Buying in New York
- Thread starter Emily_Zac
- Start date
i know nothing about new york really the fe wi have seen gave been "upper eastside "
martin
We had purchased a property in Rochester NY which seemed positive cash flow on paper. It turned out negatively geared as the vacancies were way too high.
Good property management was a real issue in the area and we also found this to be true with other overseas purchases. This had led us to sell everthing we owned overseas. (NZ and USA).
We now only buy in Adelaide and will also look at other areas of Australia at some time. As biased as it may be I only trust AdProp for property management
(at least I have full control over it)
Good property management was a real issue in the area and we also found this to be true with other overseas purchases. This had led us to sell everthing we owned overseas. (NZ and USA).
We now only buy in Adelaide and will also look at other areas of Australia at some time. As biased as it may be I only trust AdProp for property management
(at least I have full control over it)
Hiya,
To be perfectly honest...
...I think that says it all, really.
What has prompted you to be looking at investments in an area that you know nothing about...?
Cheers
James.
To be perfectly honest...
...I think that says it all, really.
What has prompted you to be looking at investments in an area that you know nothing about...?
Cheers
James.
Upper east side apartments for sale
I would just like to look at other countries , as previous poster has said they also look like great returns am also considering look at the UK but the area were we come from is still really high to buy in but has the + of we know the area very well
Martin
WOW some of those apartments are weeny!! And the price!!!!!!
How do people live like that?
And are allowed pets as well!! That stinks, imagine being pooped up in there if you were a dog....sorry meant cooped up.
Australians all let us rejoice ......
I agree. I think the cheapest one I could find on that site was a $350K USD studio. Perhaps if I had that lying around in cash, I'd go buy one outright to stay in whenever I'm travelling there.
Invest in Australia, really.
I'm considering investing in the USA, as per this thread, but I wouldn't consider NY state, for lots of reasons. Many Aussies have been burnt buying there the past few years. There are awesome returns to be had in the USA, but you have to be very selective, and NY state doesn't make the short list.
Vacancy rates are high, employment is shaky, and the really cold weather brings all sorts of costs and risks that we're unaccustomed to. Black mold in basements, snow-related maintenance, etc. Landlords are responsible for keeping driveways and paths clear of snow and ice; if somebody trips and falls on the ice, you're legally liable... from here, I wouldn't even know if my path was icy, and would have to pay somebody to clear it. Plus landlords often have to pay for heating oil... All in all, I'm sticking to the south, thanks.
Vacancy rates are high, employment is shaky, and the really cold weather brings all sorts of costs and risks that we're unaccustomed to. Black mold in basements, snow-related maintenance, etc. Landlords are responsible for keeping driveways and paths clear of snow and ice; if somebody trips and falls on the ice, you're legally liable... from here, I wouldn't even know if my path was icy, and would have to pay somebody to clear it. Plus landlords often have to pay for heating oil... All in all, I'm sticking to the south, thanks.
My friends own an apartment in NYC. On 34th street, on the 20th floor and their balcony has views of the empire state building. They have a doorman, very secure etc. Their kitchen was as big as our powder room at home Tiny, tiny, tiny. Oh and it cost them over a million. It's was great staying there for 3 weeks and not having to worry about paying insane accommodation prices in NYC though.
Tiny, tiny, tiny. Oh and it cost them over a million. It's was great staying there for 3 weeks and not having to worry about paying insane accommodation prices in NYC though.Don't forget you're also having a bet on the exchange rate when you buy o'seas and this will affect your return. Some analysts are still predicting parity with the US$ in the future... this is an immediate ~5% loss for you if cap gains don't match it.
Sounds like you want to buy in manhatten if you mention the 'upper eastside' and good luck to you as it has some of the most expensive real estate in the entire country. I think Rupert Murdoch's mum sold a penthouse there for about US$70m!
Do you want to buy in 'upper eastside' because it sounds cool or do you think you will get a good return? What are the yields like?
Sounds like you want to buy in manhatten if you mention the 'upper eastside' and good luck to you as it has some of the most expensive real estate in the entire country. I think Rupert Murdoch's mum sold a penthouse there for about US$70m!
Do you want to buy in 'upper eastside' because it sounds cool or do you think you will get a good return? What are the yields like?
Some demographic information about NYC, which would in part explain the cost. There is always an explanation as to why.
Hiya,
I think that I paid about $15 USD a night to stay in a hostel in Harlam, NYC last year. Was a great experience, and worth sharing a room with a bunch of complete strangers to get another perspective on the city.
Although, I remember walking enviously past a hotel overlooking Central Park, that was something like $1,000 USD per night. I saved the classy accommodation for Vegas.
That was a great experience, too
Cheers
James.
I saw that stand but didnt bother stopping. It would be very interesting to do some independent due diligence on vacancy rates in the area.
Or how you could make them back away slowly with embarassment with some well placed questions
