Buying a pied-a-terre in NYC…good or bad idea?

[Anonymous]

Thinking of buying a pied-à-terre in NYC but heard it’s not a good idea. Anyone here with NYC real estate experience who could clarify as to why it’s not a good idea? Thanks!

[Anonymous]

Why won’t it be a good idea? My brother owns a condo in NYC that he doesn’t live in, but family members use it often. No mortgage but he has to pay the hefty monthly maintenance. The super keeps an eye on it. He has plenty of money though.

[Anonymous]

How often would you use it?

[Anonymous]

NO. I wouldn't do it.

[Anonymous]

My sibling got a Hilton time share in NyC. I think they got 2 weeks a year. It’s a really nice two bedroom unit right near the park and they use it when they want to see shows or exhibits. It also gives the high status with Hilton and they can get extra days as needed for short visits. It’s worked well for them and is a lot cheaper than having an apartment they would onky hse occasionally. My MiL that lives in westchester had an apartment in myc to use when they went into the city but ended up selling it recently as the use didn’t justify the expensive.

[Anonymous]

How often would you use it? I have thought about getting one but given how high monthly maintenance is, it just does not seem worth it to me. Plus if you want to be able to let friends use your place when you are not there, you are likely limited to condos (not coops) which limits your option and eliminates a lot of nice buildings. If the maintenance is $1500/month (plus opportunity cost of the money you spend on the apartment) would you really use it enough to justify the cost when it is relatively easy to get a hotel in NYC for under $500/night? If you will be there 4-5 nights a month then maybe the math starts to work, but that is a lot if you have a busy life in the DMV.

Also if you do this be careful about taxes and documenting you are not in NYC enough to have to pay taxes there.

[Anonymous]

Anonymous wrote:NO. I wouldn't do it.

Why not?

[Anonymous]

Anonymous wrote:How often would you use it?

OP here. I’d use it probably 1-2 times per month. With hotel prices as they are, paying a monthly condo fee would come out to less than what I’d pay in hotel rates.

[Anonymous]

How often do you plan to use it or let family/friends use it? Do you plan to rent it out or charge people to stay? Have you looked into the costs of having someone check on things, etc. What's your plan when something happens and it needs to be addressed quickly? Will you have someone to pay to go check on things if say...a pipe breaks or the fire sprinklers go off and your apt has water damages (happens at ours)? Or will you or your spouse be able to hop over on a moment's notice to check on it?

We have one in another major city and it can be a headache at times. We pay a friend who lives nearby to do routine checks. But DH and I have both had to fly out on a moment's notice to deal with emergent issues.

[Anonymous]

Anonymous wrote:How often do you plan to use it or let family/friends use it? Do you plan to rent it out or charge people to stay? Have you looked into the costs of having someone check on things, etc. What's your plan when something happens and it needs to be addressed quickly? Will you have someone to pay to go check on things if say...a pipe breaks or the fire sprinklers go off and your apt has water damages (happens at ours)? Or will you or your spouse be able to hop over on a moment's notice to check on it?

We have one in another major city and it can be a headache at times. We pay a friend who lives nearby to do routine checks. But DH and I have both had to fly out on a moment's notice to deal with emergent issues.

OP here. Those are good questions PP. I have lots of family members who live in NYC (I used to live in Manhattan as a kid). They graciously let me stay with them whenever I want but I hate to impose on others (which is why I prefer to stay in hotels). I want the freedom to come and go as I please without having to ask anyone or impose on anyone. So to answer your question, yes, I have many people I could ask to check on my place if an emergency were to happen.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How often would you use it?

OP here. I’d use it probably 1-2 times per month. With hotel prices as they are, paying a monthly condo fee would come out to less than what I’d pay in hotel rates.

What are you spending on hotels where you would come out ahead by buying? Unless you find some crazy low-fee building (in which case I would worry about reserves and special assessments) for 1-2 night a month the math doesn't math.

[Anonymous]

Anonymous wrote:

Anonymous wrote:How often do you plan to use it or let family/friends use it? Do you plan to rent it out or charge people to stay? Have you looked into the costs of having someone check on things, etc. What's your plan when something happens and it needs to be addressed quickly? Will you have someone to pay to go check on things if say...a pipe breaks or the fire sprinklers go off and your apt has water damages (happens at ours)? Or will you or your spouse be able to hop over on a moment's notice to check on it?

We have one in another major city and it can be a headache at times. We pay a friend who lives nearby to do routine checks. But DH and I have both had to fly out on a moment's notice to deal with emergent issues.

OP here. Those are good questions PP. I have lots of family members who live in NYC (I used to live in Manhattan as a kid). They graciously let me stay with them whenever I want but I hate to impose on others (which is why I prefer to stay in hotels). I want the freedom to come and go as I please without having to ask anyone or impose on anyone. So to answer your question, yes, I have many people I could ask to check on my place if an emergency were to happen.

I live in NYC and wouldn’t really want to be responsible for dealing with emergencies at a relative’s condo. What a headache.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How often would you use it?

OP here. I’d use it probably 1-2 times per month. With hotel prices as they are, paying a monthly condo fee would come out to less than what I’d pay in hotel rates.

What are you spending on hotels where you would come out ahead by buying? Unless you find some crazy low-fee building (in which case I would worry about reserves and special assessments) for 1-2 night a month the math doesn't math.

OP here. Not 1-2 nights per month. I meant 1-2 times per month. A visit to NYC for me can range from 2-3 days to 1-2 weeks depending on what I have going on. And the cheapest NYC hotels these days range in $400-$500 per night.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How often do you plan to use it or let family/friends use it? Do you plan to rent it out or charge people to stay? Have you looked into the costs of having someone check on things, etc. What's your plan when something happens and it needs to be addressed quickly? Will you have someone to pay to go check on things if say...a pipe breaks or the fire sprinklers go off and your apt has water damages (happens at ours)? Or will you or your spouse be able to hop over on a moment's notice to check on it?

We have one in another major city and it can be a headache at times. We pay a friend who lives nearby to do routine checks. But DH and I have both had to fly out on a moment's notice to deal with emergent issues.

OP here. Those are good questions PP. I have lots of family members who live in NYC (I used to live in Manhattan as a kid). They graciously let me stay with them whenever I want but I hate to impose on others (which is why I prefer to stay in hotels). I want the freedom to come and go as I please without having to ask anyone or impose on anyone. So to answer your question, yes, I have many people I could ask to check on my place if an emergency were to happen.

I live in NYC and wouldn’t really want to be responsible for dealing with emergencies at a relative’s condo. What a headache.

OP here. I have a tight-knit family. They would do it in a heartbeat (and I would do the same for them).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:How often would you use it?

OP here. I’d use it probably 1-2 times per month. With hotel prices as they are, paying a monthly condo fee would come out to less than what I’d pay in hotel rates.

What are you spending on hotels where you would come out ahead by buying? Unless you find some crazy low-fee building (in which case I would worry about reserves and special assessments) for 1-2 night a month the math doesn't math.

OP here. Not 1-2 nights per month. I meant 1-2 times per month. A visit to NYC for me can range from 2-3 days to 1-2 weeks depending on what I have going on. And the cheapest NYC hotels these days range in $400-$500 per night.

Then it may make sense for you - just make sure you keep track of when you are there so NYC can't come after you for taxes (there are apps that help you keep track).