Is now the right time to buy in Manhattan? Is it a buyers or renters market?

I am deciding whether to purchase a 1bdrm apartment in Manhattan or to rent. I am planning on living in Manhattan for about 5 years, and want to know if this is worth the investment. The reason I ask is that I can not bear to throw away 30K a year on rent, rather, I'd like to spend that money on buying a place. My wife and I will most likely live in the city for about 5years and then sell the place to finance a home in the suburbs. Is the NYC market going to burst? Seems like in every other market, the housing market is on the decline but NYC is immune to this. Can someone please help shed some light on this topic and whether I should buy or rent now? I dont want to lose money on this investment and want to make the most well informed decision. THX!!!

The buy vs rent question is very popular. And truthfully only you will know the answer. Although here is my personal opinion. Rumors of the bubble popping have been circling for years. Not only that as long as million dollar brownstone's and other exceptional purchases will continue to happen you are correct the new york market is quite immune. Here is something o think about 5 years from now if you purchased you could have maid a nice sum of money for selling the property, or 5 years from now you will have paid some one else a nice sum of money with nothing to show. If you feel you can afford the housing expense then go for it. Homes are investments, apartments are liabilities.
If you like there is a rent vs own calculator on the following website so that you can make a more educated decision if you like.
Also feel free to log onto http://www.justgetaloan.net for a fast free pre-qualification with loan programs on low rates, great terms and service. Also fee free to contact me at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net

Take advantage of the housing market on Long Island, it's Manhattan's bedroom, easy access to NY, thats why we live here ! Apts. are NUTS in NY, they always were ! ya gonna get hosed either way, a house is a much better investment, if u can afford a condo in Manhattan, you certainly can afford a house on L.I., we have grass and trees too, Jump on the Long Island RR and your at PENN sta. In 40 minutes from western Nassau county ! It was made that way on purpose !

Renters' market. The real estate bubble recently popped due to the interest rate increases and real estate prices are still leveling out. When the rates were low the principle on all real estate was driven higher and higher...competition while rates were low drove real estate through the roof! I'd say give it another year or two and then buy. Even when interest rates are high it's important to remember that they will come down again, and you can refinance then. Real estate should appreciate every year, but prices are currently a bit more inflated than they ideally should be.

As a fellow New Yorker here is some advice. It really depends on what you want. A 1 bd room co-op or condo is great investment in NYC. NYC real state is always going up due to supply and demand. Right now is the perfect time to buy because potential buyers are waiting and you can negotiate and be choosy. If you need help e-mail me.