Week in Review

My wife and I went to an open house at this luxury condo (not co-op) for fun and to check out how the wealthy live.  A 2-bedroom and 2-bath, 900 square foot apartment was over $600,000.  Maintenance was over $1000.  They did have a swimming pool, game room, children's playroom, doormen, porters, gym and many other amenities, but that is just way too expensive.

My wife and I went to an open house at this luxury condo (not co-op) for fun and to check out how the wealthy live. A 2-bedroom and 2-bath, 900 square foot apartment was over $600,000. Maintenance was over $1000. They did have a swimming pool, game room, children’s playroom, doormen, porters, gym and many other amenities, but that is just way too expensive.


I only posted one time this week. It seems that there are just not enough hours in the day. I’m not sure if I’m allowed to post an “update” or “roundup” as I’ve only posted once, but I didn’t find any rule against it in my blogger’s handbook. As I mentioned in my one and only post this week, the Living Rich Cheaply family would like to buy a place. While I don’t feel that renting means flushing money down the drain…we’ve been renting for awhile now and feel that this is the neighborhood where we’d like to stay. I’d say that we would stay for a minimum of 5-7 years. A 2-bedroom co-op is what we’ve been looking for, and even if we eventually had another child, I think it’ll be fine. That’s what bunk beds are for right?

Interesting posts this week:

I chose posts that deal with housing as that is what is on my mind.

Holly from Club Thrifty posted in September Budget Breakdown and Update that the Club Thrifty family will also be house hunting. And in Things I Hate About My House, she posted pictures of her house and explained what she likes and dislikes about it. I must say her house is immaculate even with two young kids. I could post 2 pictures of our 600 square foot apartment and you could see the entire space. I won’t do that because unlike Holly, our place is a bit messy. I’m pretty jealous of the space they have and the prices of houses there. Makes me want to move to Indiana.

Mr. Money Mustache is also moving and posted How (and How Not to Buy a House). Check out his sage advice as to what to consider when buying a house.

Tara from Streets Ahead Living posted When You Realize You’ve Had Enough where she writes that the high cost of housing and taxes here in NYC has made her decide it might be time to leave this high cost of living area. I absolutely know how she feels. When my wife and I see prices of houses in other areas and visit friends and family in lower cost areas with lovely houses, we want out of NYC too. But with both of our parents here, plus many other family and friends, we don’t know if we could leave.

Matt from Mom and Dad Money posts Where Should Buying a House Fit in Your Priorities? and also Is the Mortgage Deduction for Real? Check out Matt’s list of financial priorities before you decide to buy a house and make sure you don’t overvalue the benefit of the mortgage interest deduction (or assume you can use it).

Todd posted in Modest Money Are You Watching Mortgage Interest Rates Surge Through the Roof? While mortgage rates are still at historically low levels, the recent jump put a crimp in a lot of people’s home buying plans. When I ran the calculations with the new mortgage rates, it definitely makes me think twice about whether we should buy.

Thank you to Frugal Rules for including me in the Yakezie Carnival.

31 thoughts on “Week in Review

    1. livingrichcheaply@gmail.com Post author

      Well they aren’t normally $600,000…that was a “luxury” condo with high-end amenities. We just went because we like to check out nice places =) Imagine if it was in Manhattan. There are places in the neighborhood that are more affordable of course. Good luck with your house hunting!

    1. livingrichcheaply@gmail.com Post author

      Thanks Simon. Actually there was a really good band playing at that Condo in their private outdoor area…I could hear it from outside. Apparently it was their annual BBQ.

    1. livingrichcheaply@gmail.com Post author

      Haven’t made any offers yet…still looking. I’m thinking the Chinese investors are more focused in Flushing, Queens the Chinatown of Queens. There are some nice luxury condos there (that we also checked out for fun). But I’m sure they’ll look in other neighborhoods too. My mother-in-law encountered this in Brooklyn, where the realtors were expecting a large downpayment 25% minimum…preferably more…for houses priced over $600,000.

    1. livingrichcheaply@gmail.com Post author

      Thanks Laurie…it is a very expensive area, but I think the time might be right.

        1. livingrichcheaply@gmail.com Post author

          Good to know. I know you understand high cost of living as houses in Hawaii are also expensive. I’ll be interested in reading about experience with the rental property and buying your primary house…hope you post about that in the future.

    1. livingrichcheaply@gmail.com Post author

      Yea I had bunk beds too! I actually like the idea…kids need to learn to share their space!

    1. livingrichcheaply@gmail.com Post author

      Yea the prices are pretty crazy in NYC…there are ones that are more affordable though as this was a “luxury” condo.

  1. DC @ Young Adult Money

    Yeah I definitely agree with you that there is not enough hours in the day. Blogging takes up most of my free time and there is always more that I could do with the site. On top of that the “normal” things in life – such as spending time with my wife, friends, family, cleaning the house, errands, events (was just at a wedding last weekend) – take up a ton of time too! I started to sleep only about 6 hours a night on weeknights and I can usually get by on that schedule until the weekend when I crash. Yes, not sustainable but I feel a need to have a post up every single day 😉 Hope you had a great weekend!
    DC @ Young Adult Money recently posted…5 Reasons Blogging is the Ultimate Side HustleMy Profile

    1. livingrichcheaply@gmail.com Post author

      I don’t know how you keep up with the daily post schedule. I would try to cut back on sleep but I’m already sleep deprived with a newborn!

  2. KK @ Student Debt Survivor

    $1000 in fees is more than many people pay for their actual mortgage in many parts of the country. I feel “lucky” that our condo fee is only $275 a month. Add on $600 a month in taxes and it basically makes me want to throw up. But that’s city living for you. Interested to see what you choose 🙂
    KK @ Student Debt Survivor recently posted…Fear: Friend or Foe?My Profile

    1. livingrichcheaply@gmail.com Post author

      Yea city living! Sometimes I wonder if it’s worth it. It is crazy that the fees are more than most people’s mortgage in lower cost of living areas. There aren’t too many condos in my area but the ones I’ve seen are in the $300 range, but I think your property taxes are higher.

    1. livingrichcheaply@gmail.com Post author

      No problem Matt…I’m interested in the rest of your Housing series. I agree that sharing a room is a great way to bond…especially while they are young. There really isn’t that big of a need for their own rooms.

    1. livingrichcheaply@gmail.com Post author

      Yea even with the expensive prices, I think in the long run ownership will be worth it. I do plan on staying for awhile, otherwise the math won’t add up.

    1. livingrichcheaply@gmail.com Post author

      That’s true…during the housing boom everyone wanted to build huge McMansions. While housing was more affordable back in the day, the houses were also smaller.

    1. livingrichcheaply@gmail.com Post author

      I’m with you on that…I’d love to have those amenities but I’m not paying for that convenience. Can’t afford that!

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