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Calling NYC dwellers

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Skippy123

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Harriet,
I think you should do it. Then you can move later. What would you do if you don't buy it?? In fact we bought the house we are in now because we wanted to move but we were sick of paying rent. Now I am so glad we did buy a house. What are SO's arguments?
 

Harriet

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Date: 4/14/2007 6:24:01 PM
Author: Skippy123
Harriet,
I think you should do it. Then you can move later. What would you do if you don''t buy it?? In fact we bought the house we are in now because we wanted to move but we were sick of paying rent. Now I am so glad we did buy a house. What are SO''s arguments?
We would move into yet another rental. His arguments? Pigheadedness. Seriously, please see above. Sorry, I don''t feel like repeatiing them.
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curlygirl

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Date: 4/14/2007 5:47:04 PM
Author: Harriet
Curlygirl,
Thanks for your encouragement. Btw, how much were your closing costs (as a percentage of the purchase price)?
Harriet, closing costs were actually quite high!! I guess when it''s a new construction or a conversion, the buyer ends up paying for a lot of extra expenses. In terms of percentage of purchase price, I think we ended up shelling out about 5% of the total purchase price just on closing costs. That was not fun at all! Good luck with whatever you decide and if I can help with any other info, let me know...
 

Beacon

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Men are funny - I have seen this happen before. Usually it is a latent fear that they will lose their job or their current high incomes will somehow be lost.

A friend''s son in law was signing the offer agreement for a very nice property, not even his first property, and his hands just started to shake! Even though everyone else wanted it, e.g. wife, the in laws, the man just could not mentally handle it. So they did not buy.

If he doesn''t want to buy, Harriet, what can you do?

But showing him fabulous rentals will not help him purchase, that''s for sure!
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Harriet

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Date: 4/14/2007 8:00:56 PM
Author: curlygirl
Harriet, closing costs were actually quite high!! I guess when it''s a new construction or a conversion, the buyer ends up paying for a lot of extra expenses. In terms of percentage of purchase price, I think we ended up shelling out about 5% of the total purchase price just on closing costs. That was not fun at all! Good luck with whatever you decide and if I can help with any other info, let me know...
Thanks. I''m afraid I''ll be tasking you again.
 

Harriet

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Date: 4/14/2007 8:25:11 PM
Author: Beacon
Men are funny - I have seen this happen before. Usually it is a latent fear that they will lose their job or their current high incomes will somehow be lost.

A friend''s son in law was signing the offer agreement for a very nice property, not even his first property, and his hands just started to shake! Even though everyone else wanted it, e.g. wife, the in laws, the man just could not mentally handle it. So they did not buy.

If he doesn''t want to buy, Harriet, what can you do?

But showing him fabulous rentals will not help him purchase, that''s for sure!
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He does have the "what if one of us can''t work" thread running through his head. But, either one of our salaries can cover the mortgage etc. Alos, we can always just sell!

Haha. Serendipitously, the rental we saw was inferior in terms of location (72nd between York and the FDR -- we''ll have to cab it everywhere), as well as fixtures (it has closets on rollers, which he hates; it also doesn''t have a walk-in shower, which he loves).
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diamondfan

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Again, it is a question of numbers and also of waht will happen in your life either way. I would rather stay put, since I am happy, and have a mortgage credit, and then decide in 3-5 years what I wanted to do, based on career, family and the market at that time. Moving is expensive. You can negotiate down certain closing costs, but moving and packing is a pain...
 

diamondfan

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Well, marriage is a compromise. You have been sick, and are working and planning a wedding. It is a no brainer issue to me. And I would stop showing him rentals.
 

diamondfan

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But you already showed him one. That is going to stick in his mind...
 

Harriet

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Ah, but there are certain aspects he hates -- closets on rollers and no walk-in showers.
 

Skippy123

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What is he saying now; I pester my hubby until he say okay. He teases me that he hates that but I am usually right in the long run according to him. hmmmmm, maybe since you guys aren't married it is kind of scary? I would be scared if it were me. I hope I didn't offend you by saying that; it really is a big commitment. Just my thoughts; he may not even think that at all.
 

Harriet

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Nah, no offence -- we''ve been together for a long time. He''s warming up to the idea. Keep your fingers crossed for me!
 

Skippy123

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then that is good! I will keep my fingers crossed; having a home is sooooo worth it! Best wishes.
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Tacori E-ring

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HOA= Home Owner''s Association. It covers building/common area upkeep, if you have a doorman (covers their salary), any landscaping...I know *nothing* about NYC so I cannot comment on the price. I think since you love it and moving is a PITA I would buy now, sell in 3-5 years to move where your other half wants. I am sure if you don''t buy, you will regret it later! Convince him!
 

Harriet

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He just ran into our upstairs neighbour. That fella is in the real estate business, so I'm insisting that we ask him for advice. Our neighbour, unfortunately, thinks the current price is too high. That said, the purchase price won't be finalised before July.
 

Skippy123

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Well, I would make an appointment w/a realtor and look at other real estate close to you to see what your apartment is worth. I hope that helps
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Harriet

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Comparable apartments cost about the same as ours (ignoring our 10% insider discount). However, there is a huge conversion (it takes up an entire block) going on nearby, which would increase supply. That said, the conversion has been going on forever because the landlord has to evict its tenants.
 

Kaleigh

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I''ll keep my fingers crossed for you. The fact that you love where you live means a lot, and the discount is pretty good. Moving is a PITA. I know it''s a big commitment money wise, but you will end up making money on it in the long run. I always look at the big picture. Heck, I am the one that got hubby to up his bid for the house in Nantucket. We had bid a certain amount, someone beat us, and he was so crestfallen. I said it''s not over, up the bid. Mind you 1/2 the money was coming from me, but was confident we could still get it at a good price. We ended up getting the house, and to this day, he thanks me for my brass B''s.
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Luckily we bought it in the dead of winter when there wasn''t much activity going on. If the seller had waited till spring or summer, he would have gotten a lot more for it. So maybe your FI will thank YOU in the long run!!
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Skippy123

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Date: 4/15/2007 7:02:09 PM
Author: Kaleigh
I''ll keep my fingers crossed for you. The fact that you love where you live means a lot, and the discount is pretty good. Moving is a PITA. I know it''s a big commitment money wise, but you will end up making money on it in the long run. I always look at the big picture. Heck, I am the one that got hubby to up his bid for the house in Nantucket. We had bid a certain amount, someone beat us, and he was so crestfallen. I said it''s not over, up the bid. Mind you 1/2 the money was coming from me, but was confident we could still get it at a good price. We ended up getting the house, and to this day, he thanks me for my brass B''s.
31.gif
Luckily we bought it in the dead of winter when there wasn''t much activity going on. If the seller had waited till spring or summer, he would have gotten a lot more for it. So maybe your FI will thank YOU in the long run!!
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Wow, cool! I think it is weird how the market works. A bunch of houses in my neighborhood are now selling because it is spring. I think some of it has to do with tax refund moeny and it is more fun to look in the Spring and Summer. Congrats on a lovely vacation spot!
 

Harriet

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We've spoken with 3 real estate professionals (2 of whom are neighbours), and they all agree that the current price is too high. In NY, without having to evict tenants, rental-condo conversions require 15% of the tenants to buy. Hopefully, the owner will be forced to adjust the price downwards. Hmm, should I convene a Town Hall meeting?
 

diamondfan

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You cannot be that sure with any real estate investments. Who knows what the market will be in a few years? Deal with NOW and what you want NOW, and worry about later later.
Many smart people have overestimated future projections where real estate is concerned. That is why I say, forget that, live where you want now, and if you can buy and save on rent, getting a deduction as a homeowner, that is worthwhile. I am sure nothing will ever be perfect in every way. We have owned many homes in 17 years and there is usually something, however small, that must be compromised on. If overall things are good there, and you can afford it, I would say, do it. Sit down with df and map out the pros and cons...
 

Harriet

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Date: 4/15/2007 8:17:47 PM
Author: diamondfan
You cannot be that sure with any real estate investments. Who knows what the market will be in a few years? Deal with NOW and what you want NOW, and worry about later later.
Many smart people have overestimated future projections where real estate is concerned. That is why I say, forget that, live where you want now, and if you can buy and save on rent, getting a deduction as a homeowner, that is worthwhile. I am sure nothing will ever be perfect in every way. We have owned many homes in 17 years and there is usually something, however small, that must be compromised on. If overall things are good there, and you can afford it, I would say, do it. Sit down with df and map out the pros and cons...
I agree. That said, we won''t have the final price (they''ve only given us an estimate) before July, if and when the Attorney-General gives his approval. Hopefully, by then, the price will be lowered.
 

diamondfan

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Wait it out, see if the price is fair then, and do not stress about it till then.
 

Harriet

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Curlygirl,
In your case, was the red herring price different from the black book price?
 

curlygirl

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Date: 4/18/2007 7:30:21 AM
Author: Harriet
Curlygirl,
In your case, was the red herring price different from the black book price?
Oh yes, the price went down from the red herring price--but only for insiders. We got a whole tenants'' group together and got a lawyer and engineer to go over everything for us. They actually dealt with the sponsor''s lawyers for us and somehow negotiated the prices down for insiders--if I remember correctly, they lowered the prices TWICE! I don''t know how your building works but I suggest having the tenants all meet up to talk about the situation and definitely fight for lower prices. By the way, the whole conversion process took over a year from when we received the red herring until we finally closed. So even though it seems like it''s all very timely, these things take a while to go through. The NY state attorney general''s office needs to do their due diligence and often times, these conversions end up being abandoned. I hope that doesn''t happen for you because I think you can probably get a great deal but I really recommend joining forces with other tenants to stay on top of things that are happening...
 
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