So what's going to happen to the Dollar then?

[srebbe64]

We've been spending so much on hotels in Manhattan recently (at $400+ per night) that I'm thinking it may be cost effective to have an apartment there. I reckon the 'break-even' figure is about 8 nights per month. So the question is, do we buy or rent? With the Dollar week it makes buying attractive - but it seems to be pretty volatile!

So anyone with a view? I'm thinking it won't stay week forever and I should buy, but I'm no currency expert!

[srebbe64]

k

NoelWatson said:

srebbe64,

I personally would worry more about what the US housing market is going to do rather than currency fluctuations

So what's it gonna do then?

[srebbe64]

NoelWatson said:

srebbe64 said:

k

NoelWatson said:

srebbe64,

I personally would worry more about what the US housing market is going to do rather than currency fluctuations

So what's it gonna do then?

Noone can predict the future, but the signs are not good

http://interestrateroundup.blogspot.com/2007/08/ju...

Well I'll be very happy if prices fall because I'll buy a property then! Suits me!

[srebbe64]

Anyway, back on topic. I've looked into it over the weekend and it's possible to buy a very decent three room Condo, in the best parts of Manhattan, for less that £300k. As such, today I've arranged to view a bunch of places next month.

The housing market in the USA is oversupplied and the Dollar is weak. Both of these things make buying property quite attractive. I'm in NY for just four nights and this is gonna cost (circa) £1200 for a hotel. As such, I will simply get my company to bill me for the same rent (£300 a night) whenever anyone goes there and this will avoid paying hotel bills!

[srebbe64]

johnfm said:

£300k? That seems mighty cheap. When I was there in June, I looked into a few prices and anything decent cost $1.5million+, and on top of the actual price there was the massive monthly fees (ground rent & concierge costs).

I suspect at £300k it can't be in Soho, Chelsea etc.

Yep, surpised me too. The best places for under $600k (£300k):

Yes there are managment fees on many of them, averaging I guess about £300 per month. Here's some I looked at, all in prime locations:

http://realestate.nytimes.com/sales/detail/363-AUG...
http://realestate.nytimes.com/sales/detail/307-881...
http://realestate.nytimes.com/sales/detail/46-8815...
http://realestate.nytimes.com/sales/detail/3098-55...
http://realestate.nytimes.com/sales/detail/45-2471...
http://realestate.nytimes.com/sales/detail/1388-59...
http://realestate.nytimes.com/sales/detail/45-3233...
http://realestate.nytimes.com/sales/detail/759-377...
http://realestate.nytimes.com/sales/detail/343-227...
http://realestate.nytimes.com/sales/detail/185-146...
http://realestate.nytimes.com/sales/detail/185-127...
http://realestate.nytimes.com/sales/detail/343-227...
http://realestate.nytimes.com/sales/detail/343-227...
http://realestate.nytimes.com/sales/detail/253-NS7...

[srebbe64]

walm said:

srebbe64 said:

Anyway, back on topic. I've looked into it over the weekend and it's possible to buy a very decent three room Condo, in the best parts of Manhattan, for less that £300k. As such, today I've arranged to view a bunch of places next month.

The housing market in the USA is oversupplied and the Dollar is weak. Both of these things make buying property quite attractive. I'm in NY for just four nights and this is gonna cost (circa) £1200 for a hotel. As such, I will simply get my company to bill me for the same rent (£300 a night) whenever anyone goes there and this will avoid paying hotel bills!

If housing is oversupplied then prices will fall. Which is NOT a good time to buy IMHO.
As already mentioned Manhattan prices march to a very different tune to the rest of the country.
Have you really done the math?
Are you buying in cash or credit? If credit then what sort of rate are you being offered?
What happens if your company doesn't send someone over for a few months? Can you cover the outgoings?
What if you change job?
Will all your colleagues want to stay in that location? What if there are two of them?
Who is going to maintain it and change the sheets etc..?

We're a cash buyer. The break-even figure is about 8 days per month - we're about there. I'm of the view that the Dollar will strengthen in time so now's a good time to buy. We generally send one person at a time. Our NY office in right in the middle of Manahattan, we'll buy something very close.

A worst case scenario is that we have cheap NY accomodation for a few years and then we sell it. As such, I've decided to go for it!