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Home > I am soooo tempted!!

I am soooo tempted!!

January 10th, 2008 at 09:47 pm

There is a little studio for sale few minutes from my office! 330SF, $329,000.

Only $450 maintenance. (that is very low for Manhattan)

It is so tempting to cut my commute from 3 hours to 10 minutes a day! Hey, I could go home for lunch Smile It sounds unbelievable to me.

I could live in a space this small with my honey, I've done it before (but without 2 active cats).

There are obvious concerns, besides the space (people who don't live in NYC won't understand. They talk of McMansions but to us 800sf is luxury).

Besides the cost that would make things tight, there are commuting implications for DH. It may take him much longer to get to NJ in the morning - only one tunnel goes in that direction and he would have to go all the way cross town first. And to come back there is always traffic as well.
Second, there is no free parking ever on any day available in that area. So we would have to pay a huge sum for the garage, or park far away and take a bus to the apartment. His commute cost would go even higher than 40$ a day he is currently paying plus $350 a month for insurance.

So our vacation/going out/fun money would have to be slashed very drastically. (at the time when we'd be living so close to so many options)

Those are major drawbacks. But to live so close to work... I can dream, can't I?

9 Responses to “I am soooo tempted!!”

  1. just me Says:
    1200001750

    330 sf?? In Texas, our closets are bigger than that.

  2. Nika Says:
    1200002588

    NYC is a different world - and the market is not adjusting. It is as strong as ever. With dollar being so weak more foreigners are buying apartments here than ever (mostly pied-à-terres). Plus all the finance industry people who get bonuses that are higher than their salary. The competition is fierce, the island is small.

  3. denisentexas Says:
    1200007804

    The 450 maintenance. Is that for a month?

    I rent a little house that's about the size of the studio you're talking about. It's $275 a month. I'm in Texas, too, and don't understand the rents and such up there. But damn, you can buy a doublewide and a lot here for just what you'd pay for maintenance there if it's monthly.

    Scary!

  4. ceejay74 Says:
    1200008558

    Can he take public transport too? Maybe you could get rid of the car if you're living right in the city. I live in downtown Minneapolis and got rid of my car--it's awesome and saves so much money! I rent a car for special occasions about twice a year.

    PS: I know some New Yorkers and I used to go to college there, so I know that's a good deal for a place! :-)

  5. Nika Says:
    1200026841

    Maintenance is monthly, and it is actually very low. It usually starts from $700-$1000 and goes up to thousands.

    Unfortunately my husband cannot give up his car - he works on a military base in New Jersey. There is no public transport there. Frown
    The car is so expensive (and we don't even have car payments). If not for needing the car, we could afford both this place and going out.

  6. Broken Arrow Says:
    1200057693

    Yeah, for Manhattan, that really is amazing!

    Er, for where I live, I just couldn't even fathom such a thing.

  7. monkeymama Says:
    1200064613

    If you can afford it, it is a good way to start. The point is eventually you will move up.

  8. denisentexas Says:
    1200070158

    And what is the maintenance fee for? Like I said, I don't understand how things work there.

  9. Nika Says:
    1200071442

    It is a co-op. So mainenane goes to interest for the co-op (separate from your mortgage), taxes, upkeep of the building, dorman, services, super (someone has to pack up all the garbage and take it outside every day, sweep the area, shovel snow), necessary repairs for the building.

    That is why this is considered incredibly low - this is more like a maintenance for a condo.

    Unfortunately, most of the buildings in Manhattan are co-ops. The only condos are new luxury buildings.

    So there are issues like needing board approval to sublet, to have pets, etc...

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