man, in the process of buying a place... I can get a small apartment in NYC between $300K and $400K... then I found this much larger highrise condo with NYC view in Edgewater/West New York area in New Jersey for that price... then just found out today, that I can get a 3 or 4 bedroom townhouse with 2800 sqare feet somewhere deep inside Jersey (Holmdel, Edision... etc etc...)

man man man, decision, decision... I want space, yet also convenience... man, life is full of choices!!! Gotta make a decision soon.

 

Obviously you've figured it out. The farther out of the city you go, the cheaper places get.

Gotta find the balance between money and convenience.


And show me a 2800 sq ft townhouse in Edison for $300-$400K

 

I recommend that you stay as close to your job as you can afford to do.

 

family, or plans to have one in the near future? should play a role in the decision.

 

I'd go with the NYC apt. The value will appreciate at a higher rate than the NJ townhome.

 

If you move to jersey, then you wont have to pay city income tax. Right?

 

yeah, one of big advantages of living in Jersey and working in NYC is I don't gotta pay city tax, which is a big deal, since it is 4% of salary....

yes, it is true that property in NYC more likely to appreciate, but I gotta plunge down so much more money per month...

gotta do some more math before I decide.

 

Sorry for the hijack, but what is the difference between a NYC apt and an NYC condo? The idea of owning an apartment is foreign to me, as by local definition, it is something that you rent, not own.

Back on topic, how will the NYC property cost you more if you said they places all cost the same, just different sizes?

 

NYC has two types of apartments, Co-op and Condo:

Co-op: you do not own the apartment you bought, you only own certain number of shares of the building. Think of it as buying stocks for a company. Since you do not own the building, whatever you do needs approval from the Board of Directors of the building. In translation, you can not do whatever you want to your apartment, such as subletting, renovation... etc etc. without proper permission.

Condo: you own the apartment, so you can blow it up if you want.

Keep in mind NYC charges mad ass high common charges/maintenance fee, it is very difficult to find an apartment (Co-op or Condo) that charges less than $800 monly mantainenace fee. So I have take that into account as well. Oh, and also parking fee if I am going to keep my car in the city, it will be another at least $400 a month.

Bottom line, welcome to NYC, the city of suckers I love it, and I hate it.

 

yeah, taking the plunge.. just made a bid on a condo in New Jersey... if you know New Jersey, the condo is in West New York/Edgewater... right on Boulevard East... the apartment has a southern NYC view... hmmm... nice

hopefully the seller would accept my offer...

 

go with the smaller place but with the view..

appreciation on that is much better.

 

Between that, the 4% income tax, Al Sharpton, and the Mafia, its a wonder anyone would want to live in that place.

 

Don't hate on Ne'york suckas. If you are single dude, NYC is the place to be, otherwise Jersey.

The cost of ownership will be the same because if it's townhome, you have to pay HOA dues, just like you pay them in a condo. In a coop, the dues cover everything, like taxes, insurance and association. Therefore it's the same

 

Don't forget Tony, when he's home he goes to NYC often.

I'd probably take the place in NYC over NJ for no reason other than I love NYC.

 

ahhhhhhhh I'd go for the spectacular view of lower Manhattan and the island from Jersey City vs living in the middle of it....... For the cost of a fifteen minute ride, you can get to Manhatten to do anything you want without the hassle of living in the middle of it.

 

I've always wanted to live in a true big city (NYC, Boston, Chicago, etc), but I know I'd turn into a broke drunk within a couple of months.

 

Boston is pretty small, at least population wise, I think they are under a million.

 

NYC is ranked first in size, LA second, Chicago third, and Boston 23rd in 2003. For whatever it's worth, Houston is fourth and Philadelphia fifth. Bston's population in 2000 was about 580,000.

What doesn't show up in tight statistics per city is that Boston has a very tightly defined city boundary, but is the center of dozens of suburbs that create a large regional population.

Philly's rank is a far cry from the revolutionary era, when it was reputedly the second largest city in the British Empire........................

 

man, my broker just called me... he presented my offer to the seller broker... and the selling broker wil talk to the seller tonight. He will call me as soon as he gets answer...

damn, I wish my broker just stop calling me about these intermediate steps, it is like everytime I get a call from him, I feel like hanging on a almost-broken string... hehehehe...

keep my finger crossed

 

Boston may not be a "big city" but it is still pretty centralized. Los Angeles is a really big city, but there is no real area of dense population like you have in other cities - i.e. lots of high-rise apartments/condos.

Good luck uu. Don't let the details stress you out.