Current Stat: Lease & the City

Written by on Thursday, August 13th, 2009 with 29 comments
Sooo – in November, my 3rd 2-yr lease agreement will expire and I’m still deliberating what to do. I absolutely LOVE my apt and have been in the same Midtown zip for quite some time now…
BUT, I keep reading about these apt negotiations bw landlords/mgmt & tenants due to the recession. Not sure if we’ll still be in full recession-mode by Nov (Dow closed @ 9,398!), so should I even try to negotiate my renewal to exclude the 4.5-8.5% lease increase?

And speaking of rent – instead of shelling out wasted $$$ to the man, I’m thinking maybe it’s time I own. NYC apt prices are still high, but def not as high as they were in the last 2 yrs, or even in Jan ’09. Mom was willing to help me get one a few yrs back but, in all honestly, I held off thinking ‘If I’m with someone, would I need to sell this and get a new place?’.

I know, it was sooo ridiculous to think of what if’s and hypothetical situations but I couldn’t help it…I just did. (I have since then gotten much wiser, thank god)

Speaking of Apartments – here is some concrete eye candy of a recent apt listing in the NYTimes:

Apt for Sale: Triplex Penthouse Apt. for sale in the Clock Tower Building, Brooklyn
(can be yours for only $25 mil…fun times!)

Anywho, I want to OWN my own digs. And I want to do so BADLY.

Have a wonderful wknd dahlings,

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29 Comments on “Current Stat: Lease & the City”

  1. Now might be the time to buy. If you want to own something in NYC, you should buy now, or soon, as opposed to when the market bounces back.
    But, if you want to continue renting…can you get the apartment across the hall? The one that marries the women off like something from Let's Make a Deal, only without the curtain with the goat?

  2. oh my gosh… TL and I are drooling over here!! That place is amazing. Sorry about your delemma with the rent and place, it will all work out, hang in there! 🙂

  3. WHY WHY WHY must you do that to me….I know my first NYC apt is NOT going to look like that hahaha!! But it's amazing!

  4. I say, go for it. You've got the cash lying around for that little pad don't you? Ah ha. In all seriousness, a first time homebuyer holds all the cards in this market!

  5. That Brooklyn apt is AMAZING….wouldn't it be great to just say you could afford it.

    Personally, if you can, you should buy. Waiting for Mr. Right is crazy. Besides, you can always sell it.

    I like the Reef cosmetic bag (although so many cool ones).

  6. I say go for it! You should totally buy your own place. And I'm not just saying that because we finally bought and I don't want to be the only broke blogger.

  7. I'm going to have wet dreams about that apartment.

    If you decided not to buy, they you should def try and negotiate rent. The worst they can do is say no and you'll have to pay the regular increase. I talked my rent down and all I have to do was point out surplus of availible apartments in the city and the economy.

  8. Buy buy buy. If you can scrape together the cash for a studio or one bedroom, it makes buying your place when you're with the man in your life that much easier. Both the Mr. and I were not homeowners prior to getting married, so we had to really really scrape to get the downpayment for our place, which BTW is a lovely 2 bedroom. We scraped 🙂 But I keep fantasizing about the 3 bedroom with den and a phat deck that I would have if we had both owned even small studios prior to the pricejacking that was the real estate bubble.

    Wow, bitter much, Dream Sequins? 🙂

  9. It is definitely not worth it and would be a poor investment at this time. You should renegotiate your lease and get cheaper rent where you live now. The maintenance fees alone after you purchase an apartment will be close to what you will be paying in rent in decent place.
    It would be worth it if the price of the co-op, condo, or house would go up after you bought it, which is the opposite of what is happening.

    The reality is you missed your shot. Had you have purchased a place a few years ago and then sold it prior to the housing collapse you would have made a great profit. When it comes to buying any real estate, it is all about timing. The time to buy will come again, but it most definitely is not now.

  10. omg I am freaking out over that apt…what a dream!!!

    I hope that you are able to take the plunge…exciting stuff!

  11. My father is a former real estate investor. I'm not an expert by any means but I was thinking about buying as well (I own a country house in New England but rent in LA) and his answer was basically this: If you're planning on holding onto a place for a relatively decent amount of time, then it might be worth it but at this time there are no guarantees that the market won't drop further. If you wait until we've bottomed out (who knows for sure!) it would be worth it to buy at that time and leverage your property when the market rebounds so that you can get a more ideal place. But, I say- as a non-expert, I'd wait just a little bit longer just to get the best deal. But yes, Linda is right, it's going to be substantially more than renting, obviously.

  12. Wouldn't that pent house be awesome to own! Ohhh if only we all had 25,000,000 laying around under the mattress… ;o)

  13. Well you set my imagination on fire. I was already imagining where I was going to put my furniture 🙂 Does anyone want to loan me $25 million? I figure if 25 million people just give me $1 I can be in that apartment by the end of the month

  14. Great photos. I wish I had the money to afford that apartment. I have no clue what you should do. Good luck in deciding. I did always think it would be cool to have a pad in the Big Apple. Hope you've had a wonderful weekend. Cheers!

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