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.