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  #16  
Old 02-02-2013, 01:46 AM
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I don't know exactly where the apartment was located, but when our software company was coming apart in 2003, a friend I worked with took a COO job with a company in Manhattan. He and his wife paid $3,300 a month for 900 square feet that had not been remodeled since WWII.

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  #17  
Old 02-02-2013, 01:56 AM
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Originally Posted by Air&Road View Post
I don't know exactly where the apartment was located, but when our software company was coming apart in 2003, a friend I worked with took a COO job with a company in Manhattan. He and his wife paid $3,300 a month for 900 square feet that had not been remodeled since WWII.
If everything worked as intended, who cares? The quality of a lot of American new construction and "remodel" work is abysmal.
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  #18  
Old 02-02-2013, 02:00 AM
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Originally Posted by Pooka View Post
A few years back (maybe six or so) I rented an apartment in downtown Tulsa. In a very classy high rise with 24 hr security, on site grocery shop, parking....

It was 720 sqft and cost a whopping $450 a month.
Speaks to the desirability of Tulsa, doesn't it now? I rented a 500 sf apartment in a *****ty area of Philly for $280/mo 10 years ago -- seems that, indexed for inflation, Tulsa is just as desirable to live in as ghetto-Philly
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  #19  
Old 02-02-2013, 06:11 AM
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Originally Posted by spdrun View Post
Areas that have 3-5 acre lots could hardly be considered "city."
They are here
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  #20  
Old 02-02-2013, 06:25 AM
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Originally Posted by Can't Know View Post
Rents on the other coast are pretty crazy, too.

The newest trend is piggybacking on something NYC has also done, "Micro" apartments as small as 220 square feet. My BIL has a tent that is bigger than that.

Tiny apartments: Modern living or barely living? | On The Block | an SFGate.com blog
yeah, but they still charge an arm and a leg.....
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  #21  
Old 02-02-2013, 06:26 AM
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Originally Posted by Air&Road View Post
I don't know exactly where the apartment was located, but when our software company was coming apart in 2003, a friend I worked with took a COO job with a company in Manhattan. He and his wife paid $3,300 a month for 900 square feet that had not been remodeled since WWII.
you cant find vintage like that anymore, thats a steal!!!
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  #22  
Old 02-02-2013, 07:47 PM
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Basically five hundred a week to buy, maintain and occupy a small one bedroom apartment. I guess it depends a lot on what your earnings are.

It is my opinion that in over heated areas real estate companies over time have manipulated prices upwards excessivly. They are much easier to observe in action locally as they were not even present here when I arrived. I think they alone are responsible for at least a doubling of prices and still working hard at driving them ever upward.
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  #23  
Old 02-02-2013, 07:50 PM
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Well people are fighting over apartments in NYC, especially higher end ones. I hear stories of people paying $1m a year in rent.

Lots of people making silly money in Manhattan, market forces are at work. London is even worse. Paris isn't since anyone with money is moving to Switzerland right now.

The hedge fund guys pretty much just just seem to print it. The stock market has been having a massive rally for the past few years and lots of money is being made off it. I was talking to a Porsche salesmen down their, he said your not even considered a good customer unless you buy multiple new vehicles from them every year. Most of their clients buy a new 911 for themselves every 3-4 months, ie they order there next car when they pick one up.
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  #24  
Old 02-02-2013, 07:59 PM
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I'm not seeing that as far as purchase prices, at least not in the below-$500k market where I can afford to play right now. When I bought in 2009, my apt's value was off about 20% from peak. It's gone up about 5-10% if that.

Quite a few estate sales in the $250-$350k range right now in nice but less desirable areas than Manhattan-below-100, so I'm looking for a 2-bedroom either in Brooklyn or in the 100s above or just below Morningside Park. And also at some more fork-lost homes in NJ tomorrow (YAY!).
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  #25  
Old 02-02-2013, 08:47 PM
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I have 500 SF one bedrooms which i rent for $700/ mo. They are pretty nice with washers dryers and central air in a historic building with a good location. Thats about the top of the market for something here. Right next to campus would no doubt be more.
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  #26  
Old 02-02-2013, 08:54 PM
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Originally Posted by t walgamuth View Post
I have 500 SF one bedrooms which i rent for $700/ mo. They are pretty nice with washers dryers and central air in a historic building with a good location. Thats about the top of the market for something here. Right next to campus would no doubt be more.
That's actually pretty high for Indiana, or so it would seem.

I'm looking at a short-sale investment condo in San Diego (read: accepted offer waiting for short approval) -- 600 sf 1 bdr in a stable complex with ample reserves and low-ish carrying charges. Going rent seems to be about $900-1000/mo at most. Enough to cash flow after mortgage and expenses, actually, but not as high as could be expected for a decent location about 10 min from the beach cities.
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  #27  
Old 02-02-2013, 11:35 PM
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Real estate pricing is driven by location, first and foremost. If you want to buy in Manhattan, you're going to have to (be able to) pay the freight, commensurate the location first. Most Americans can't even begin to think in terms of being able to afford buying (or renting for that matter) in Manhattan. Commuting is their best bet.
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  #28  
Old 02-02-2013, 11:50 PM
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Originally Posted by Skid Row Joe View Post
Most Americans can't even begin to think in terms of being able to afford buying (or renting for that matter) in Manhattan. Commuting is their best bet.
And I'm glad that people keep thinking that way -- keeps apartment prices down as compared to European or Asian cities. Really, unless you're buying in a prime building or area, it's less of a big deal than you'd think. There are things like HDFC buildings, which receive cheap financing from the city in exchange for having an income cap (can be quite high, like $160k/yr) for new buyers -- if you look, you can pick up a 2 or 3 bedroom apartment for south of $400k, maybe under $300k. Taxes are abated, so you might end up paying anywhere from $300 (very lucky) to $700/mo in common charges. Seems high, but it generally includes heat, hot water, all real estate taxes, building maintenance. Maybe one or both of gas and electricity.

Not a bad deal -- monthly TAXES are often higher in the NJ and Long Island 'burbs, and you end up paying your own heat, water, hot water, and exterior repairs. And yeah, you'll be living in 600 or 800 square feet. But keep in mind that 50 years ago, the average size of a HOUSE was something like 900 sf, and people raised families there successfully. Don't believe all that you read and hear about NYC.

Lastly, commuting from the 'burbs isn't zero-cost either. Monthly train fare can run ~$300/mo, whereas my "commute" is generally walkable or worst-case I take the subway. (~$2.25 per ride or $100/mo).

Last edited by spdrun; 02-03-2013 at 12:08 AM.
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  #29  
Old 02-03-2013, 12:16 AM
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Real estate pricing is driven by location, first and foremost. If you want to buy in Manhattan, you're going to have to (be able to) pay the freight, commensurate the location first.
Cost per square foot means nothing - without knowing the location first.

Doesn't matter whether you're in NY, CA, TX, AZ, CA, etc......

There's a stellar inner-city burb near me where homes, read ALL homes, even POS old decrepit homes pre-WWII start pricing @ $500K. You have to pay - or you do not play, plain and simple.

The point is location. Nothing more, nothing less. This isn't new stuff......
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  #30  
Old 02-03-2013, 09:08 AM
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1 BR - 5K a Month!

I am in the process of working on a 22 story residential structure on the upper West side and they will be asking $5K a month for avg 950sq ft 1 BR apartments (w/ Juilet balcony) the 2BR (w/ larger balcony) are $6500 a month.
This will be a LUX building with on site amenities (Gym, Tenant storage rooms, concerge service) but the price is very typical of the Hi end market.

I did a 7 story Residentil rental in Greenpoint Brooklyn 4 years ago and thye were asking $3500 for a 2 BR (same type of amenities) and they now ask $4500. Parking for 68 cars is under the building ($400 a month).

Brooklyn Condo/Coop and Rentals has gone nuts! They have renamed Bushwick (da Hood) to East Williamsburgh and the rents have tripled for 3 deckers (owner occupied) and the working class has been pushed out.

Harlem is now out of reach for anyone but RWP's (Rich White Professionals) and for the first time in 50 years has a larger Caucasian population than Minority population.

Forget Queens- Astoria and LIC are now out of reach for anyone making less than $150K and the wave is moving East.

The asking price in my Coop development has jumped again and is almost at 2007 prices ($359K for a 2 BR Garden Coop). I paid $85K in 1985.

The city is also building a lot more schools in areas that have increased "new" populations (read RWP).10 new schools are in construction and 5 large Industrial buildings in Manhattan and Brooklyn are being turned into schools.

The only good thing is it is fixing the tax base.

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