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Take it from someone who brought a condo in early 2005 thinking it was the right time to buy b/c houses were really inflated and we were scared if we did not get in at that time, that we would never get in b/c all we saw were prices going up and up and up...and then trying to sell in the worst of time and selling for less than what you paid. If you want to buy a co-op or condo, buy it in a nice area. I lived in Farmingdale in a small condo complex that backed the train tracks and when selling, it was one of the hardest things to do b/c the area is not the nicest and being right next to a train station was not helpful at all. It took us 8 months to find a buyer and every day we said buying that condo was one of the biggest mistakes...1 being the area isn't desirable and 2 b/c we had the train right by us...although my husband did take the train and that was helpful, I still think he would have rather brought a condo in a nicer area within about 2 miles of a train. At the time we found the condo, our lives were much more different as my husband was on dialysis and needed a kidney transplant and this condo was close to his dialysis center. We looked in oceanside Cove in Oceanside (they are co-ops). Those were really nice. Unfortunately, we could not afford them at the time b/c of our salary but realize buying in Farmingdale and rushing into it was a poor decision. If you plan on purchasing a home within the next 5 to 10 years, definitely don't buy a co-op or condo now...keep saving. When the markets are rough, condos and co-ops both tend to sit around for months and months on end. We ultimately ended up dropping our price drastically while selling b/c we just wanted out of it and also b/c we wanted to buy a house b/c the time for us was right.
Good luck in your decision. My suggestion is to start saving now and when buying, make sure you buy in a desirable neighborhood with good schools..this way you will not lose too much value when we fall on hard economic times.
I've wondered about the condo/coop market here because condos in Lynbrook don't seem to be much cheaper than small starter homes. I could see it being more of a draw in Rockville Center or Garden City since they are more upscale but I'm not sure how much of a suburb experience you really get in an apartment. Isn't part of the attraction of the suburbs having a yard/garden? In any case, Good luck with your decision!
we are also a mid 20's couple and looking to buy our first place in the next 12 to 24 months. I feel good about the position we are setting our selves up since we are not rushed to move into a place, and in the past 6 months of casual browsing the market keeps dropping.
I would set your sights on a building you are attracted to and collect all the numbers on it as you can (number of units for sale, current/historical price, mtx, owner/renter ratio, and coop finances to name a few)
We've noticed the high maintenance units have a hard time moving, It's not hard to understand why people don't want to pay $1000/mo on maintenance when their mortgage is only $960. I sure don't. We hope to get into studio or a jr1 of an upscale or luxury building to keep the maintenance is low while having access to all of the amenities.
Not looking at LI though, keeping an eye on Forest Hills and surrounding areas (kew, rego, etc.)
we are also a mid 20's couple and looking to buy our first place in the next 12 to 24 months. I feel good about the position we are setting our selves up since we are not rushed to move into a place, and in the past 6 months of casual browsing the market keeps dropping.
I would set your sights on a building you are attracted to and collect all the numbers on it as you can (number of units for sale, current/historical price, mtx, owner/renter ratio, and coop finances to name a few)
We've noticed the high maintenance units have a hard time moving, It's not hard to understand why people don't want to pay $1000/mo on maintenance when their mortgage is only $960. I sure don't. We hope to get into studio or a jr1 of an upscale or luxury building to keep the maintenance is low while having access to all of the amenities.
Not looking at LI though, keeping an eye on Forest Hills and surrounding areas (kew, rego, etc.)
That is what we did. I probably looked at 75 places over a year or two getting an idea on what things were going for and seeing what we liked.
All very interesting points, I am leaning toward RVC at this point as Mineola has turned out to be somewhat of a disappointment...nothing special at all and it lacks that "special" something feeling of a town with an identity.
Rockville Centre seems much more friendly and the commute is virtually the same along with what looks like alot of young people living in the city.....we are also considerign queens but it makes very little sence now to live in forest, key or rego when you can be in place like RVC or long beach for the same or even less of a price......we are just worried that we'l miss the "city feel" of it all......thanks everyone for the comments!
Why dont you rent first in an area and make sure that you even like living here before you make a major purchase. If you grew up in the city or boroughs, you might find that you are not as happy with a suburban lifestyle as you think (particularly your reliance on a car for everything). You mention how bad the NJ taxes are, but homeowners do not have it easy here either. Good luck with whatever you choose!
Definitely pay attention to the maintenance per square foot and make sure you get a copy of the co-op's most recent financials (the broker can give this to you). You need to make sure the co-op is well run and that there aren't any major assessments planned. Maintenance almost never goes down, so it's usually better to pay a higher price for lower maintenance than vice versa.
Rock Center is awesome! I wish I would have moved there. When I sell my place, that's where I'm looking to move.
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thanks!
and the commute is virtually the same along with what looks like alot of young people living in the city.....we are also considerign queens but it makes very little sence now to live in forest, key or rego when you can be in place like RVC or long beach for the same or even less of a price......we are just worried that we'l miss the "city feel" of it all......thanks everyone for the comments!
