You ever know what the market is going to do. Perhaps we’re in a bubble and by next year the market will crash again. Zillow claims our house has increased in value 130K, over the last 30 days. But I don’t believe it for a second. Their web developers must be smoking weed. Legally, of course!
So D1’s most recent offer was just accepted! A condo in Manhattan’s UES below 95th St. Two bedroom, 1 and 1/2 bath with a balcony with East River views. Full service building with 24 hr. doorman, concierage, live-in super, gym.
Condo has a dishwasher and w/d.
Excited, but, as she said, it is not yet in contact. Hopefully all will go well. Feel like this is another parental milestone when one of your kids buys their own place. Never thought it would be a condo in Manhattan while in her mid-twenties.
morrismm
Wow, congratulations! It is an outstanding accomplishment for your D! Condo in UES? That must be over million! and she is doing it all by herself? My god, she must be in investment banking where bonuses could be in the Millions.
That was before 2007. Many changes since.
@morrismm, this is your daughter’s condo?
http://streeteasy.com/building/astor-terrace/14j
D’s bonuses are dependent on her and her desks performances. She gets a salary and bonus. She tends to make most of her personal decisions based on her salary. But when your bonus is twice or more than your annual salary, it needs to be considered too for some decisions such as buying a condo.
So to answer questions, no her income is not just bonuses, Yes her bonus is higher than her yearly salary income and will, God willing and her talent, grow. No, it is not yet I in the millions.
Yes she is in Investment Banking. Yes she, and all of her co -workers are under the Dodd-Frank rules. Her company is very serious about following those rules.
MM so proud for your D! Great idea to put it in real estate, you will never regret and you can live in it all your life.
Suburban Pa.
The house two doors down sold for $600,000 in 2012 It sold, just over two yrs later, for $699,999.
Sold the first day with multiple offers.
If it was up to me I’d have been outside pounding a “For Sale by Owner” sign in the ground that day.
Arrggghhh…this whole being married and having to compromise agreement drives me crazy sometimes. H has a need to know where we are going first…imagine that. …minor detail.
Northern nj
Son is buying his starter house.
It in great condition, not a bad commute to his job a few counties over, and financially doable on his own though he might get a roommate.
It’s an accomplishment for a single mid 20s person to buy into real estate in tax crazy nj.
We are happy for him.
congrats morrismm and musicmom! My s just completed the process and they moved in last weekend! They are now enjoying the “joys” of home and yard maintenance.
Congrats to all those young recent graduates who have bought. It’s an accomplishment by all means. Personally, I did not buy real estate until mid 30’s.
Jym 626, congrats to your son as well!
Our son is at the very beginning of the process. He will have to wait a month or two to ‘enjoy’ some lawn maintenance. I hope he really ‘gets’ the less fun aspects of home ownership that he’s in for. Probably not.
Kinda like having a baby…would you still do it if you really knew all the challenges that come with the joy?
Life is good.
I live in central Denver… where rents are starting to creep up to, if not NYC levels, then at least Brooklyn levels. Yet the salaries are much lower, and your need for a car is much greater than in the big East Coast cities. Home prices are also on a dramatic rise. There must be a limit – Is Denver a bubble waiting to burst? This is something I ponder since we downsized last May and bought a house for a bit more than we planned. (Though sold for a bit – a lot more – than I though we would, too…)
Yes, congrats to the kids that are starting the homeowner phase in their lives. I can’t believe how difficult it seems to be able to be the successful bidder on a home, nowadays!
My son is potentially moving to Mountain View, CA. Not looking to buy, but the rents seem really high out there. They are similar to downtown Manhattan, from what I’ve seen. However, it sounds like they have some large houses that they rent out to many people at a time, for about 2K/month, kind of like living in a fraternity. Sounds like fun to me, but what happened to the day when you could rent out a crash pad room for $100 a month??
Bus, they have hacked house in nice area all over Palo Alto and Menlo Park but I remember they have bunked beds, like 4-6 in a room for about $1k. I didn’t considered them for my daughter because of safety issue. But if she were a guy that might made a difference.
I just rented out a house 3bd and 2bath across the bay, the renters are working in Palo Alto and RWC, my rent is only 2000. So, there are places you can have low rent and work in the valley, it all depends if you want a easy life or a commuter’s life, which is leaving home at 6:30 and returning after 7.
Also, only a bridge away from Face Book, my other 4bd house is only 2600/mo.
Yeah I checked and Newark and other cities across the bridge much cheaper. But is there toll on the bridge now?
I heard about those hacker houses, but my son said this is different, because you get your own room. It sounds like a similar concept, just more privacy. He said there are also a lot of open spaces, living rooms, game rooms. They must be pretty big houses. And since he doesn’t want the commuter life, or a car, he will probably just pay whatever extra it costs to stay near. 2K is about what he’s paying now, if you include utilities. I think.
Gotta get the job first, though. Fingers crossed!
Mine will have a car but she is very close to work.
A car would be really nice, but it seems unnecessary in some of the areas with such great transportation options. I think of how much money can be saved by not purchasing a car, insurance, gas, parking fees. But of course, I wouldn’t give mine up!
We already have the car and it’s not driven by anyone at the moment. I guess I love my SUV too much. But I think my daughter will use it for longer trips. She is planning to take some outdoor classes on the weekend.