Co-op of the Day: 449 9th Street, #2F
This one-bedroom co-op at 449 9th Street is very cute. Great brownstone-y moldings and parquet floors plus good natural light. The major negative is the size of the bedroom, which appears to be just a standard single-windowed side room. Still, for one person, this could end up working quite nicely. Do you think they’ll end…
This one-bedroom co-op at 449 9th Street is very cute. Great brownstone-y moldings and parquet floors plus good natural light. The major negative is the size of the bedroom, which appears to be just a standard single-windowed side room. Still, for one person, this could end up working quite nicely. Do you think they’ll end up getting close to the asking price of $389,000?
449 9th Street, #2F [Warren Lewis] GMAP P*Shark
I just think that when things finally pick up in the real estate market (which they always do) this blog is going to become unbearable to read with people who were even more bitter they didn’t buy than when we were experiencing the run up. Imagine when the market picks up and we have to hear about how Muffie missed the bottom.
This (and by this, I mean now and moving forward in the next few months for those who still think prices are falling) might be the best time in your life to consider a NYC home purchase if that’s something you’re interested in.
Think about it. Once prices level off and eventually start to rise, real estate prices aren’t going to be crashing again for quite a while.
This apartment would have sold for 450K during its peak. You aren’t going to see prices in NYC fall to Kansas City levels so keep in mind that this city is and will be expensive even after the bust is complete.
Unless they start to make more money, then yes, they’ll likely live there forever…or, they could rent and like 11217 says, move from year to year looking for an ever-cheaper and ever-smaller rental.
This is a +starter home” and normal expectations are that you stay there for x years and when your income level is higher you upgrade.
But you eventually pay offf a mortgage and live rent free or upgarde because your finances permit it.
Ummm… I said 40 years because you suggested some “rent free” years, No?
OK, fine. This place is perfect. Perfect for the single person, earning $75-80,000 a year and has $80,000-100,000 in savings.
And don’t worry, I’m not going to argue that renting is fun.
if diff btwn fha and renting is (aftertax) $500/mo, y wouldn’t you buy that call option (assuming you have some savings)? you might hit the jackpot, but your worst case scenario is about 15k in dp and 6k/yr for the option. your upside could easily be huge: if gross price actually rises 15% in 3 years, you’ve doubled your dp.
i would venture that the real tax savings number would actually make the annual cost of call option cheaper (almost insignificant).
on the other hand, i’m pretty sure you’d have to pay pmi on a 3% dp loan.
30 years in this place? shoot me now.
I’m already regretting painting my rental unit beige. I feel like I’m living in a sugar cookie. (It’s the rental but we live there for now.)
Wow, this listing really shows how much better brownstones look painted in a deep color rather than the white and beige you see everywhere.
“DIBS – 40 years in this place sounds like a treat!”
It’s usually 30 years, and most people over that time are able to leverage up. 30 years is a few boom/bust cycles.
You’d rather spend the next 30 years moving from rental to rental trying to find a better deal because your landlord keeps raising the rent.
That sounds like fun when I’m 60.
Some people would like to stay put and have a home. Many many New Yorkers live in the same 1 bedroom they’ve lived in for decades. Not really so weird. If you’re single (like 65% of New Yorkers are) why would you need much more than a 1 bedroom apartment?
DIBS – 40 years in this place sounds like a treat!
Posted by: tybur6 at January 13, 2010 1:45 PM
Who takes 40 years to pay off a mortgage??? I’ve never even heard of a 40 year mortgage.