Buying an Apartment in NYC
I have a couple of specific questions below, but for context I'm 25 years old and looking to buy a 1 bedroom apartment in NYC. I have about 100k in savings and I'm looking at apartments in the 400k range (80% LTV + closing costs and a little cushion). I have two questions for the group:
1) As an investment, what are people's thoughts who are more in tune with the NYC real estate market? How much have prices dropped since last March? When will they rebound? Have different types of properties and different neighborhoods been impacted differently? Where is the best value?
2) This is really a question for people who have gone through the process of buying in NYC. What do you wish that someone had told you? What are the most important things to look for in an coop? Would people mind sharing a little about their personal experience? Broker, financing recommendations, things to watch out for, etc.?
I'm sure there are other forums on this, but didn't see any recent ones. Appreciate the insights!