Presidential Debate Tonite. Who ya got? - Page 47

rilynil · 10-16-2008, 08:54 PM

Quote:

Originally Posted by Underdog07

Now I have a different financial perspective based on where I live and to me, $250k is not a lot of money at all. Keep in mind that in NYC, a "nice" moderate 800 sf 1 bedroom apartment costs well over $400k.

That's a great point. It costs much more to live around New York and California than it does in the other parts of the country. The vast majority of people don't live in N.Y. or California. Here in Alabama, I built a three-bedroom, 2 1/2-bath house in a good neighborhood almost three years ago, and I paid well less than 150K.

Underdog07 · 10-16-2008, 08:55 PM

Quote:

Originally Posted by Ink

that's insane...for that kind of money, here you can get a 4 or 5 bedroom house with yardage for that

Yep, it is. My wife and I bought our first apartment (a 1 bdrm)by moving from 72nd and broadway all teh wat up to 181st street (those from NYC will know the difference). That was the only way we could afford something. My dad could not understand why we did not just opt for a house. That is until I sent him a picture of a little shack looking place in westchester that was going for over $1M

Ink · 10-16-2008, 08:56 PM

Quote:

Originally Posted by Bullseye

I'm sure the government will eventually sell off those shares and this is a short to medium term solution. But a world wide solution on the banking system is required. It looks like we are heading into a world wide recession. And only God knows how long that is going to last. As a self employed person I am concerned.

our government bought non voting shares

**Bullseye** · 10-16-2008, 08:57 PM

72nd street would be a very nice location. Is 181st in Harlem or just inside the Bronx?

Ink · 10-16-2008, 08:57 PM

Quote:

Originally Posted by Underdog07

Yep, it is. My wife and I bought our first apartment (a 1 bdrm)by moving from 72nd and broadway all teh wat up to 181st street (those from NYC will know the difference). That was the only way we could afford something. My dad could not understand why we did not just opt for a house. That is until I sent him a picture of a little shack looking place in westchester that was going for over $1M

**Bullseye** · 10-16-2008, 08:57 PM

Quote:

Originally Posted by Ink

our government bought non voting shares

So they have no say on how the banks are run in the short term?? That is very silly.

Ink · 10-16-2008, 08:58 PM

Quote:

Originally Posted by Bullseye

So they have no say on how the banks are run in the short term?? That is very silly.

they just did it to put the money into the system

Underdog07 · 10-16-2008, 09:04 PM

Quote:

Originally Posted by Bullseye

72nd street would be a very nice location. Is 181st in Harlem or just inside the Bronx?

West side past the George Washington Bridge before the Bronx - it was called "Hudson Heights" but was really a part of Washington Hts. We had an incredible view of the bridge.

Underdog07 · 10-16-2008, 09:09 PM

Quote:

Originally Posted by Ink

Yeah, that is why we moved out. To get bigger apartments, you need to trade up, using the increase in apartment price as money for the downpayments.

For example,

2000 you but a small 1 bdrm for $300k
2004 you sell for $500k and buy a bigger 1 bdrm for $700k
2007 you sell for $850k and buy a small 2 bdrm for $1M
In 2010 you sell it for $1.2 and buy a large 2 bdrm for $1.5M

by doing that you are able to trade up to get nicer apartments. That scenario was not for me so we left.

I have friends who never will be able to get a place because the prices keep going up and they can not save fast enough to make the down payment

**Bullseye** · 10-16-2008, 09:09 PM

I was living at Moshulu Avenue and Broadway back in 1996.