Arverne by the Sea

[maglev101]

Originally Posted by kickrocks

why a $500 deposit for the binder? did they ask for that or you offered? had a binder as well but with no deposit and finally let go of my lot in early Sept after two months of nego's... lot of work needed there particularly the infrastructure... the very first homes went for 400,000 but have their downfalls with construction as opposed to the newer lots. however those who purchased in 2007/2008 are hurting unfortunately... good people there too but not the right time for their delusional asking price either.

kickrocks,
maybe it was not a binder. anyway, they asked for $500 to reserve the lot. i had 2 weeks to decide whether i want it or not. yesterday, i went to the sales office to cancel. told them i don't want to wait 1 to 2 years to close. sales lady said they have a Brittania unit that will close in 1 month and suggested i take it (priced at $625k vs. Freeport's $645k). i said no and she asked why, since it was "cheaper" and can close soon. well, let me see, Brittania originally sold for about $400k, not to mention alot smaller than the Freeport.

[maglev101]

Originally Posted by kickrocks

why a $500 deposit for the binder? did they ask for that or you offered? had a binder as well but with no deposit and finally let go of my lot in early Sept after two months of nego's... lot of work needed there particularly the infrastructure... the very first homes went for 400,000 but have their downfalls with construction as opposed to the newer lots. however those who purchased in 2007/2008 are hurting unfortunately... good people there too but not the right time for their delusional asking price either.

kickrocks - may i ask what sort of negotiations you went through for 2 months? my main gripe with the far off closing date is the 10% (of the purchase price) penalty/fee imposed if i can't get financing at the time of the close.

[scatman]

Originally Posted by maglev101

i've decided to opt out of buying a unit at the dunes. main reason being the closing won't be for at least 1+ yr or so. if i should lose my job (not unlikely, esp in this economy) and can't get financing at that time, then i'll be penalized 10% of the purchase price. minor reason is the uncertainty with the interest rate over that time period. i really like the house and the area. just too bad they can't close within 3 months.

When you lock on an interest, doesn't it stay locked on?

[ABTSgirl]

Is it possible to get beachfront property in the new dunes neighborhood for 600k or am I to believe 600k is for those units closer to the train? Any idea how much the East Hampton model goes for. I'm very interested in this community. I was just there this past weekend and can't believe this is NY. I've never been to Far Rockaway, so I must say I was very pleasantly surprised. Only downside I saw was there are no stores (restaurants, shopping, movie theaters, etc.,) around. What's the deal with that??!!! Anyway, as far as it being a seedy/undesirable nabe, most nabes in NYC have a sordid and/or sketchy past? Case in point, Fort Greene, Brooklyn Heights/Park Slope (I'm sure this will be a shocker for some, but true), Clinton Hill, etc., It's almost impossible to buy something in any of those areas (on a nice tree-lined block) for under 900k! The objective with these types of areas is to get in when the prices are low. Unfortunately, you'll have to deal with the growing pains in order to reap the benefits in the future.

[maglev101]

Originally Posted by ABTSgirl

Is it possible to get beachfront property in the new dunes neighborhood for 600k or am I to believe 600k is for those units closer to the train? Any idea how much the East Hampton model goes for. I'm very interested in this community. I was just there this past weekend and can't believe this is NY. I've never been to Far Rockaway, so I must say I was very pleasantly surprised. Only downside I saw was there are no stores (restaurants, shopping, movie theaters, etc.,) around. What's the deal with that??!!! Anyway, as far as it being a seedy/undesirable nabe, most nabes in NYC have a sordid and/or sketchy past? Case in point, Fort Greene, Brooklyn Heights/Park Slope (I'm sure this will be a shocker for some, but true), Clinton Hill, etc., It's almost impossible to buy something in any of those areas (on a nice tree-lined block) for under 900k! The objective with these types of areas is to get in when the prices are low. Unfortunately, you'll have to deal with the growing pains in order to reap the benefits in the future.

currently, only 1 east hampton model was available, until they open up the new lots for sale. i had to settle for the freeport, but eventually opted out of buying. they wanted $634k for the 1 east hampton left (bordering rockaway beach blvd & facing the train track). you are not likely to be able to get anything for <$600k. beachfront units will cost you $725k-$1mm+. you should ride the A train & walk around the 'hood at night to see for yourself. i personally can tolerate both.

[ABTSgirl]

That's pretty high. 725k-1m even in light of the current housing market? Do you know if they are willing to negotiate? I would not pay 600 or above to face some train tracks. Do you know anything about pricing on the new lots?

[maglev101]

Originally Posted by ABTSgirl

That's pretty high. 725k-1m even in light of the current housing market? Do you know if they are willing to negotiate? I would not pay 600 or above to face some train tracks. Do you know anything about pricing on the new lots?

nyc hasn't really been hit that hard by the housing downturn (vs e.g. las vegas). plus, the units are at/near the beach, which also helps in the developer's pricing. you can try, but i doubt they will negotiate, as there seems to be a good amount of prospective buyers visiting the sales office. they did highlight the fact that east hampton lot has one of the bigger yards and brush aside the facing the train track issue. i don't know about new lot pricing. but, based on prior schemes, i'm guessing the only lots <$600k might be those facing/close to train tracks and the smallest model (the one with 1 bedroom rental).

[SeventhFloor]

the cheapest lots are near the bech 67th street train station starting at 550K, the most expensive are on beachfront road at 995K.

[kickrocks]

Originally Posted by scatman

When you lock on an interest, doesn't it stay locked on?

no bank nor broker would ever lock a rate unless you're 1-2 months from closing.

[kickrocks]

Originally Posted by maglev101

kickrocks - may i ask what sort of negotiations you went through for 2 months? my main gripe with the far off closing date is the 10% (of the purchase price) penalty/fee imposed if i can't get financing at the time of the close.

my nego's were for the price and amenities. had a 2nd row freeport hold - prob the 2nd best view/lot of all available. they wouldn't move on price but i was intent on getting a lot of extras. in the end, it still wasn't worth the price/area - still very questionable particularly since there is no infrastructure: transportation, stores, food, safety, etc. Arverne was unf also cited with the most foreclosures in any NYC neighborhood one month ago. even tho this is the other side of the tracks it's alarming when you're paying the asking price which is more than it's worth. construction on the shopping center was originally supposed five years ago. they promised that ground would break before fall - guess there's still nothing? the HS nearby just closed. the crime rate is rising as well. there was a recent arrest of a rapist grabbing a second woman from the 67th street A stop within 21 hrs of the previous. while the area has great promise, this turnaround won't happen til 5-10 years depending on how the economy plays out. you can be sure that inflation will hit in a few and that will affect life. beach or not, New York isn't a warm climate city like Miami or LA where the beach can be had 24/7/365. winters are colder and windy. if interested, visit in the middle of winter when there's snow and slush on the ground... if you still like it, no fear - the fact that a house 4 years ago went up 200k is only a natural progression. look at the mid-row houses that were built last year that went for 800k with a rate of 7-8%. now a 2nd row is 725. you will not miss out. there's plenty more beachfront next to ABTS that will develop IF successful, and the situation will be better.