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Real Estate
Reply to "Buying a pied-a-terre in NYC…good or bad idea?"
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[quote=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.[/quote]
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