 2 were accepted offers that we walked away from because of big red flags with our due diligence and one that we underbid b/c we thought the apartment was priced high for various reasons, but even in this supposedly slowing market someone else came in over asking. As the New Year begins, I'm trying to remain optimistic that we'll find a place, but I can't help feeling somewhat defeated by the whole process. I know that you have to see a lot and really get out there before you find your place, but it's hard when you put so much effort into something and it always seems out of reach. How long did you search before you found your apartment?
Comments
Why bother? Sounds like your current place is fine.
Posted by: guest at January 1, 2008 1:41 PM
I've owned 3 homes (2 houses and one apartment) and always found a place I'm happy with after seeing about 10 to 12 places. So you're overdoing it. If you've seen 30 apartments you're not going to find something vastly different in size or price that you've seen already. Anybody who has a moderate limit to what they can spend will unavoidably be making concessions and depending on the price range they are looking at it can be a lot of concessions.
2008 might bring more price cuts. But this time start out fresh and make peace with the fact you'll be buying a place that needs work, or is a smaller size, or the location isn't totally ideal if you decide to go for bigger space instead, etc.
Posted by: guest at January 1, 2008 2:21 PM
1:41: I didn't actually mention anything about my current place...which is a fine apartment to rent, but we're at a point in our lives where we'd like to own our place and build equity in our home.
2:21: Thanks for your perspective. We're definitely going to start the New Year fresh. It's not that we're not expecting to see anything so different in price or space from what we've seen. And we're willing to put work into the place. It's just been a very stressful last couple of months between being outbid on places that we wanted and having accepted offers then discovering legal and other issues with the apartment.
Posted by: brownstonegirl at January 1, 2008 2:46 PM
problem of finding a ideal place is, its also other peoples ideal place. people have similar taste and wants in life.
best is always look for something that needs some type of fixings. that would deter alot of competitors.
Posted by: armchairwarrior at January 1, 2008 2:53 PM
It took me 1.5 years to find my Park Slope apartment. I must've looked at nearly 50 places before I found one that was right for me. Don't give up yet.
Posted by: guest at January 1, 2008 2:55 PM
9 months and still searching. We're not in a rush, so we're willing to wait to find something that we consider special and that meets most of our needs as well as budget.
Posted by: guest at January 1, 2008 3:36 PM
I am curious what you're looking for- a co-op apt in a brownstone? how many bedrooms? etc.
The New Year brings the real beginning of our search for an apt - we will begin seriously looking in the next couple of weeks/months for a one + bedroom apt in a brownstone, hopefully we will find something in need of some work and not "renovated" to death. We've been watching the market closely for the past year and it looks like everything is at a standstill right now.
I am also curious - what were the red flags you mentioned. Any advice for newbies?
Posted by: clementine16 at January 1, 2008 4:48 PM
@:55: Thanks for giving me hope! We'll keep plugging.
clementine16: We're also looking for a 1+ co-op or condo.
With one of the places we walked away from there were issues with the building financials, the sponsor and the apartment itself. With the other place we had an inspection and discovered there were a lot of things that needed to be addressed. The seller wouldn't budge on the price and while we were willing to do the reno work, we couldn't afford the price they wanted and the work that the apt needed.
From our experiences I've learned it's really important to do your due diligence. Read those board minutes and get a good attorney who knows what they are doing. Good luck as you begin your search!
Posted by: brownstonegirl at January 1, 2008 5:17 PM
My apartment - one month, about the sixth place I saw in 1997. Was great, quadruple in value in four years.
My current house, two months, 8th place I saw in 2001. Like it, but probably could have done better at the time (location sucks).
Obviously I took very different approach than you guys. But best of luck!
Posted by: Putnamdenizen at January 1, 2008 6:30 PM
Armchairwarrior makes sense, but still, don't be scared off from placing offers on properties others are making offers on if you love it and it's in your price range. It's good to buy something that's considered generally very desirable. However if there are no offers it doesn't mean the property is a dog either. It could be the place isn't showing well, and you see the potential better than most. Or, and this was the case for us, the photos were terrible on the RE listing. So hardly anybod was coming to the open houses. So if you see a listing in the price range and location you want and the photos suck - go look at it! Bad photos and/or no information on the listing like no floorplan reduce your competition. Lastly, do look in the price range that's higher than what you are aiming for and if you love something, just keep an eye on it. Because if it doesn't sell they may lower the price and you can be the first to snatch it up.
Posted by: guest at January 1, 2008 7:47 PM
Sorry to tell you but your not going to buy anything . Your just way too picky a buyer .Then when you do find something you find a reason to get out of it 1 1/2 yrs is way too long .
Posted by: guest at January 1, 2008 8:18 PM
Agree with 8:18, we planned to look for 6 months but within 3 months and 20-25 apartments we finally found a place that works and were exhausted by the process.
Looking for a year and a half tells me you are indecisive and not really ready to pull the trigger on anything.
Posted by: guest at January 1, 2008 8:54 PM
Both apartments I've owned were quick searches, a month or so. (Our house was a yearlong off-and-on search, but that's a different situation). We knew what we wanted, we found it and we made aggressive first offers so the sellers took us seriously.
For the apartment searches, it helped us to make a list of non-negotiable criteria and eliminate any apartment that didn't measure up. That way you don't get sucked into a broker's "if you're willing to expand your search area to X neighborhood....if you can deal with a smaller living area in exchange for outdoor space...if you don't really NEED a second bedroom...". With a defined list of what you want, you shouldn't be seeing more than 10 or 15 apartments, TOPS. If it's not out there after those, stop looking for a few months, then start up again.
Posted by: zeebee_in_bklyn at January 1, 2008 9:07 PM
Agree Zeebee My search happened in two phases. First, I spent a few months going to open houses. I was a little unsure about what I wanted to buy- I would guess that I saw approximately 50 places during this time. I put in a bid on one place and was outbid. I kept renting and then started looking after another year. By that time I had a really clear idea of what I want and what I would not negotiate on. Over a period of three months, I saw about fifteen apartments, bid on two, and bought one.
Posted by: cortnyc at January 1, 2008 9:51 PM
I always look at around 50 places before I buy and I'm now in the 6th place I've bought. Except for the first place (where I only looked at about 12 apartments), I've made an excellent profit at sale. I been happy with each of my purchases but sold to move to larger places or to try another location. I always try to find something with somewhat unique features: very open views, excellent period detail, worst house on the best block. Except for the first place (where I only saw about 12 places). This current place is my favorite - corner building, great detail, private roof deck, potential for upgrades and customizing that will really make the place sing. I looked at about 150 places before I found it.
Posted by: guest at January 1, 2008 9:59 PM
Obviously the search process is different for everyone and I appreciate all the feedback.
When I said "seriously looking" for 1 1/2 years, I meant it's been 1 1/2 years since the first place that we bid on. It was one of the early apartments we saw--we actually had the high bid, but the buyers needed to make a quick sale and we lost to someone who could put 80% down in cash. Since then we've looked on and off, with most of our house hunting in the last 6 months.
Thanks for sharing your strategies zeebee and cortnyc. We're pretty much in the place where we've defined what is necessary and what would be great but not a deal breaker for us.
8:18: I don't really want to get into all of the specifics of why we backed out on the other apartments, as I know that brokers troll these sites, but there were significant concerns and our lawyer basically advised against either. We realize that home buying is always a risk, but we didn't walk on these deals over something trivial or because we were being "picky."
Posted by: brownstonegirl at January 1, 2008 11:14 PM
I would suggest walking into a real estate agency and working with a broker. He/she can cut out a lot of wasted time looking at places that aren't going to meet your needs by talking to the sellers' brokers....
Posted by: guest at January 1, 2008 11:32 PM
11:32, Are there any buyer's brokers in NYC? My sense has always been you have to go to multiple brokers to see each firm's stock.
Posted by: Putnamdenizen at January 2, 2008 8:01 AM
Took me 18 months to buy my house a couple of years ago. Bunch of deals fell through and, even though I looked at about a hundred places, only a small percentage of them were priced rationally in locations that I liked.
One, there's no such thing as too much due diligence given the dollars involved.
Two, your comments seem completely normal.
Three, look at how much you know about the market now! When you see the right place, you'll know what it's proper value is - and if someone outbids you, move on.
Good luck!
Posted by: Johnny at January 2, 2008 9:28 AM
Each time I looked for an apartment it took a few months to find what we were looking for. The key is to see so many places in your price range that, after a while, you can tell upon sight whether you want to move forward or not (subject to due dilligence, of course).
BTW, you can't look for an apartment "on and off" as you described earlier and expect good results. The weekend you were "off" could be the weekend something nice and fairly priced comes on the market and goes to "best and final" before you even know its available.
Posted by: Emigre at January 2, 2008 10:29 AM
"Are there any buyer's brokers in NYC? My sense has always been you have to go to multiple brokers to see each firm's stock."
No, there are no buyer's brokers in NYC, at all. I can't imagine anyone but a broker actually recommending someone use a buyer's broker in NYC. Waste of time. They'll definitely try to show you everything you don't want to see.
Posted by: guest at January 2, 2008 11:10 AM
If there are any coop or condo buildings that you like, I would let the people there (manager, Board, super, doormen) that you are intersted and qualified -- and what you want (size). Thee are always people who want to sell and if they/you can skip the broker... so much the better. Several people in my building did that. They wanted to live here -- and let people know.
Posted by: guest at January 2, 2008 11:46 AM
You aren't being too picky as some suggest. You put 3 offers on 3 different places and the reasons you backed out make sense. Something will come along.
Posted by: guest at January 2, 2008 1:40 PM
You aren't too picky. You are spending a lot of money (well maybe not to some but...and I don't even know your budget) so take your time. You will have to compromise on something; location, size, something won't be just right but you'll find an apt. It took us longer than 1 1/2 yrs to find a house. The problem was that we'd get frustrated and stop looking and then when we would start again things were more expensive. Hang in there!
Posted by: guest at January 2, 2008 4:31 PM
i looked for about 18 months before i bought. i probably attended several dozen open houses. i bid on three places, including the apartment i finally bought. i'm very happy with my decision.
take as much time as you need. each of us has a different method for selecting things so what works for someone else may not work for you. this purchase is probably the largest purchase you'll make (up to now) so why not trust yourself? you'll have to live with it, literally.
Posted by: guest at January 2, 2008 4:32 PM
There absolutely are buyers brokers in NYC. We're using one after searching by ourselves for several months, and the help has been invaluable. Especially in the negotiating process, having your own broker is a great tool. He can feel out the sellers broker, see if they're open to aggressive offers, can extol your qualities (willing to move expeditiously, very qualified buyers etc...). Our broker has really helped us every step of the way, not so much in locating places but in everything after that.
Posted by: guest at January 2, 2008 4:35 PM
Buyer's brokers in NYC are a waste of time. No one works for the buyer. Don't let anyone tell you otherwise.
Posted by: guest at January 2, 2008 5:32 PM
There's no such thing as buyer's broker! it's a myth!
It took 4 months of intense search (going to open houses almost every weekend) for us. I have to say apt-hunting in NY is the most exhausting and frustrating thing to do. A few of the deals fell through, which were devastating.
Take your time, be patient, I'm sure you'll find a place that you'll love (in which case you should jump on it right away). Hang in there!
Posted by: guest at January 2, 2008 5:33 PM
it took me two or three months, looking in park slope. (but that was 2002.)
Posted by: guest at January 2, 2008 6:23 PM
While there are some conflicts of interest, I do believe that a good buyers' broker can be invaluable. We moved back to Brooklyn after a stint in California, and used a broker to help us power house hunt for three days. (We'd been watching the market via the internet and with local friends for about four months prior to our visit.)
Our broker showed us apts that were not within her brokerage, and changed the places that she showed us as we gave feedback and changed our price range.
We saw maybe 15 apartments within those three days - by the end of it confidently put in a bid. Good luck with your hunt!
Posted by: guest at January 3, 2008 9:45 AM
It took me 9 months to find the condo. Then almost a year before it was it was completed to actually move in.
only in ny kids
Posted by: guest at January 3, 2008 8:53 PM
First time buying is the hardest. I looked 2 1/2 years, off and on (because sometimes you are just too busy to spend your weekend looking, and sometimes there is nothing new you haven't seen that fits your requirements.) Yes, it was a long time. It was hard, because in that time, prices doubled. Walked away from one sponsor unit after I had an accepted offer, where there were issues with the sponsor finishing the reno properly - never regretted that. Was outbid on other apartments. Had a beautiful rental, and wanted what I bought to be at least as nice. Finally found it. You just have to keep at it. You learn from each bid you make. And, buying something really desirable made it really easy when it was time to sell years later. What really took so long was that I realized I wanted a bigger place than what I was first looking at - I was looking at what I could afford. I increased my income during my search, and felt comfortable buying a larger place eventually, despite the rise in prices. And I don't regret not settling on something smaller earlier. So, if you aren't inclined to compromise, then don't; just keep looking, you will know what to bid on.
Posted by: guest at January 4, 2008 11:55 PM
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