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Old 08-10-2010, 02:02 PM
 
3 posts, read 4,725 times
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Default Good place to buy condo/coop for young couple?

Hi all, this forum appears to have a ton of very helpful people so Thanks in advance for your help.

My wife and I are in both in older twenties with combined income of 100k and would like to find a place (condo or coop) to live with 1 to 1.5hour commute to the city. Any suggestions?

So far I love Rockville Center but I fear it might be to expensive of a city to live in..........Hempstead while affordable seems to be a drag to get to the city (2 hour commute to lower Manhattan)....please help to steer me in the right direction. Thanks!
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Old 08-10-2010, 02:04 PM
 
748 posts, read 1,714,411 times
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Mineola.
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Old 08-10-2010, 02:17 PM
 
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Lynbrook or Oceanside might have some affordable options.

How many bedrooms do you need? Any particular reason you're looking to move to LI?
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Old 08-10-2010, 02:22 PM
 
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Great Neck has a lot of co-ops and is a good place for young people.
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Old 08-10-2010, 02:32 PM
 
3,686 posts, read 4,236,668 times
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Give it a year or two, save some money up, and wait until this overpriced market collapses another 25%. Ignore the RE agent pitch that this is the right time to buy. Rockville Centre will become quite affordable to you.
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Old 08-10-2010, 03:03 PM
 
9,343 posts, read 16,154,764 times
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Default In case you are unfamiliar with the local geography

Solidhead, in case you are unfamiliar with the local geography, I've sent you an explanation of the very, very confusing geography of "Lawn Guyland" as a DM (Direct Message).
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Old 08-10-2010, 04:15 PM
 
Location: Nassau, Long Island, NY
15,734 posts, read 15,971,139 times
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Quote:
Originally Posted by Gpsma View Post
Give it a year or two, save some money up, and wait until this overpriced market collapses another 25%. Ignore the RE agent pitch that this is the right time to buy. Rockville Centre will become quite affordable to you.
Good advice.

Since even Geithner (one of Obama's bosses from Goldman Sachs) actually admitted that he thinks unemployment is going to go up for at least the next 2 years, that will have a downward effect on real estate prices.

Another question is: do you and your wife want to stay in a coop/condo moderately long-term (at least 10 years) or did you think you would trade up to a house sooner than that? If you wanted to use the coop/condo to trade up to a house, I would definitely say don't do it and try and get even the smallest house instead. Reason being, when there is significant downward pressure on real estate, especially due to unemployment which results in desperate sellers, you are at a huge disadvantage when trying to sell a condo/coop. Why? Because your apartment is nowhere near unique and you will have a lot of competition with apartments that are basically the exact same thing in your own building and other similar buildings. When there are a bunch of things that are almost the same exact thing for sale, guess what gets sold and what sits? What gets sold is the apartment belonging to whoever will take the least for it so there will be ruthless price cutting just to get an apartment sold.
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Old 08-11-2010, 09:21 AM
 
3 posts, read 4,725 times
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Default Thanks!

Thanks so much guys for your replays! I am moving to LI because after living in Queens for 15 years it's time to move out of the city and live the "suburban life" with me and my wife. We both work in the city and the option of living in NJ and paying outrageous taxes on top of living in one of the most dirty, corrupt states in the US is not up my alley.

We find ourselves spending more and more time in LI every year and I guess over next year or two we would like to narrow down where we want to buy and yes there is no way we'll buy now. It will be roughly in a year or two but the process takes time so I'd like to get a heads start.
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Old 08-11-2010, 11:33 AM
 
Location: The Milky Way Galaxy
2,240 posts, read 3,605,540 times
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In my experience and a few others, I would recommend a condo over a co-op too...
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Old 08-11-2010, 12:59 PM
 
748 posts, read 1,714,411 times
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LI taxes does not very different from NJ taxes. I guess most NY suburbs have high taxes.
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