tag:blogger.com,1999:blog-14245531.post3028879306671062589..comments2023-11-18T01:21:55.631-05:00Comments on My Open Wallet: Selling My Apartment, Part 2Madame Xhttp://www.blogger.com/profile/11536189690094235926noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-14245531.post-59463007063694986472015-02-16T18:50:24.409-05:002015-02-16T18:50:24.409-05:00Please Frugal Zeitgeist and My Open Walletperson w...Please Frugal Zeitgeist and My Open Walletperson write more! I miss both of your writings as you both live in NYC as I do and I relate to everything you write about.<br /><br />I'm a rent-stabilized person who will probably never be able to afford a down payment. It's beyond frustrating!<br /><br />Thanks for writing!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-43211848305813917732015-02-11T13:07:47.887-05:002015-02-11T13:07:47.887-05:00Sounds like you did well! These are good times to...Sounds like you did well! These are good times to cash out. It was interesting to read as I own in Brooklyn, and I just feel lucky we got in a few years ago, as I don't think we could afford our apartment now. For the record, we're in one of the more expensive neighbourhoods in Brooklyn, but we're talking about two professionals and a 1-bed apartment. Crazy.Katenoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-2929003959055468852015-02-11T12:00:24.794-05:002015-02-11T12:00:24.794-05:00Great job; looks like you had some significant app...Great job; looks like you had some significant appreciation. If your building has costly maintenance issues looming, this is the right time to decamp.<br /><br />I just executed my contract of sale today with an all-cash buyer who bought my apartment for a child in grad school. We close in two weeks. Every single person who was seriously interested in my apartment was a cash buyer looking to buy for an adult child. My parents helped me with the down payment for my first apartment, but parents paying all cash for a child's home is absolutely not my reality. That said, it is so hard for middle-income first-time buyers to get a toehold in the New York market at this point that I'm not terribly surprised that this is becoming a significant segment of the buying market.<br /><br />I closed on a bigger place with much more light and better appreciation potential in mid-December and have been paying a whopping mortgage and double expenses for the past month and a half. I said I'd never have a mortgage again, but my interest rate is so low that it didn't make sense to liquidate stock investments to pay all cash. <br /><br />Once I close on my sale, I'll lop off a big chunk of the mortgage and get it down to a manageable level. If I had to pay the remainder of mortgage off immediately, I could do it without tapping my retirement. That gives me tremendous peace of mind.<br /><br />Best of luck as you move forward, and congratulations.frugal zeitgeistnoreply@blogger.com