20%
Just got off the phone with Norberto; apparently the sellers talked with the management company of the co-op and changed their down payment requirement from 10% to 20%.
This is bullshit. Everywhere in NYC it's 20%, even for a co-op in the middle of nowhere, Queens. We're not asking for something ridiculous, just something in the low 200s, but apparently that means at least $40,000 up front, which is basically impossible. If we were buying a HOUSE anywhere else in America we could get a first-time buyer credit and deal with a 5%-10% downpayment, but most of the buildings in New York City are asking for completely ridiculous amounts, and it's just not fair.
*** Addendum. Norberto just called me with a 1BR in "Sunnyhills" for only 10%. Aside from not knowing what or where Sunnyhills is, a 1BR isn't what we're looking for. The point though is that apparently there are a few buildings that only require 10%.
Maybe we'll just have to move to a smaller, cheaper apartment and rent for a while longer until we can save up some more. I guess our lil' puppy dreams will have to wait.
This is bullshit. Everywhere in NYC it's 20%, even for a co-op in the middle of nowhere, Queens. We're not asking for something ridiculous, just something in the low 200s, but apparently that means at least $40,000 up front, which is basically impossible. If we were buying a HOUSE anywhere else in America we could get a first-time buyer credit and deal with a 5%-10% downpayment, but most of the buildings in New York City are asking for completely ridiculous amounts, and it's just not fair.
*** Addendum. Norberto just called me with a 1BR in "Sunnyhills" for only 10%. Aside from not knowing what or where Sunnyhills is, a 1BR isn't what we're looking for. The point though is that apparently there are a few buildings that only require 10%.
Maybe we'll just have to move to a smaller, cheaper apartment and rent for a while longer until we can save up some more. I guess our lil' puppy dreams will have to wait.
also, i think noberto is making up "sunnyhills".
Norberto, whose English is somewhat rough, seemed to imply that Sunnyhills is where I currently live. I thought I lived in Woodside, which is near Sunnyside, but what the hell do I know.
thinking of where i'd like to end up...
Re: thinking of where i'd like to end up...
I can't speak for SF or LA, but real estate in NYC is about as insane as it gets. You can get a 2BR in Queens for $230K, downpayment notwithstanding, but $230K in Manhattan might get you a 12x15 studio in a shitty neighborhood.
Re: thinking of where i'd like to end up...
On the other hand, let's not.
Perspective...huh.
Thing is, you can easily find a 3bdr, 1600 sqft, house in an awesome neighborhood in the very low 200's for 5% down.
Lucky us!
Re: Perspective...huh.
Re: Perspective...huh.
Seriously, though — does the typical New York married couple end up buying, or do most people rent for their whole life? Do you have any friends with experience in this area who can confirm whether this is a typical apartment-buying experience?
Part of me yearns to live in New York or London or San Francisco or some other big city, someplace where I wouldn't have to drive a car every goddamned day. But then I realize that Andrew's Urban Fantasy conveniently ignores the numerous downsides of population density, namely RIDICULOUS COST OF LIVING. Then I remind myself that I live in a fantastic city already, pay $510 for a nice one-bedroom apartment, and should quit my bitching.
Zina and I are going to start this process next year and, frankly, it's terrifying me reading about your travails with Norberto.