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justbeachy
So close....
Member since 7/07 2900 total posts
Name:
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Need advice: Buy in manhattan or LI?
DH and I currently live and rent in manhattan. We love our apartment, but realize that we need to be smart and buy something (our current rent could be a mortgage payment).
We've talked endlessly about buying. We have a good sized downpayment. We're just unsure about the timing of it all....
Should we buy in nyc or on LI? Both of us work in manhattan. We have no plans to find jobs outside manhattan in the next few years. We love it here. We love being around everything and the freedom NYC gives you. But for the money we could spend here and buy a 1 bedroom, we could be a 5 bedroom on Long Island.
We've said that we would 100% buy a home on LI when/if we have kids. We both want a backyard for our kids. Thats a definite. But we don't see ourselves having a family (if we do at all) within the next 5 years....
Is it financially wise to buy an apt. in Manhattan now if we KNOW we'll eventually move out to LI? Or should we just continue renting in NYC until we move out to LI and THEN buy a house??
 
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Posted 4/26/09 8:46 PM  |
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gforce
My other love!
Member since 5/08 1744 total posts
Name:
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Re: Need advice: Buy in manhattan or LI?
I was in the same position, but we decided to buy on Long Island. We were going to get a coop in the city, for less than than that money we decided to get a three bedroom house with a large backyard.
I miss the city sometimes, but i hang out with my friends as much as i can, then i seat in my backyard watching the stars with DH, then i don't miss the city as much.
also the fact that i can just let my pup in the yard when he needs to go is a plus. When i take him to the city, by the time we gets outside he forgot he had to go.
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| Posted 4/26/09 8:58 PM |
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gforce
My other love!
Member since 5/08 1744 total posts
Name:
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Re: Need advice: Buy in manhattan or LI?
I forgot to menton that my apartment in the city was the size of my living room now.
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| Posted 4/26/09 8:59 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Need advice: Buy in manhattan or LI?
I'd wait.
No reason to rush. Wait and see what (if anything) happens with future family members.
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| Posted 4/26/09 9:11 PM |
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Pumpkin1
LIF Adult
Member since 12/05 3715 total posts
Name:
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Re: Need advice: Buy in manhattan or LI?
Based upon the info. you gave, I'd buy in the city.
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| Posted 4/26/09 9:14 PM |
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fabrichick
LIF Adult
Member since 5/05 2479 total posts
Name:
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Re: Need advice: Buy in manhattan or LI?
To me, it depends on what you are looking for in a town. I lived in the city for 10 yrs and miss it, even though I'm in everyday for work, it's just not the same. On LI, I can walk to all the shops, supermarket and train. It also depends on how far out east you want to go.
You are in a good situation since you are renting b/c you can just pick up and go once you find a place & you don't have to worry about sellling.
Good luck with your decision.
I would go look at places in the city & LI to get a better idea.
Message edited 4/26/2009 10:22:53 PM.
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| Posted 4/26/09 10:22 PM |
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Krystal
My everything
Member since 12/06 1224 total posts
Name:
Krystal
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Re: Need advice: Buy in manhattan or LI?
You and your DH seem to Love the city I would buy in the city if I were you. You both work and have friends in the city. I know that it is so expensive but at the end of the day you want to be happy where you live.
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| Posted 4/26/09 10:22 PM |
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Jackie24
~We Did it~
Member since 7/06 6718 total posts
Name:
Jackie
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Re: Need advice: Buy in manhattan or LI?
Posted by Krystal
You and your DH seem to Love the city I would buy in the city if I were you. You both work and have friends in the city. I know that it is so expensive but at the end of the day you want to be happy where you live.
ITA I regret leaving the city 
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| Posted 4/26/09 10:24 PM |
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jellybean78
:)
Member since 8/06 13103 total posts
Name:
Mommy
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Re: Need advice: Buy in manhattan or LI?
Posted by Krystal
You and your DH seem to Love the city I would buy in the city if I were you. You both work and have friends in the city. I know that it is so expensive but at the end of the day you want to be happy where you live.
I agree. I own a coop in the city and we toyed with moving to LI a few years ago. We almost put a bid on a house but we chickened out. I looooove living in the city. So many things to do, so close to my job (I can walk to work) so close to everything. Even with DD now we are pretty sure we plan on staying here unless we move OOS (like somewhere warm) Our apartment is a decent size and there are so many parks nearby and good schools. I love it. Based on your info I would buy in the city. Now is a great time...even city prices have dropped significantly. Good Luck!
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| Posted 4/27/09 12:07 AM |
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FranM
And so it goes....
Member since 9/05 2217 total posts
Name:
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Re: Need advice: Buy in manhattan or LI?
In your situation I would buy in NYC. You dont plan on starting a family in the near future. In five years you should get a good return on yhour investment and be in a good place to move on to your next home.
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| Posted 4/27/09 7:02 AM |
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Eriberry
LIF Infant
Member since 5/06 99 total posts
Name:
Erica
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Re: Need advice: Buy in manhattan or LI?
We have a co-op in Bayside, we kind of feel like we have the best of both worlds, there are tons of parks and grass, but we're just 20 minutes out of NYC and can walk to tons of great restaurants and bars on Bell Blvd. We actually have it on the market, we decided to move closer to our family on the Island. Let me know if you want any other details on Bayside.
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| Posted 4/27/09 10:33 AM |
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JenBenMen
party of five
Member since 9/06 11343 total posts
Name:
Jen
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Re: Need advice: Buy in manhattan or LI?
Posted by Pumpkin1
Based upon the info. you gave, I'd buy in the city.
i agree--2 bedroom so u could start a fam there and then sell when u are ready for suburbia
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| Posted 4/27/09 11:21 AM |
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ko123
My loves!
Member since 10/07 3002 total posts
Name:
Kristin
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Re: Need advice: Buy in manhattan or LI?
Posted by Eriberry
We have a co-op in Bayside, we kind of feel like we have the best of both worlds, there are tons of parks and grass, but we're just 20 minutes out of NYC and can walk to tons of great restaurants and bars on Bell Blvd. We actually have it on the market, we decided to move closer to our family on the Island. Let me know if you want any other details on Bayside.
I could have written this word for word...even about selling our co-op in bayside...lol. Are you my twin?
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| Posted 4/27/09 11:38 AM |
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CMG920
LIF Zygote
Member since 2/09 30 total posts
Name:
Cindy (napavalleygirl)
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Re: Need advice: Buy in manhattan or LI?
DH and I were battling with the same thing. We were looking to buy in Forest Hills (2 bedroom).
Now, we've decided to stay in NYC at least two years longer, save more $$ and then move to Long Island. Instead of buying a place in FH, having to sell because we've outgrown it and then move to burbs.
We love living in NYC and the thought of leaving right now when we don't have children didnt' seem right for us.
I think you should definitely buy the 1br place in NYC! Go for it! The costs are definitely going down.
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| Posted 4/27/09 5:53 PM |
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Jenn627
Laaaaaaaambert!
Member since 5/08 9818 total posts
Name:
Jenn
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Re: Need advice: Buy in manhattan or LI?
SupaBonBon - knowing you and DH - I'd buy in Manhattan. You guys are total Manhattanites - I can't picture you on LI (as sad as that makes me).
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| Posted 4/27/09 6:03 PM |
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justbeachy
So close....
Member since 7/07 2900 total posts
Name:
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Re: Need advice: Buy in manhattan or LI?
Posted by Jenn627
SupaBonBon - knowing you and DH - I'd buy in Manhattan. You guys are total Manhattanites - I can't picture you on LI (as sad as that makes me).
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| Posted 4/27/09 8:45 PM |
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justbeachy
So close....
Member since 7/07 2900 total posts
Name:
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Re: Need advice: Buy in manhattan or LI?
Does anyone out there have any experience with resale?
If we buy in Manhattan next April....will our return in 4-5 years (when we decide to move out to LI) be worth it?
Obviously it's a gamble....but what do you think?
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| Posted 4/27/09 8:46 PM |
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Lizzie217
LIF Adolescent
Member since 1/09 611 total posts
Name:
elizabeth
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Re: Need advice: Buy in manhattan or LI?
From what I have seen, even in a bad market, like now, Manhattan holds it's real estate value. If you love Manhattan and see yourselves there for 5 yrs why not buy and then sell in a few years? 
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| Posted 4/27/09 9:32 PM |
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Agape08
LIF Adolescent
Member since 10/08 807 total posts
Name:
Kathy
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Re: Need advice: Buy in manhattan or LI?
it looks like you and dh have made up your minds. if you are going to spend the money in rent you may as well buy something in Manhattan. since you both work there and there are no plans for kids in the near future i think it's your safest bet. then, when you want to have kids you can move out east.
we moved from the UWS to long island right before our wedding b/c we knew we wanted to settle down and we wanted to start a family sooner rather than later.
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| Posted 4/27/09 9:49 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: Need advice: Buy in manhattan or LI?
We were in this situation years ago when we first started living in NYC. What we did (well my DH - he is in finance) was to figure out the costs involved in buying and all the various monthly costs of owning and figured out how much our apt would have to up in value in the period we were owning to equal out the rent. It actually turned out to be a better idea to rent when we did the math. People just think it is cut and dry - rent=money down the drain but, this is not always financially accurate.
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| Posted 4/27/09 10:11 PM |
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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Re: Need advice: Buy in manhattan or LI?
Posted by Lizzie217
From what I have seen, even in a bad market, like now, Manhattan holds it's real estate value. If you love Manhattan and see yourselves there for 5 yrs why not buy and then sell in a few years?
This is to some extent true but, I will say a close family member is trying right now to sell two one bedrooms in nyc both in nice areas (upper west side and murray hill) - he has reduced the price substantially and people are only throwing low ball offers at him. Week after week at the open houses its pretty dead. So, if you were to buy and had to sell at a certain point b/c you had a family and had outgrown it you might have an issue like now.
I feel your pain - I stressed about this for years!
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| Posted 4/27/09 10:16 PM |
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MrsM-6-7-08
<3
Member since 8/06 4249 total posts
Name:
Nicole
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Re: Need advice: Buy in manhattan or LI?
Based on your post, I think you would be more comfortable in Manhattan.
You really can not compare the city to the island. Yea you have more room and more space, but you cant compare the energy that the city exudes
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| Posted 4/28/09 8:58 AM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Need advice: Buy in manhattan or LI?
Posted by FranM
In your situation I would buy in NYC. You dont plan on starting a family in the near future. In five years you should get a good return on yhour investment and be in a good place to move on to your next home.
ITA. Places in Manhattan will always be pricey so you'll definitely get a good ROI when you sell your city place and buy elsewhere.
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| Posted 4/28/09 11:09 AM |
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justbeachy
So close....
Member since 7/07 2900 total posts
Name:
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Re: Need advice: Buy in manhattan or LI?
Posted by itsbabytime
Posted by Lizzie217
From what I have seen, even in a bad market, like now, Manhattan holds it's real estate value. If you love Manhattan and see yourselves there for 5 yrs why not buy and then sell in a few years?
This is to some extent true but, I will say a close family member is trying right now to sell two one bedrooms in nyc both in nice areas (upper west side and murray hill) - he has reduced the price substantially and people are only throwing low ball offers at him. Week after week at the open houses its pretty dead. So, if you were to buy and had to sell at a certain point b/c you had a family and had outgrown it you might have an issue like now.
I feel your pain - I stressed about this for years!
THANK YOU. This is what I needed to hear. We're just really going to have to crunch numbers.
I love being here now but KNOW I won't want to be here if I start a family....
I'm just not 100% sure that renting for the next 5 years is a better option.
Ughhhhhhh - decisions.
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| Posted 4/28/09 11:15 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Need advice: Buy in manhattan or LI?
Posted by ave1024
I'd wait.
No reason to rush. Wait and see what (if anything) happens with future family members.
I completely agree. It's is NOT always "better" to own a home, especially in urban areas. If you know you'll eventually end up on Long Island, but you don't want to leave the city now... I'd stay put renting and keep saving until you're ready.
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| Posted 4/28/09 12:13 PM |
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