Does anyone own a co-op in Manhattan area(opinions needed)

KathleenG Posted: Nov 17, 2004 11:30 AM

Does anyone own a co-op in Manhattan area(opinions needed)

DH and I are aiming for that house on LI. Problem is (and as everyone knows), the prices are ridiculous. DH and I have been renting either separately or together for awhile now and I am getting itchy to own. We have a great sized apt in a great area in Brooklyn but the condition of the apt is lousy. I want to make a rather big downpayment and it is going to be hard to do within the next year on Long Island. I know we could probably do it a lot cheaper in Manhattan (the place where I grew up and love). The problem is, I want that house!!! I want to raise our children eventually in a house but I know we have a few years to worry about it. (we will probably be TTC next year, not right away) Should we aim for this or just keep on renting? Thoughts?

ppwbride Posted: Nov 17, 2004 01:37 PM

Re: Does anyone own a co-op in Manhattan area(opinions needed)

We bought a co-op in Brooklyn as our 'in-between' property. We didn't want to rent anymore but we weren't really ready to buy a house in the suburbs yet (financially or emotionally). So earlier this year, we bought a one-bedroom co-op. We're planning to stay here 2-3 years. If things work out as planned, we'll probably have our first child living here then move to a house. So far, it seems to be a good investment - apts in our building are selling for well over what we paid just 10 months ago -- the money will make will go towards a downpayment on a house (in addition to what we're saving).

KathleenG Posted: Nov 17, 2004 02:04 PM

Re: Does anyone own a co-op in Manhattan area(opinions needed)

Thanks so much for your response!! It sounds like your situation is very similar to mine. Glad to hear it is going well. I think it is a very possible idea but DH is iffy.

white-wolf Posted: Nov 19, 2004 10:09 AM

Re: Does anyone own a co-op in Manhattan area(opinions needed)

I live in Northern Manhattan now and DH and I are looking to buy an apt. in Queens. We cant even touch a Manhattan co-op, even in my neighborhood! The asking prices are incredibly expensive and the neighborhood is ok, but supposedly 'up and coming'. DH wants a house so bad, but we really cant afford it at this time, so buying a co-op is our best bet. I hear so many people say buying is better than renting.
Good Luck