Is it absolutely foolish to buy a 1BR in NYC for ~$500k?
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Anonymous
| I have enough money for a downpayment of about $110k. I'm young (28), single, but I'd love a place to call home for at least the next couple of years (maybe 4-5 years before thinking of selling?) and would hope it would even maybe work as an investment vehicle. Would also be open to renting it out and getting some income that way. Is this smart, or is it dumb? Is being a homeowner/small-time landlord in NYC more pain than it's worth? |
Anonymous
| I'd say go for it but would be very curious about where/what you're looking at. Airbnb's are crazy popular in popular parts of NYC. |
Anonymous
Thanks for the response! Haven't made up my mind at all, but most likely somewhere in Flatbush, Prospect Lefferts Gardens, Crown Heights, or Bed-Stuy, as those neighborhoods are still a bit more affordable. I would ideally love a place closer to Manhattan (Clinton Hill, Downtown Brooklyn, Boerum Hill, Fort Greene, etc.) but those look to be a bit out of budget... but we'll see. Any recommendations? And curious, have you owned in NYC before? |
Anonymous
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If I were to live in NYC again, I'd buy either downtown, lower East side in alphabet city in Manhattan, or way up on the Upper West side, Amsterdam Ave etc.
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Anonymous
DP. I am a bit further West and South from your target area, in Kensington. I think being a homeowner in NYC is fine if you intend to stick around for a while, I bought my first apartment at 24. As far as renting out a coop or condo, there are too many variables to be sure about how it will play out in the long run. If I were you, I’d go for a place with fewer amenities, but closer to Manhattan. If you are looking in Brooklyn, take a look at places like Concord Village, Clinton Hill coops, etc. - large no frills mid-century coop developments (there is also one in Fort Green, I think it’s called Kingsview). |
Anonymous
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Are AirBnBs that popular that far out in Brooklyn? (I genuinely don't know.) And being a landlord isn't that easy, especially if you aren't nearby to deal with repairs as they arise.
Also, you can't rent many coops, so you'd be looking for a condo. And NYC is a pro-tenant city. Very difficult to get people out of apartments as renters. |
Anonymous
| This sounds so tricky in so many ways. Any one bedroom in NYC for $500k is going to be a dump. |
Anonymous
This is what I was thinking too. Nobody's going to want to rent anything in NYC that only cost $500k. |
Anonymous
People will rent anything in NYC, it's only a question of price. People still rent apartments with toilets in the hallway. |
Anonymous
| What's the thinking on ground floor apartments in NYC? Avoid at all cost, or a boon in disguise? |
Anonymous
| Foolish. Condos do not appreciate the same way SFHs do. Depending on how long you intend to hold onto it, you will be lucky getting even a marginal ROI. Already know multiple people who bought condos within the last year who have tried to sell only to delist after sitting unsold for months. |
Anonymous
| how many people live in SFH, not in queens, Staten Island though? I think the biggest hurdle would be that most units are coops, so no airbnb or subletting .. |
Anonymous
Really? Condos, too? Why is that? |
Anonymous
Why not just rent in one of those nicer neighborhoods? I'd much rather rent a 1BR in Carroll Gardens or Fort Greene than deal with owning a crappy 1BR condo/co-op in Flatbush or Crown Heights. |
Anonymous
| Why NYC? Do you have family there? Do you work there? You can invest in real estate where you live. Not worth a lot of 95 and tunneling. |