That's still the conventional wisdom, but it's no longer a slam dunk. Those
of us with a somewhat longer perspective recall when the real estate market
fell, and there are some suggestions among those in the know that prices may
be getting too far out of line with reality.


At no time did anyone I know lose money on a NY apartment. They all doubled
their money or much better.

RB

At no time did anyone I know lose money on a NY apartment. They all doubled
their money or much better.

My memory goes back to 1989, and I knew a whole bunch of people who lost money
on NY apartments.

When I left New York in the very early 80's you could own a house if you
simply paid the back taxes on it. On the way out through Queens, the garbage
was piled so high on one street you couldn't even get over it in 4WD. New
York is also on of the few places with a sales tax on a house. My friend
paid 3% sales tax on a house in Forest Hills. With rising interest rates and
offshoring of financial services it will be interesting to see what happens
to NY real estate. If you weigh in the costs of taxes, living, decline in
health etc, New York real estate isn't that great. My condominiums in Vail
and Aspen have done much better than NY real estate - and they are usually
rented by New Yorkers on vacation!

Gilligan.




"JAXAshby" wrote in message
...
At no time did anyone I know lose money on a NY apartment. They all
doubled
their money or much better.

My memory goes back to 1989, and I knew a whole bunch of people who lost
money
on NY apartments.

Jill? do *you* suspect that one or two things have happened in the universe in
the last quarter century?

Hell, in most of 1980 you could still buy a Fiat in this country, and the dood
who just died of very old age was not yet elected President.

but thanks for sharing, Jill.

When I left New York in the very early 80's you could own a house if you
simply paid the back taxes on it. On the way out through Queens, the garbage
was piled so high on one street you couldn't even get over it in 4WD. New
York is also on of the few places with a sales tax on a house. My friend
paid 3% sales tax on a house in Forest Hills. With rising interest rates and
offshoring of financial services it will be interesting to see what happens
to NY real estate. If you weigh in the costs of taxes, living, decline in
health etc, New York real estate isn't that great. My condominiums in Vail
and Aspen have done much better than NY real estate - and they are usually
rented by New Yorkers on vacation!

Gilligan.




"JAXAshby" wrote in message
...
At no time did anyone I know lose money on a NY apartment. They all
doubled
their money or much better.

My memory goes back to 1989, and I knew a whole bunch of people who lost
money
on NY apartments.

What a second, didn't you just say:

" My memory goes back to 1989, and I knew a whole bunch of people who
lost
money
on NY apartments."

If so, then how can you say:

" Hell, in most of 1980 you could still buy a Fiat in this country, and the
dood
who just died of very old age was not yet elected President."

Guess what Jax - for over the last quarter century I elected to leave NY and
never looked back. The light at the end of your tunnel is New Jersey.

Gilligan



"JAXAshby" wrote in message
...
Jill? do *you* suspect that one or two things have happened in the
universe in
the last quarter century?

Hell, in most of 1980 you could still buy a Fiat in this country, and the
dood
who just died of very old age was not yet elected President.

but thanks for sharing, Jill.

When I left New York in the very early 80's you could own a house if you
simply paid the back taxes on it. On the way out through Queens, the
garbage
was piled so high on one street you couldn't even get over it in 4WD. New
York is also on of the few places with a sales tax on a house. My friend
paid 3% sales tax on a house in Forest Hills. With rising interest rates
and
offshoring of financial services it will be interesting to see what
happens
to NY real estate. If you weigh in the costs of taxes, living, decline in
health etc, New York real estate isn't that great. My condominiums in
Vail
and Aspen have done much better than NY real estate - and they are
usually
rented by New Yorkers on vacation!

Gilligan.




"JAXAshby" wrote in message
...
At no time did anyone I know lose money on a NY apartment. They all
doubled
their money or much better.

My memory goes back to 1989, and I knew a whole bunch of people who
lost
money
on NY apartments.

JAXAshby wrote:

At no time did anyone I know lose money on a NY apartment. They all doubled
their money or much better.


My memory goes back to 1989


You can't remember your childhood? This called a memory block and
usually is a protective mechanism against unpleasent thoughts. Just
thought I should tell you.

Cheers

you are kinda, or mostly, or completely dumb, nav. why should anyone attempt
discussion with anyone like you? it is, I suppose, like petting a pig.

Nav
Date: 10/5/2004 10:47 PM Eastern Daylight Time
Message-id:



JAXAshby wrote:

At no time did anyone I know lose money on a NY apartment. They all doubled
their money or much better.


My memory goes back to 1989


You can't remember your childhood? This called a memory block and
usually is a protective mechanism against unpleasent thoughts. Just
thought I should tell you.

Cheers

Bwhahhahahhahhaha Painted any floors recently?

Cheers

JAXAshby wrote:

you are kinda, or mostly, or completely dumb, nav. why should anyone attempt
discussion with anyone like you? it is, I suppose, like petting a pig.


Nav
Date: 10/5/2004 10:47 PM Eastern Daylight Time
Message-id:



JAXAshby wrote:


At no time did anyone I know lose money on a NY apartment. They all doubled
their money or much better.


My memory goes back to 1989


You can't remember your childhood? This called a memory block and
usually is a protective mechanism against unpleasent thoughts. Just
thought I should tell you.

Cheers

good explaination, Dave.


Date: 10/5/2004 5:01 PM Eastern Daylight Time
Message-id:

On Tue, 05 Oct 2004 12:34:01 -0400, Martin Baxter said:

Intellegent New Yorkers still buy houses in the city called brownstones.
They
cost a pile of money but at least you still own your own house.
S/V Express 30 "Ringmaster"
"Trains are a winter sport"

Doesn't this mean "Condominium"? What's the difference between buying a
condo and buying an
apartment?

You're talking about several different beasts here.

A Brownstone is a whole house, generally 3 to 4 floors and often complete
with small back yard. They run several million in good parts of the City.

A condominium is generally one apartment that is part of a larger building.
You own the condominium much as you would own a house, and can generally
rent to whomever you please. In addition to your mortgage and taxes, you pay
"common charges" for shared facilities and services.

A coop is shares in a corporation that owns an apartment building, plus a
"proprietary lease" from the corporation. You pay, in addition to your
mortgage, monthly "maintenance" charges. Part of the maintenance charges are
for mortgage interest on the mortgage the corporation gave to the bank to
buy the building, or later refinanced. Another part is for the real estate
taxes paid by the corporation. These interest and real estate charges are
passed through, so the owner of the coop can deduct them.

One advantage of the coop is that every purchase (with limited exceptions
for sponsor sales) is subject to approval by the corporation's board of
directors, so there is some assurance that those who buy will be able to
meet their maintenance obligations. In fact these days unless you have at
least a million in liquid assets after the purchase of even a small
apartment you won't get in to many coops. Coop boards have historically also
acted a screeners for "undesirable" co-residents. For example it isn't
unknown for well-known entertainers to be turned down because the board
doesn't want the notoriety. It is believed by some that boards may also
exercise their discretion by looking for reasons to turn down purchasers of
an ethnic identity they feel wouldn't "fit in."

Those
of us with a somewhat longer perspective recall when the real estate market
fell, and there are some suggestions among those in the know

such as Alan Greenspan

that prices may
be getting too far out of line with reality.