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Thread: Buying a studio in Manhattan?

  1. #1

    Default Buying a studio in Manhattan?

    Iím thinking about buying a studio condo in Manhattan. Iíve found some very good deals recently, low 200ís in prime areas, a lot of them have been on the market for about half a year, hence the nearly 50% price slash. One of my big concerns is the maintenance feeís which hover around $600-$700 a month, this is a lot of money to be paying for a studio and Iím guessing thatís why these properties have been on the market for so long, and one of the main reasons Iím looking to buy is for the investment aspect. I just started looking to buy a place so is it realistic to look for a studios with lower maintenance fees say $300-$500, I havenít found any, but I think this would make it a more attractive investment needless to say softer on my wallet, as for as amenities, a doorman and a gym are all stuff I donít need or even want.

  2. #2
    Disgruntled Optimist lofter1's Avatar
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    Default

    You're a smart guy so this info might be unneccessary, but make sure you check the maintenance history of any building you're thinking of buying into -- especially those with low maintenance charges, as that can indicate an un-funded maintenance account / deferred maintenance in the building. If big maintenace projects are put off too long the bill can ultimately be far higher than it would have been if the problem were dealt with in a timely manner. This can be a huge issue in an older building with a small number of units.

  3. #3
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    The old rule of thumb for average maintenance used to be $1/square foot. It seems like with energy and labor prices these days, $1.50 a square foot is the mean . . .admittedly no doorman will be cheaper, but L1 is right, you don't want to buy into a building where they're not maintaining the boiler.

    As a first-time buyer, I would urge you to go poke around www.frontporchllc.com -- it's structured as a wiki, so you can either go through the "for buyers" category or search specific terms in the nav box on the right -- and of course you can PM me here if you have questions that you think need to be added.

    Good luck,

    ali r.
    {downtown broker}

  4. #4

    Default

    Thanks for the advice. I actually found a studio with $450 for maint., so it is possible, the cost is almost 50k more, but I'd rather have the lower maint. I just don't want to dish out like I said $600-$700, might as well rent.

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