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

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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]How often would you use it?[/quote]
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. [/quote]

You forgot equity you have to sink to buy one.  Prices had been flat for a VERY long time in NYC.  And you are limited to multi-family there unless you are mega rich to buy a townhouse.  This means dealing with old buildings problems and rising fees, because new construction is exorbitantly expensive on a different level than new homes are expensive here.  It's only a good idea if money is not an object and you consider spending extended amount of time in NYC at retirement, not just use it a weekend or two per month.  It sounds like you can only use it on weekends, do you have school age kids who keep you grounded here for a while?  In that case you need to be sure that after they live for college you will be able to spend more time there than you say you would now.  Otherwise it's not worth it. [/quote]

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