Real Estate: Open House Post-Mortem

Yesterday afternoon, City Guy and I spent four hours traipsing around in the hot, humid weather to visit SEVEN buildings in the FiDi. Fun, but exhausting. I have mixed feelings about buying after all this. Things I've learned:

• It's going to be hard to get everything we want. We'd ideally want a 2 bedroom or 1 bedroom with home office (that we could convert into a nursery down the road), but even in this market, we're looking at a million (maybe $800-900K if we're willing to give up certain things, like location or amenities).
  
• Based on running the numbers in a handy dandy mortgage calculator, based on what we're paying for rent right now between the two of us (on the low side), buying doesn't make financial sense, even with the tax savings. However, the minute we compare the cost of renting a two-bedroom to the cost of buying a $850K place, for instance, we can justify the expense.
  
• I feel poor. When you go to these open houses, you see the same faces over and over...there are a lot of bankers with a lot of money still buying in this market and they don't seem to blink at the prices.
  
• We're going to start considering Brooklyn. The Williamsburg waterfront developments, for instance, would satisfy my jonesing for a water-view and the units are bigger for the money. Check out The Edge.
  
• Even with the glut of condos in the area, developers are planning even more. 50 West St is scheduled to open in June 2010, for example.
  
• There's no rush. Like with everything else in life, I must be patient.
• If we buy, we might have to stay in NYC for the next 5 to 7 years.
  
• We need a good mortgage broker.
  
• We need a good real estate attorney.
• NYC real estate is no joke.
  

Real estate is vexingly on my brain. I've already scheduled three appointments for next weekend. We're going to check out The Edge, Northside Piers and the beautiful green condo development in Battery Park City, Visionaire. Wish us luck!