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][quote=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.[/quote]

It's great for people with plenty of money just like a beach house or any other second home you won't be spending much time in and will cost you a lot just to maintain.  NYC fees are a different universe altogether.  Prepare to pay "rent-like" monthly costs for a 2 bedr apartment in addition to sinking in over 1 mil in equity that you may not see appreciate at all when you sell.   It's honestly only for someone who truly loves NYC and will be enjoying owning a place for decades to come or won't mind potentially losing some money if needing to sell sooner.  The focus is on personal enjoyment.  As an investment, it's a terrible idea IMHO as someone familiar with NYC RE.[/quote]

+10000.  It’s not an investment. It’s a luxury item that you enjoy like a car. [/quote]

This, absolutely.  Cost of ownership in NYC is much higher than cost of renting, and that's already very high, hence prices stay flat, there is nowhere higher to go.  Plus coops often have very restrictive rules if you need to rent it out.  You may be restricted on how many years you can rent and pay fees to do so, you also may have a hard time finding renters without RE agents who would be willing to deal with coop board interviews if this is required.  Condos are priced accordingly (higher than coops) to allow easier time for pied-a-terre owners to manage, use, and rent out their places if needed.

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