Aileen-Manhattan-NYC

According to Miller Samuel - Murry Hill neighborhood - the average price per square foot for a 2 bd, 2 bth home, during the 1st Quarter was $1,209. For the 2nd Quarter, the average price per square foot was in the mid $1400s.

If you're looking for additional recommendations on selling in Murray Hill, interview a few Realtors and choose someone with whom you feel comfortable. If you're looking for recommendations on buying in Murray Hill, you should think about hiring an exclusive buyer's agent. They'll provide useful market information on the type of the apartment, the type of building (full service, attended lobby, non-attended lobby, differing amenities), days on market, listing discounts, etc... Good luck. Contact me if you would like a referral or more info. - Sun Jul 13 2008, 00:07

Have you looked at HDFC co-ops? They're created for low income or middle income individuals. You can't sell the apartment for market rate.

But to address your question... it's likely they feel you threaten their financial stability, however unreasonable it may feel to you. You didn't mention having any savings or additional liquid assets. Some co-ops in Manhattan require as much as 2 years of maintenance and your monthly mortgage payment in liquidity. Basically, if you lose your job or become disabled, they want to know you can still pay your mortgage and the maintenance. - Wed Jul 9 2008, 19:16

Hi, Cornhusker! My first suggestion is to determine why the local market in NYC hasn't weakened as much as the rest of the country. Our community has a lot of benefits for the residents that many U.S. cities can not provide: extensive public transportation system, capital of the U.S. financial industry, international community, the U.N., cultural and fine art activities and venues; not to mention the fact that (in my humble opinion) cooperative buildings and their restrictive and stringent financial requirements have lessened the effects of real estate speculation.

You should think about how long you expect to live in the City and if your initial investment can be recouped. You also need to work with a Realtor who keeps up with the market trends. Keep in mind that no one can predict the future, but you can get help in determining if you're over-paying, based on the market when you purchase. If you're not acquainted with Manhattan and Brooklyn neighborhoods, I suggest visiting and perhaps renting for the 1st year, waiting to purchase until you feel more knowledgeable about the local market and the neighborhoods.

I'll be in Lincoln, NE the last week in July. I would be happy to meet you and provide you a Manhattan Buyer's Guide or market statistics OR I can email both to you. Good luck. - Sun Jul 6 2008, 19:43

Being in real estate is essentially "being your own boss". You determine your schedule, you determine how much time and energy you put into your own business. So being a part-time agent can mean getting part-time results and part-time pay. If you're happy with that and can find a local, small broker who will allow you to do that, then that's great . Have you thought about working for a rental building to work as a leasing agent part-time? It could be worth looking into, but I don't know how you would be compensated. - Sun Jul 6 2008, 15:23

Co-ops may be more difficult to purchase, but they're generally larger apartments, have stable communities and are older, historic buildings. I suggest you take a weekend trip to Manhattan, read books about famous residential buildings and get to know different neighborhoods. The cost of living is very expensive, also.

Also, keep in mind when you purchase, you're not only paying a mortgage (if you need one), but you're either paying monthly common charges and real estate tax (for condos) or monthly maintenance charges (for co-ops). Lastly, expect to put 10 - 20% down. Speak to a Realtor and ask for a Manhattan Buyer's Guide for estimated costs and time frames associated with purchasing a condo or co-op. If they don't have one, email me and I'll send you one in the mail or as an attachment in an email.

Good luck. - Sat Jul 5 2008, 19:02