R227, there was a time in the 1990s - my head has it that it was over after 1911 - that I was very cocky about Manhattan. In a weird way. I had my Windsor Terrace place, and people still thought of NYC as the mean streets, when it was so far from that. Now, I definitely appreciate living where I live, having bought in early, a nice space, I make a reasonable living for one person in my circumstances (high five figures), no mortgage, just maintenance (under 500 dollars and due to go down when the building mortgage is paid off in a year and a half. My own apartment mortgage was paid off in 2017) and the neighborhood is exploding. A friend in a building down the street also has no mortgage. Her building, unlike mine, is post war, but her space is bigger than mine (mine is 700 sq feet). Everyone who moved here after 9/11 are couples who either sold their Manhattan studios when they married, or used their parents as co-signers to get in here. I think their calculation is - pay for human scaled space and send the kids to a great public school. When the kids move on to high school, sell, realize a couple hundred thousand profit or more, and get out there to Jersey.
Here's what kills me. Most of my relatives are in the MD/DC and VA area. I have a niece who, with her husband, spent about 500k on their McMansion in suburban MD about 2 years ago. It was a big upgrade from their little cottage thing just outside the city. It is MASSIVE inside. They host the extended family holiday now. Firepit outside. Recreation space downstairs - home movie calibre set up, plus pool table, etc. BIG great room opening onto the kitchen. Four (5 maybe?) bedrooms, dining room, other space - can't keep track. 500k.
My apartment is 700 square feet and one bedroom. The kitchen needs a reno. I can't afford a reno that includes the cabinets and countertops, last done in 2006 (it would be 30k minimal), so I'm replacing the floor, the backsplash, repainting, and MAYBE doing the cabinet doors. For ME. If I didn't touch it, and moved tomorrow, I could get 500k if I were LAZY. Four years ago, the people downstairs in the renovated version of mine sold it for 700k after buying it for 460k two years before. Why? The footprint, the school, the famer's market, the playground, the park. The people downstairs just had a baby, so probably will sell and realize 100k on the sale. She's an architect, he's ABC.
I must say I do feel kind of funky in my building. It used to be old people, who rented, cause when it converted in 1987 it was a noneviction plan. Most have died off - not all. I have a friend who rents because she used to live here with her boyfriend - don't know how she's finagled it, but she has. There's a comfortable number of women like me who got in early. There's a bunch of other women like me who got in later and paid much more, but not as much as they'd pay as if they were in Manhattan. Then there's the delightful (seriously) family down the hall, whose mom went to boarding school, then every Ivy there is, and the dad has a ton of money, and they're raising their kids "down to earth" which means no boarding school, the local pre-k at 6k every five weeks, and God knows what else, but they paid for three bedrooms.
To be continued...