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]I would really do the math with closing costs and upkeep as well as hoa fees and also look into appreciation (of lack of) in similar buildings. We’ve thought about this (not nyc though) and the numbers just didn’t make sense over hotel stays. [/quote]

I had been combing through listing in NYC for a long time.  The issue is lack of appreciation and too many units where owners are losing money selling even after owning a unit for many years if not over a decade. It's not uncommon to see units that sold for higher price than what they are trying to sell for now.

OP needs to go to streeteasy website and comb the listings, also look at other sales in the buildings, if any rentals are allowed and how much rentals go for, and definitely history of sales on units to see if prices trend up or down.

If you don't plan to spend a lot of time there at retirement, I am talking month at a time and more than once a year, it's not worth it.   Basically living there, not just spending a few weekends.  It's much cheaper to get a hotel for 1 weekend a month, no strings attached, and you can invest your equity and then go buy a place there if you really want to spend more time there.  It's likely not going to be much different in price than it is now. I don't see RE in NYC appreciate, because it hit the ceiling long time ago.  Rents are now hitting the ceiling too (despite still being way lower than cost of ownership for mortgage seeking buyers).  And if Mamdani comes to power who knows what happens.  For prices to go up there economy needs to explode and wages need to go up a lot.

I might be off on this.. But it really reduces to how much extra money OP has.  It's certainly affordable for a lot of well off people with a few million in NW and secure high incomes they can rely on to own a modest pied-a-terre in NYC.  And there are a lot of dumpy apartments too that aren't any more expensive than second homes in and ho-hum beach condos. OP may be able to afford it just fine, it's a matter of how much OP really loves NYC. [/quote]

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