Congrats on finding that spot.
@88m3 This is why i asked. Similar to
@Medio I've seen prices fall but not by much in the areas I'm searching in. Rents have taken a big hit though. I'm looking mainly at co-ops but i need prices to fall just a bit more so I can safely pull the trigger (condos are out of my price range in my area). I'm relatively young so not in a hurry but we know housing prices in NYC don't really drop so don't wanna waste this chance.
This would be a 1st mortgage so don't want to feel tight with payments
I'm not sure where you're looking but maybe hold off or expand your area of search if possible if you're not finding what you want. Are you looking at 1 bedrooms or looking at larger places off the bat? I wouldn't worry about interest rates going anywhere they might fluctuate a bit down the road but if you're buying it as your primary residence you're really going to end up with some of the lowest interest rates in decades. I still look at a places pretty often on street easy but I landed an amazing rent controlled apartment before covid hit and that is 1100mo less than my last apartment in the same neighborhood. If you can find a situation like that until you're ready that might help you save money in the meantime.
If you haven't yet play around with a debt to income calculator so you can have a solid idea of how much house you'll be able to realistically get out of a bank. Some lenders/mortgage brokers can help you run scenarios as well(granted I don't think they're supposed to).
It's going to take awhile for bad mortgages and reality hitting people before you see fire sales on anything. I also think co-ops are more than likely peoples primary residences not their second homes and they usually move at a discount so people really have to want to part with them for whatever reason. Maybe kind of on the boring side but the Upper West Side, Upper East Side, Forrest Hills, and Park Slope all have relatively affordable co-ops and in decent supply(for 1 bedrooms at least).
A few years back I looked at HDFC co-ops but some of the rules are outrageous and I never really got to the bottom of whether they would judge you on your AGI or not which for me would put me over all of the caps. One thing that also put me off is that if the co-ops financials aren't sound and they end up going bankrupt for one reason or another you could also lose your unit.
That said I think you can do co-ops right, if they didn't work it wouldn't still be a thing, but it's an extra layer of stress and thing that can go wrong in what is still a relatively tight market... I think it's important your agent you work with has a good feel on the building and its board and can let you know what is what there. Also make sure the building isn't a ground lease building no matter what and find out if has special assessments coming up for work so at least you can factor it in when you're doing your planning.
Also like
@Medio said who knows what you're getting into with some of these boards and what is potentially going through their heads. That's the elephant in the room unfortunately.
Might be a bit fragmented but it's been a long day. Hope it helps
the piano district...million dollar apartments across the street from a literal war zone.
middle of a pandemic they thinking people have money to move in and pay these ridiculous prices...
FOH
