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Neighborhood Chat / Re: dirty & Stinky 73th street
« on: July 30, 2011, 03:53:15 PM »
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Sorry if this is too late. There's an indoor garage under an apartment building that's located between 74th and 75th St, between 37th and 35th Ave.
That's where I park now, and it looks like half the garage is empty due to the bad economy. Actually, we tried to negotiate our monthly fee just for that reason, but they didn't budge I can't seem to find the phone number to call, but if you walk up 75th, you'll see their "Parking Available" sign on the apt building. You can't miss it.
Oh, about that outdoor lot on 75th between Roosevelt and 37th - they don't allow overnight parking. We checked before we took the garage.
I am a happy co-op owner and there are certainly many advantages to ownership. But for someone with short term horizons, I have to agree renting is probably the best bet.
Based on a standard amortization schedule for a thirty year mortgage, the vast majority of the monthly mortgage payment will go to debt service for the initial 3-4 years of ownership -- very little to paying down principal. So your monthly payments really are not a meaningful financial investment in the future until you are a good ten-fifteen years into the process.
As for appreciation, while no one knows for sure, I think it’s unlikely that we’ll see substantial appreciation in property values over the next several years. There was a very dramatic escalation in JH real estate prices a few years back -- but I think much more modest value increases are likely to be the norm for the next few years (and there is at least a possibility of a decline, depending on how the national and local economy does over the next couple of years).
Add to that the substantial transaction costs associated with both buying and selling -- as well as the fact that when you are at a point in your personal life when you are ready to sell and move on, you will nonetheless have to continue making mortgage and maintenance payments on the property until you find a buyer (which could take some time).