Monday, February 6, 2012

Can anyone help me navigate the NYC real estate market?

I have accepted a position with a new company in NYC, and I need a little guidance with how to go about finding a place to live. Specifically who to trust out of the myriad of realtors in this huge market, how much my budget really is (as apposed to how much the realtor says my budget is), and what I should expect to get for my money. I have been to NYC many times, but never lived there, and I don't know what to expect in terms of day-to-day living costs other than the knowledge that its one of the most expensive places in the country to live.

The move will consist of myself, my girlfriend, and her small toy poodle. No children. We are looking to rent for now until we know more about the neighborhoods. I will be starting out at $110k. My girlfriend, a recent college graduate, does not have a job lined up yet. So for the purposes of planning lets say that I want to get into a 1 year lease that is sustainable on a $110k a year. I think we definitely want to be in Manhattan at least to start until we get more comfortable with the area. We are partial to the upper west / upper east sides or any place within a decent distance of the park. We're really not apt to get into a situation with roommates.

So how much should we budget a month for a decent 1 bedroom apartment? We're not extravagant people by any means, but we want to be able to pay the bills and still enjoy all the great things that NYC has to offer without living rent-poor. I know the income equivalent of where we are now is about $51k, which provides a fairly comfortable lifestyle. Will $110k provide the same, or does that cost of living chart just get thrown out the window when it comes to NYC? Lastly, if anyone has any specific realtors they recommend I would appreciate the reference. There just seems to be so many of these firms operating in the same area with such a large variance of price per sq ft that I really fear falling in with the wrong person and getting ripped off.

Thank you all so much.Can anyone help me navigate the NYC real estate market?
Wherever you look for a place, do your research first. Look up the company / firm's BBB rating, type it in and look for customer reviews and things like that.

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