Condo for Sale

[.Lucy.]

The listing reads:
"Condo for Sale"

New York City prices are astronomical.
Prices have dropped;
So have the incomes.

The goal:
To own a condo by the end of next year.

If it's a matchbox of a space,
I may be in luck.

I eagerly plug the numbers
into the mortgage calculator.
Tallying-
ARM,
monthly expenses,
first time homebuyer tax breaks,
percentage in down payment,
maintenance fees,
property taxes.

I press the enter button anxiously.

The cost of buying a condo:
"Too much for your income"

I look at the picture of the cozy little studio
and then back at my paystub.

Maybe not next year, after all.

LT
9-15-10

[Doreen Peri]

I can barely afford to live here in Virginia. I may need to move soon. And though the DC area is very expensive compared to other areas of the country, NYC is 2-3x as expensive! What do people do for a living to be able to afford to live there? I don't get it.

Here, my mortgage is $1500 a month for my house (which you've visited so you know... a small 3-bedroom house). But guess what? That's what a 1-bedroom apartment costs to rent around here, too! I couldn't even afford to rent an apartment and have enough space for me and my daughter! I can't imagine paying $1500 a month for a 1-bedroom apartment. I bet studio apartments in NYC rent for more than $2000. Just guessing.

I say move OUT of the city... to where it's cheaper to live. Living in NYC is highway robbery! (but I know that's home to you and you love it there, but still... just sayin', yanno?)

Oh and also, yes.... buy something as soon as you can. I wish I bought real estate when I was in my 20s like you are. I'd own my house by now and have no mortgage at all. Start early! They have programs now for first time home buyers with low to no down payment. Build some equity. You'll need it when you get old like me.

You're doing the RIGHT thing by looking to buy a condo! I just suggest buying where it's less expensive.

I wish you all the best.... because I love you.

[joel]

You're in my prayers, Lucy, too!

Out here along the river in central Connecticut, we're in trouble: no jobs, no industry, no public transportation (depending on your town though, I guess...since there's no continuity between towns either).

I bought a condo a couple years ago, just before the prices fell. I'm afraid of what I might have to settle for if I were to try to sell it now, but my mortgage is the same as what I was paying in rent beforehand.

No easy answers...but it feels good to turn the key to your own place. Good luck. And hey, if you're up for a two-hour communte one-way, there's plenty for sale dirt cheap in my neighborhood.

[justwalt]

pa is cheaper than ny or nj, all the way around.
what costs $600,000 in nj costs $200,000 in pa...
but with land too!!!

my home, 5 bedrooms on 2 acres, with one neighbor within 1/2
mile, and is worth maybe 250,000... we paid $45,000.
my morgage is $ 400... (four-hundred), per month...
taxes are $1,000 per year.
will be paid off in 5 more years... just bought it
3 years ago.

if i can just keep the gas drillers away, we'll be fine... but all of pa is cheaper than most states, check it out.

walt

ps, i work in nyc... 2-1/2 hour drive, but i stay there all week and come
home for weekends.

[Doreen Peri]

Walt... oh man, you got a 5-bedroom house for $45K with land!?? Wowow! That's great! OK, I'm movin' to pennsylvania! hah!

[justwalt]

you can have the upstairs D... and the full sized attic too

[eugeneherman]

So Lucy! It appears you DO have options. Who would not like a beautiful and brilliant young lady in their locale? When I last was in 'the city' with a job offer of 75@hr, my options were to be licensed, insured, mobile and with a location studio (gotta be in the Bronx) to work and contract there. Plus all that kinda elevating cost bidness. With your complaint I would suggest you leave. If you do not have the attitude, or the fortitude, just remember... There's no crying in 'baseball', oops, I mean, 'There's no crying in New York City unless you get paid for it!' 'Pinche cuidad del locos!' -Butch

[eugeneherman]

I know, I know, it shouldn't have to be that way! Well, shoulda and coulda and woulda were sitting in the back of the bus when it went over the cliff during the rainstorm, and spoustabee was driving!

[.Lucy.]

Thanks to everyone for the encouragement and advice. I would love to live outside of NYC and see what the world is like. As of late, I've been seriously considering it. I absolutely love the tri-state area of DC, VA and MD, and considering how crazy the prices are here, property over there is super affordable by New York standards. Yet I do at some point know I would want to come back to my roots. Then again, I'm very open to the different twists and turns life offers.

There is absolutely no way I could ever really afford something in the City itself, but the borroughs are where I want to live anyway. This makes for a more afforable and realistic search for a place. Although I'd love to have a home, since I grew up in one here in the Big Apple, I know the upkeep is crazy. Plus, I want to make sure if I'm making a huge investment in my future, I have to be realistic about what I'll be able to do should I live alone for the rest of my days and into my golden years. I don't want to worry about being fined for not taking care of the snow on the sidewalk during winter or sweeping my leaves in the autumn. A condo is the perfect thing for me. I'm a city girl at heart, so I'm going to fight to get what I want, I just hope the market is still good by the time I have enough for a good down payment. I know there are tons of tax breaks, but it's always good to have money saved up to cushion the blow.

Something I've learned my 28 years here on this planet, you never know what Life will give you. Obstacles present themselves, opportunities arise- everything can shatter in one moment or rebuild itself in the blink of an eye. Keeping yourself centered, working hard, being honest, having a good sense of self and a good heart plus a positive attitude are the best weapons to face Life. We can only hope for the best and strive for happiness and fulfillment, whichever form or shape that may take.

Thank you, everyone.

[.Lucy.]

Doreen- I love you too! I love your house, it's beautiful...sigh...But your mortgage is really up there...How you do it, I don't know...You really are superwoman!

Walt- I seriously can't believe you paid so little for so much. That just blows my mind. WOW! WOWOW!!!

Joel- thanks for your prayers! If I made enough to afford travel expenses, I wouldn't mind living out in Ct. I barely make enough to travel here in New York, hah. I've heard it's beautiful out there and the commute wouldn't bother me at all. I want to do a tour of New England...One day...

Butch- thank you for the compliment...Blushing... You crack me up. Well, I'm a New Yorker, so I've got tough skin. I'm sticking it out, fighting hard and seeing what happens.

Thanks guys!