Real Estate NYC: A Guerilla's Assessment

The Guerilla Shopper has temporarily stopped buying herself consumer goods as she has begun to look at real estate all over New Amsterdam...

And I've discovered that while prices are definitely coming down, buying in this here City is still next to impossible. The math just doesn't work. High prices. Minimum 20% down. Monthly maintenance fees often north of $1,000. Small spaces. Co-op boards. And on it goes. I finally did see several places this week that were at least inspiring and livable, but hard to give up my large, rent stabilized one bedroom in a decent 'hood.

So why am I looking to dump my apartment?

Well first, I ALWAYS miss the real estate or stock market, or pretty much every financial "party" - so I decided that I needed to get out there now in this down economy, so that even if I don't buy anything, I won't have to kick my own ass later and exclaim "WHY DIDN'T YOU LOOK WHEN PRICES WERE LOWER!?" Also, while I live in a rent stabilized building, my rent is not super crazy cheap. If it were, we wouldn't even be having this one-sided conversation. So since my rent is going to increase yet again starting in May, I am also thinking that I may as well put my money to work.

So, no, I am not going to give a detailed look into what I have seen and my assessment of each. At least not until I buy something...real estate is serious business!

But I will tell you about an apartment that I am not going to buy, which was extremely enticing...except for the location for most people. In Washington Heights at 790 Riverside Drive stands "The Riviera," an extremely impressive monument to apartment buildings built pre pre war (as in before WWI). Right near the 1 train at 157th St., apartment 4K offers 5 real rooms - 2 bedrooms, a living room, dining room and kitchen for $599k ($1,168 mtc). Do a google search for more details - or look for it on Corcoran's site. If you work at Columbia or just crave a real old-school building with vast living space for less than $1.4 million, this could be the spot for you.