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Old 10-18-2010, 09:35 AM
 
Location: Pelham Parkway
518 posts, read 797,418 times
Reputation: 216

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Hello again - still VERY new to house hunting, but learning a lot by posting/reading here - hope some of you will look at this link for me - would like your collective advice.

1402 West 4th Street #C8, Brooklyn NY - Trulia

my hubby and I are looking to move into a co-op and want to spend max $1200/month on maintenance/taxes/etc - this listing has a dollar amnt of $1170/month - This is in our budget - BUT in the past few months, all the places we can afford are either in hell holes - very poor/depressed areas) or are in the middle of nowhere (Geritsen beach or Sheepshead Bay) with no MTA trains to get him to work or me into the city - which is a deal-breaker.

SO - is this coop on the level? the price is right - is there an Indian burial ground under this place making the asking price so low? is the $1170 what we will be paying excluding other bills/utilities? or are there more taxes on top of this amt?

I'm getting pretty depressed - living in an owned home now - but cant stay too much longer (family fights, etc) so we need to move eventually - I ask for advice knowing full well that I must see area in person/do more research etc - just looking for advice and some real talk- like you guys are so good at - thanks to anyone who bothers to read and respond.
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Old 10-18-2010, 10:02 AM
 
Location: Brooklyn New York
12,236 posts, read 11,742,373 times
Reputation: 13675
I also own a co-op in Bensonhurst, Bath Beach to be exact. Co-op prices here are not that expensive due to the fact we are located further away from the city. Nothing exciting is here in our neighborhood, which is fine by me. We do have plenty of stores and the necessities for daily life. I think because bensonhurst is not a "hip" or " trendy" hood is really why the prices are lower.

I like it here, I have been living here for 22 years and my co-op is all paid off and my maint is very very very low.

fortunetely I can drive to all the hip and trendy hoods and make noise there, then go home to my quiet hood.....
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Old 10-18-2010, 10:10 AM
 
Location: Beautiful Pelham Parkway,The Bronx
6,598 posts, read 11,350,432 times
Reputation: 4145
The "estimated payment",on every Trulia ad I ever saw while looking for my own apartment ,never included the monthly co op maintenance charge or utilities.It was always just for the estimated loan payment with 20% down and a loan at around 6% or 6.5%.

If you bought an apartment for 199,000 and put down 20%( $39,800) and carried a loan of 159,200 at 6% your loan payments would in fact be around 1,100/mo . If you click through to the actual realtors site you will see that the maintenance on this apartment is $767/mo.If you are trying to figure out your actual monthly carrying charges on this apartment you must add the maintenance and the loan figures together so it would be about 1,800 or 1,900/mo total, probably NOT including utilities.

If you have a credit score above 800 you might qualify for a loan with only a 4 or 5% interest rate and your payments could be considerably less....760 for the loan and 767 for the maintenance but it would still be over 1,500/mo NOT including utilities.

If you really must keep your loan and maintenance around 1,100/mo you shouldn't really be looking at apartments that are 200,000.You should be looking at apartments in the 125,000 to 150,000 range.

A maintenance of 767 on a 1,200 sq ft apartment is actually on the low side and may be a good sign regarding the financial position of this particular co op.
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Old 10-18-2010, 10:13 AM
 
Location: Pelham Parkway
518 posts, read 797,418 times
Reputation: 216
Hi NighCrawler - thats sounds good to me - I'm a new mom and I don't care about hip neighborhoods or nightlife - hubby has friends in Brooklyn, and goes into the city for work - we "live" in Brooklyn, but LIVE in Queens now - so the move to Brooklyn is smart for us - Glad to hear its not a hip place - hip to me reads - a lot of turnover in terms of tenants - no owners just renters and lots of dirt and noise from the traffic....would you say this coop is indicative to Bensonhurst? in terms of price/size?
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Old 10-18-2010, 10:20 AM
 
Location: Pelham Parkway
518 posts, read 797,418 times
Reputation: 216
[quote=bluedog2;16303010]The "estimated payment",on every Trulia ad I ever saw while looking for my own apartment ,never included the monthly co op maintenance charge or utilities.It was always just for the estimated loan payment with 20% down and a loan at around 6% or 6.5%.

ok - i went to art school, so math is not my strong suit

- when i look at the tab "Mortgage" - it says $749/mo - the total for the place a month is $1170. - I thought the $1170 was for mortgage and maintainance fee? am i missing a 3rd fee?

ALSO: thanks for the break down of true costs.
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Old 10-18-2010, 10:38 AM
 
Location: Beautiful Pelham Parkway,The Bronx
6,598 posts, read 11,350,432 times
Reputation: 4145
Here is a link to a mortgage calculator.
Amortization Schedule Calculator
You can put in whatever amount you think you will be carrying after whatever downpayment you will make and also put in a hypothetical interest rate and it will calculate your monthly loan payment.Right now rates are around 4.5% with an 800 plus credit score up to about 6% with an average credit score.We know that the maintenance is 767 so you can add whatever you think your loan payment will be and come up with a good number.I don't think it will ever get below 1,500/mo total unless you make a bigger downpayment and have a smaller loan.They might be "assuming" that you will make a bigger downpayment in order to make the monthly costs seem lower. Real estate agents will always present things in the most favorable light possible to get their hands on you.

The maintenance charge in a co op includes taxes so you don't have to worry about that.

Last edited by bluedog2; 10-18-2010 at 12:00 PM..
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Old 10-18-2010, 11:45 AM
 
523 posts, read 1,529,589 times
Reputation: 126
The location itself is fine/safe. Walking to 2 subway lines. Bay Parkway which has good retail options is quick walk
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Old 10-18-2010, 11:48 AM
 
Location: Pelham Parkway
518 posts, read 797,418 times
Reputation: 216
my brother who is in sanitation said I would do well in Bensonhurst - he drives a lot , I trust his recommendations - thanks to all so far - i LOVE THIS BOARD
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Old 10-19-2010, 02:48 PM
 
896 posts, read 945,823 times
Reputation: 959
Quote:
Originally Posted by Vic Future View Post
my brother who is in sanitation said I would do well in Bensonhurst - he drives a lot , I trust his recommendations - thanks to all so far - i LOVE THIS BOARD
It's mostly Italian and Chinese. Bay parkway is like another Chinatown.
Not many parking spots if you own a car, and too many dogs(especially
pitbulls) in the neighborhood. You can smell dog pees in the summer
on almost every block walking around. But it's a relatively quiet and safe
neighborhood.
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Old 10-19-2010, 03:01 PM
 
Location: Brooklyn New York
12,236 posts, read 11,742,373 times
Reputation: 13675
Oh yes, you will do fine here. parking has it's moments though, but it is just something us Brooklyn folk adhere to, life goes on.

I too like the non hipness of a neighborhood, I don't want visitors and what not here making noise, and to me it isn't cool to live near bars........ for reasons obvious.

I live right below 86th Street and that even closes by 9:30 at night and is quiet.

Is that amount mortgage and maintenance together?
also, maintenance is usually 50% tax deductible.
I also have "STAR" tax relief ( for co-ops)and get back money at the end of the year, well the company that owns our co-op usually sends us a letter saying no maintenance payment needed for December and part of payment for January... makes for a great Christmas bonus to myself. LOL

So there are perks to having a co-op..

and my best thing was mine did not cost that much and it has been paid off for years already... so I just have a maintence payments.....and they are very low by todays standards.---- seriously low,
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