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Katherine Marks for The New York Times
Julia O’Brien Reid and Jamie Reid, both from Toronto, went to college at Queen’s University in Kingston, Ontario, a few years apart, and first met in London at an alumni event for their alma mater.
They moved to New York two and a half years ago, shortly after their wedding, and took on new jobs.
Using Craigslist, the couple landed a rental in the financial district, assuming the $4,000-a-month lease from a couple splitting up. “We essentially moved into a fully furnished apartment,” said Mrs. Reid, 31. “It was a great find.”
A year ago, the Reids decided they wanted to buy a large two bedroom with a good layout. At first, they focused on the financial district. “You could get spacious apartments between $1 million and $1.3 million, which was our initial price range,” Mrs. Reid said.
But every place had an insurmountable problem — construction sites looming, or tiny kitchens or en-suite bathrooms.
One apartment had no natural light. “It had windows, but you couldn’t even see the sky or greenery or anything,” Mrs. Reid said. “Those things sound like basic asks, but in New York, they are hard to get — they are luxuries.”
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Katherine Marks for The New York Times
So they expanded their quest north. In one building, getting to the laundry room required a trip by the elevator and stairs. “You could tell it was going to be such a pain,” Mr. Reid said. Laundry logistics suddenly became a consideration.
The Reids had been going it alone, but at an open house near Union Square, Mr. Reid, 35, met Jorge Lopez, a licensed salesman at Stribling & Associates, and sought his help.
Demand was high for two-bedrooms in prime Manhattan in the $1 million to $2 million price range. “It almost doesn’t matter what the product is like, as long as it’s a decent size,” Mr. Lopez said.
The Reids found themselves in several bidding wars. The most alarming was in TriBeCa, where they fell for a sunny two-bedroom co-op overlooking City Hall Park. At $1.749 million, it was pricey for them, with maintenance just over $1,900. They offered the asking price. It sold for $2.049 million.
“In TriBeCa you are competing against serious money,” Mr. Reid said.
So the Reids cast an eye toward Brooklyn Heights, just one subway stop from Manhattan, where they believed they would have more options at a better price. Mrs. Reid works downtown at a management consultancy while Mr. Reid works in banking in Times Square.
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Katherine Marks for The New York Times
Walk-ups in traditional brownstones were beautiful, but always on a top floor. The thought of carrying groceries, luggage and potentially a stroller was daunting.
One sponsor unit required a gut renovation. “Our first reaction was ‘Yikes,’” Mrs. Reid said. “The kitchen cupboards were lined with newspaper from the ’60s. This was something for professionals.”
In another case, some plumbing renovations had been done without a permit, a potential legal mess the Reids didn’t want to inherit. That one sold below the asking price.
A large, two-bedroom co-op in estate condition required at least some updating. The price was $1.375 million, with maintenance of just over $2,000. A renovation would be costly, so the couple bid low.
That one sold for the asking price. “In hindsight, we were relieved we didn’t win it, because we’ve never renovated anything before,” Mrs. Reid said.
Credit
Katherine Marks for The New York Times
In most cases, asking prices were well below selling prices. “They would give another potential buyer the ability to match your offer, especially if they were an all-cash buyer,” Mrs. Reid said. “It was painful going through all the back-and-forth negotiating and then losing out.”
Along the way, the Reids realized they wanted outdoor space. So they jumped at a two-bedroom, two-bath apartment with an enormous terrace shared by three units.
The apartment had a large kitchen, a walk-in closet and bookshelves galore. A laundry room was down the hall.
The sellers had a toddler. “That made me comfortable,” Mrs. Reid said. “Somebody else made this work for them.” The listing price was $1.15 million, with maintenance just over $1,700.
They bid aggressively and won the inevitable bidding war, at $1.3 million. They arrived last fall, relieved and grateful.
There are some drawbacks. The ancient heating system, requiring pliers to operate, is clanky and hissy. Although the terrace came with outdoor furniture and plants, it requires yardwork and cleanup, with some pigeon issues.
But over all, they are happy. They are near plenty of shopping and trains, yet endure few audible sirens or garbage trucks. “You sleep so much better,” Mrs. Reid said.
