As I said, they've gone nuts around property in Cobble Hill, Brooklyn. The amount Jordan will pay for rent has gone from $2200 to $4500 and we looked at a place today for $7000 a month. All you could say about the apartment is that it's in a new building on a business street, no storage, and no parking. Its a 3 bedroom two story apt. with a deck, 8 foot ceilings, hardwood floors, and it would be about $100,000 to buy in St. Louis, in a good neighborhood. That's $84,000.00 a year after taxes. It all gives me a headache!
In LA, it would cost $400-500,000, depending on the neighborhood.
I keep saying "buy" and Jordan says she doesn't have enough to buy, that just to move it's going to cost her $20,000. To me, that's a down payment, but if they want 20% on a $740,000 dollar apartment, then its about $150,000 down. The broker who showed me a place the other day that Jordan had seen, suggested I "loan" or give the $150,000 to my daughter to get a condo. I don't happen to have that right now!
ANd one of the reasons is I've been living in the most expensive cities in the country the last 25 years, San Francisco and Los Angeles, Ca. Everything is relative and one's POV. The nanny from Jamaica, Marie, pays $1400 a month for her apartment and $600 some winter months for heat.
What's funny is Sidney is temporarily in her "garden" flat, I call it a basement. She is remodeling the top 3 stories of her brownstone, and the renters have left the flat. She came back from Maine and is down there with her two children, who needed to start school. She said she is mortified anybody paid 2400 for the place, that its so dark and depressing! She said she's been getting panic attacks!
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