{ "media_type": "text", "post_content": "Hope to learn more if you bought an apt in Manhattan, or if you decided against it (renting/moving to upstate/Long Island/Jersey). My husband and I are considering to have a baby soon and are thinking of buying and living in Manhattan for the next 10 years or so (looking at property under $2M). Please share what you considered as you were making the decision - I hate throwing away rent but also don’t want to trap ourselves in significant financial obligations. Thanks!", "post_id": "60393183c92b170020d44867", "reply_count": 7, "vote_count": 1, "bowl_id": "5dd6e67090e5a1001c26ead1", "bowl_name": "New York Big Law" }

Hope to learn more if you bought an apt in Manhattan, or if you decided against it (renting/moving to upstate/Long Island/Jersey). My husband and I are considering to have a baby soon and are thinking of buying and living in Manhattan for the next 10 years or so (looking at property under $2M). Please share what you considered as you were making the decision - I hate throwing away rent but also don’t want to trap ourselves in significant financial obligations. Thanks!

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I am in the process of buying now and all I can say is that the “COVID discount” many people are expecting has either disappeared or is quickly fading. I have lost out on apartments (co-op units in Manhattan) that receive 5, 10, 20+ offers and go for over asking.

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Surprised to see this. I’m in UES and last month the apt across the hall sold for exactly 2/3 of what I paid 3 years ago for mine. Same layout as my apt, worse view, not in as great condition, but still disheartening.

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Bought in jersey city but I’m single and I value financial independence most. My goal was a property I would like but also easily rent out if necessary so: 2bdrm 2ba property within 5-10 min walking distance to trains and ferry to city, top school district, low/reasonable HOA, and for the total monthly payment mortgage + hoa to be less than (1) 33% of my take home and (2) going market rent for that bldg/neighborhood. I couldn’t find that in Manhattan due to prices of 2bdrms and also high HOA fees. I also didn’t want to settle for a 1bdrm. Note I ended up w a mortgage half of what the bank offered/told me I could afford and paid 20% down. YMMV since you are dual income so you probably can afford double my target number.

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Just to update everyone - we did the math and it seems like if we were to pay $2M for a condo in Manhattan, it would be equivalent of paying roughly $8000+ for rent per month. Obviously if the apt increases in value in 10 years it would offset some of that. But taking into account inflation and just how insanely expensive/unpredictable the Manhattan market is - we probably will just rent for now and then buy in the suburbs... As some of you pointed out, the Covid pricing is basically gone now.

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I imagine now is a good time to buy in the city. If you’re looking in NYC, you’re most likely looking at a coop. I would compare potential rent to maintenance fees + monthly assessments. Make sure the coop board has strong financial reserves or assessments will increase in the future. In terms of resale value location and school district are critical. For what it’s worth, your money may go a lot further in CT than NYC, Westchester, LI, etc. Greenwich, for example, has an excellent school district and is an express 35-minute train ride away from Manhattan. Having said that, you may find asking prices in the suburbs are a bit unreasonable given that so many people have moved away from the city in the past 12 months.

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I always thought I was going to be a city dweller but ended up in Long Island. No city tax, good commute (if you live in Nassau county), lots more space, good schools.

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My partner and I are in contract on a NYC apt now. We found a place we loved in a good school district, and decided to go for it. When deciding, we considered the low interest rates, the lower sale prices and the fact that we wanted to be in NYC long-term (both because of the city itself and because we’ll eventually have some sort of in-office work, even if it’s not 5 days a week). We thought that if we were going to buy in NYC down the road, now would be the time to do it.

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