We officially withdrew our offer for the co-op we liked on the UWS. The building, a lovely brownstone right on Riverside Park and three blocks from Central Park, was only 50% owner occupied. The other 50% were owned by the sponsor. Not good in these troubled financial times and our broker, attorney and accountant all felt the same. We should wait for prices to drop and find a place that has only 10% or fewer units owned by the sponsor. Or, better yet, find a condo.
We’ve actually got our eye on a few new condos in Long Island City right on the East River with breathtaking views of Manhattan and only one subway stop (or two?) from Grand Central Station. With LIC being the new “it” residence and new developments popping up left and right, we can afford to sit tight and see what the market does.
Christian is right: I love projects and take on new ones all the time without dropping any old ones. So, with that out of the way, I hope to spend less time thinking about real estate and more time writing. Browsing various real estate, decorating and furniture websites daydreaming about a new place was a HUGE time killer for me.
Speaking of writing, off to do just that for another 10 to 12 hours today.