BUY Manhattan Apartment – perfect wedding gift?

There was a news by Carla Wilson said: “VICTORIA - Wedding registries are stretching their scope by offering  well-wishers the chance to contribute to everything from a down payment on a home and a honeymoon to charities. So far, about 250 couples from Manhattan to Victoria have registered for a down payment.”    
Is this a new idea? Actually, it is a good idea. Especially for 1st time buyers, if you can afford the mortgage costs, and down payment. Do it! Renting offers you NO equity, NO tax benefit, and NO protection against rent increases. Consequently, you are helping to pay the other person’s mortgage. You just help other people to pay their mortgage. Also the rental is not cheap in Manhattan.
Real estate is a long-term investment opportunity. Especial in this shifting real estate market, you may be able to purchase investment real estate that will secure your financial goals for the long term.
In New York City neighborhood, most of apartments are co-op. Co-op is more affordable than Condo. There are 85% of the building are co-op. It is the most comers buying or 1st time buyers’ option in New York City today. Co-op is buildings owned by corporations with the residents as shareholders. To purchase a co-op, the purchaser will receive a proprietary lease on an individual unit and the right to use the common areas. The benefit to purchase the co-op is lower initial purchase; control your own living space. The disadvantage to purchase the co-op is stringent co-op board and restrictions on the sublease.
One thing is for sure, the market is firming at Manhattan, NY area. And dream is on the upswing. When the housing prices go back up, you can sell it for a good price.