Private school but rent?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

Interesting. Wouldn’t these buildings effectively become rentals (maintenance instead of rent) at that point with a small to medium size “buy in” fee at the beginning?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

Interesting. Wouldn’t these buildings effectively become rentals (maintenance instead of rent) at that point with a small to medium size “buy in” fee at the beginning?

Yeah, that how some people view it. It a consumption rather than an investment. The issue is for the average person as the majority of their wealth is tied to their home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city.

Except rents in NY continue to increase.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

Yea but you can always leave a rental. You can’t just pack up and leave your coop after decades of mismanagement. There are massive increases in monthlies in coops as well

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city.

Except rents in NY continue to increase.

Except monthlies in NY coops continue to increase. And so does the stock market, faster than your equity increases (if it does, if you bought after 2014 there’s a very good chance you are flat or down, unlike most real estate markets other than Chicago).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city.

No one is moving to outer boroughs except maybe Brooklyn Heights. People with money will always want to live in Manhattan. Perhaps your friends are moving to the far reaches of Staten Island or Queens. Not those who are making high six figures plus and considering private school. People thought Manhattan real estate would die after 9/11. Nope. After 2008. Nope. And old buildings in good neighborhoods will always be appealing. Just have to fix them up. Not that hard. If you don' t the large high floor corner apartment in the Beresford or on Park Avenue there are plenty of others who do.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Renting has been more beneficial for so many years now. We sold three properties to become renters. Should have never bought them.

Owning can be beneficial. The outer borough and suburbs have appreciated over time. It forces people with bad spending habits to save.


In addition, the math isn’t straightforward. If are wealthy enough to own a place that can host and impress guest with the view (increase networking opportunity), privacy / security of knowing everyone in the building, etc…

We rent in a family friendly building on UES. Lots of people know each other, people have been here 10 plus years.

While that might be true, I know plenty of people who regret not buying (especially outside of Manhattan). Since the 90’s the wealth gap continues to grow due to the inflationary environment we live in. Real estate is one of the few investment vehicles you are allowed to be over leverage and have the debt depreciate over time due to inflation and tax deductions in mortgage interest payments.

It’s pretty obvious you’re kind of screwed if you’re in your 40s in Manhattan with kids and still renting.

It’s not like it’s cheap to rent in NY. Many families paying $10-12k a month to rent a decent apartment. Even if you make a million a year, by the time you pay nannies, 2 in private school, taxes, retirement accounts etc there isn’t much leftover.

Our friends still renting say it’s a better deal but when they move out, all they get back is a security deposit. When I move out, I’ll get a check for over a million dollars. I highly doubt they’ve saved that much more renting that it makes up for a levered investment.

For us, renting a $15k apartment is about 3 percent of our annual net income and worth the flexibility. Also in our 40s with 2 kids at independent schools. You get better returns on S&P.

How much are you actually saving out of your $5 million salary though? At least a million a year?

I know a few families in the $2-3 million range who rent and spend every penny. If you’re in the NY scene you can spend $200k alone on private clubs. It goes fast.

I do think there are wealthy individuals in Manhattan who rent but big spenders are way more common

How do you know these families spend every penny? Sure, it's possible to guesstimate HHI (especially if parents work well known professional tracks). But no one I know would ever talk about their actual cash flow, net worth, if grandparents are chipping in etc in deep detail.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city.

No one is moving to outer boroughs except maybe Brooklyn Heights. People with money will always want to live in Manhattan. Perhaps your friends are moving to the far reaches of Staten Island or Queens. Not those who are making high six figures plus and considering private school. People thought Manhattan real estate would die after 9/11. Nope. After 2008. Nope. And old buildings in good neighborhoods will always be appealing. Just have to fix them up. Not that hard. If you don' t the large high floor corner apartment in the Beresford or on Park Avenue there are plenty of others who do.

While what you say is true, it represents a small percentage of the overall populations and local economy. Young people drive the local economy and business. If only the wealthy stay, many stores will close and have empty storefronts that make the neighborhood less desirable.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Renting has been more beneficial for so many years now. We sold three properties to become renters. Should have never bought them.

Owning can be beneficial. The outer borough and suburbs have appreciated over time. It forces people with bad spending habits to save.


In addition, the math isn’t straightforward. If are wealthy enough to own a place that can host and impress guest with the view (increase networking opportunity), privacy / security of knowing everyone in the building, etc…

We rent in a family friendly building on UES. Lots of people know each other, people have been here 10 plus years.

While that might be true, I know plenty of people who regret not buying (especially outside of Manhattan). Since the 90’s the wealth gap continues to grow due to the inflationary environment we live in. Real estate is one of the few investment vehicles you are allowed to be over leverage and have the debt depreciate over time due to inflation and tax deductions in mortgage interest payments.

It’s pretty obvious you’re kind of screwed if you’re in your 40s in Manhattan with kids and still renting.

It’s not like it’s cheap to rent in NY. Many families paying $10-12k a month to rent a decent apartment. Even if you make a million a year, by the time you pay nannies, 2 in private school, taxes, retirement accounts etc there isn’t much leftover.

Our friends still renting say it’s a better deal but when they move out, all they get back is a security deposit. When I move out, I’ll get a check for over a million dollars. I highly doubt they’ve saved that much more renting that it makes up for a levered investment.

For us, renting a $15k apartment is about 3 percent of our annual net income and worth the flexibility. Also in our 40s with 2 kids at independent schools. You get better returns on S&P.

How much are you actually saving out of your $5 million salary though? At least a million a year?

I know a few families in the $2-3 million range who rent and spend every penny. If you’re in the NY scene you can spend $200k alone on private clubs. It goes fast.

I do think there are wealthy individuals in Manhattan who rent but big spenders are way more common

How do you know these families spend every penny? Sure, it's possible to guesstimate HHI (especially if parents work well known professional tracks). But no one I know would ever talk about their actual cash flow, net worth, if grandparents are chipping in etc in deep detail.

I find people often share their financial concerns quite readily. If they don’t now, they often do when they start divorcing towards the end of your child’s elementary school years. The parents become broke and leave the city or move into terrible apartments and you realize all those trips they took to St Bart’s or Sagaponack were irresponsible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city.

No one is moving to outer boroughs except maybe Brooklyn Heights. People with money will always want to live in Manhattan. Perhaps your friends are moving to the far reaches of Staten Island or Queens. Not those who are making high six figures plus and considering private school. People thought Manhattan real estate would die after 9/11. Nope. After 2008. Nope. And old buildings in good neighborhoods will always be appealing. Just have to fix them up. Not that hard. If you don' t the large high floor corner apartment in the Beresford or on Park Avenue there are plenty of others who do.

While what you say is true, it represents a small percentage of the overall populations and local economy. Young people drive the local economy and business. If only the wealthy stay, many stores will close and have empty storefronts that make the neighborhood less desirable.

We are talking about people considering 70k a year private school, not middle management wagies saving to buy a condo in LIC without views.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city.

No one is moving to outer boroughs except maybe Brooklyn Heights. People with money will always want to live in Manhattan. Perhaps your friends are moving to the far reaches of Staten Island or Queens. Not those who are making high six figures plus and considering private school. People thought Manhattan real estate would die after 9/11. Nope. After 2008. Nope. And old buildings in good neighborhoods will always be appealing. Just have to fix them up. Not that hard. If you don' t the large high floor corner apartment in the Beresford or on Park Avenue there are plenty of others who do.

While what you say is true, it represents a small percentage of the overall populations and local economy. Young people drive the local economy and business. If only the wealthy stay, many stores will close and have empty storefronts that make the neighborhood less desirable.

We are talking about people considering 70k a year private school, not middle management wagies saving to buy a condo in LIC without views.

You have outdated views if you think the average UES family sending their child to private is wealthier than the family that migrated from abroad and bought in LIC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting.

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent.

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion.

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually.

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city.

No one is moving to outer boroughs except maybe Brooklyn Heights. People with money will always want to live in Manhattan. Perhaps your friends are moving to the far reaches of Staten Island or Queens. Not those who are making high six figures plus and considering private school. People thought Manhattan real estate would die after 9/11. Nope. After 2008. Nope. And old buildings in good neighborhoods will always be appealing. Just have to fix them up. Not that hard. If you don' t the large high floor corner apartment in the Beresford or on Park Avenue there are plenty of others who do.

While what you say is true, it represents a small percentage of the overall populations and local economy. Young people drive the local economy and business. If only the wealthy stay, many stores will close and have empty storefronts that make the neighborhood less desirable.

We are talking about people considering 70k a year private school, not middle management wagies saving to buy a condo in LIC without views.

You have outdated views if you think the average UES family sending their child to private is wealthier than the family that migrated from abroad and bought in LIC.

I think you missed the point and don't have a very good understanding of the market for private school seats.