Is buying property in NYC worth it?
Planning on moving to New York soon and wondering if I should try to purchase vs just renting? How much higher can property values realistically get at this point and with land-leases, co-op boards demands etc. it feels like a mine field.

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You can typically see when the last sale happened and how much it went for. I’ve done this and concluded it’s very hard to even break even on co-ops when you consider closing costs and maintenance fees on top of your mortgage

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How long are you staying?

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5 years as primary residence is generally rule of thumb on NYC

Each building will have different rules about sublets. Condos will have more lenient rules but are not as plentiful and have different financing than coops. I’d definitely recommend an exploratory meeting with a broker at someplace like Spire, Elliman, Corcoran or Halstead to get an idea of different markets. Also StreetEasy.

Lots of non-equity sunk costs like taxes, hoa, amenities, assessments.

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That depends as always. There are good finds and there are apartments that aren't worth it. I just wouldn't conolgrlry write it off, esp because property taxes and mortgage interest paid are tax deductible.

EG. My first apartment in NYC cost me $2500 monthly in cash (mortgage + HOA) which is only $1900 net tax deductions. I now rent out at the apartment at $2800 which is a good proxy for market value.

If you want to rent then look for condos not co-ops. Also avoid buildings with land leases.

Also people are being a bit dramatic with some of the costs. I live in a nice coop on the UES and my HOA fees (which includes all amenities and taxes) are under $1800 a month

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DM’d you

Also sales here are at 2013-2015 levels (eg lower than before the pandemic) so this is a good time particularly for studios and 1- BRs

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I wouldn’t recommend it to someone new to the city - I feel like it’s worth it to rent a year just to get a feel of the land and explore the different neighborhoods before picking a more permanent spot.

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