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We're just a little worried about raising a child in NYC.
But in the case we decide to buy, we'd be looking at an investment of at least 10 yrs.
Bayside is nice, I've been there a couple of times but it's kind of far.
I do have a car but parking around downtown brooklyn is almost non-existant, and garages are mighty expensive.
Maybe that's because the Indian district is in the heart of JH (74 St).
I was there not long ago, enjoying some lamb vindaloo and all the area from Roosvelt & 74 st down to almost 34ave is all Pakistani, Bangladeshi and Indian.
Anyway, I think the OP needs to give some specific details of how much he's willing to spend on downpayment, purchasing price, maintenice fee, and so on.
I personally would be looking to spend not much more of the current rent. So if the OP is paying 1,500 I would look to spend no more than 2,000 (mortage & maintenance) total each month.
The heart of Jackson Heights is the historic district. None of 74th St is included in the historic district. None of 75th St is either. Only half a block is included on 76th; it doesn't start to enlarge until you hit 77th, and then it encompasses more space as you hit 79th St through 88th St. There's a map at the bottom of this page Jackson Heights Queens Neighborhood and Map
It's great that you like the Indian food in this neighborhood, but also a shame since you seem to want to talk about Jackson Heights but the only thing you are familiar with is a few Indian restaurants. This is a neighborhood that encompasses hundreds of blocks. You seem oddly focused on the three blocks you've been to with the Indian restaurants.
My wife prefers Queens than Brooklyn. Her office is in Midtown but she has to travel to clients in the tri-state area and from Queens is easier to travel than it is from Brooklyn. I think Brooklyn tends to be more expnsice and has a higher population density too.
We do like some areas of Jackson heights, we also looked into Rego Park and Forest Hills.
How about Sunnyside?
We are looking to spend no more than 350k, and are hoping to give a down payment of no more than 40k. Maybe we'll need to save up some more before we can buy, but I've also heard of FHA loans which allow for low down payments.
Is this realistic?
Sunnyside is very nice. I like 43rd Ave area and Skillman Ave area. Sunnyside Gardens is lovely but I think it's all houses. There is at least one local realty office on 43rd not far from the Met food that often has coops for sale listed in the window. The one drawback of Sunnyside is that the train options are more limited (7 only) and also I heard that most of the buildings do not have garages so you might have to street park.
We're just a little worried about raising a child in NYC.
But in the case we decide to buy, we'd be looking at an investment of at least 10 yrs.
Bayside is nice, I've been there a couple of times but it's kind of far.
I do have a car but parking around downtown brooklyn is almost non-existant, and garages are mighty expensive.
If you keep it to one kid, you could get by with an apartment central Queens (Forest Hills, Rego, Kew Gardens, Jackson Heights). It gets tougher with more than one kid at home esp. as they become adolescents and that's when more spacious places like Bayside or Fresh Meadows come to play. Try looking at Glendale, Middle Village or Ridgewood - these are closer to Brooklyn.
Buying a house - this would be a risky proposition unless you have some kind of inheritance to help you with the downpayment. Most good properties in the boroughs will sell for multiples above yor income. Maybe you can get a co-op.
Parking - Check if there's a commercial area near your workplace that has early bird specials where they charge a reasonable flat fee if you park M-F from 6am to 9pm.
The heart of Jackson Heights is the historic district. None of 74th St is included in the historic district. None of 75th St is either. Only half a block is included on 76th; it doesn't start to enlarge until you hit 77th, and then it encompasses more space as you hit 79th St through 88th St. There's a map at the bottom of this page Jackson Heights Queens Neighborhood and Map
It's great that you like the Indian food in this neighborhood, but also a shame since you seem to want to talk about Jackson Heights but the only thing you are familiar with is a few Indian restaurants. This is a neighborhood that encompasses hundreds of blocks. You seem oddly focused on the three blocks you've been to with the Indian restaurants.
I don't wanna derail this thread talking about JH, the OP can go take a look if interested. Most people who ever heard of JH don't necessarily associate it with a 'historical district' but rather with little India, the Mexican and South East asian (mainly phillipino) stores in the area and an of course, the overwhelming amount of immigrants.
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OP, Sunnyside is a good option as well, considering your jobs and current home location.
I'm not sure about prices, but the last time I checked I saw a 2br apt going for 350k on Skillman.
How about Maspeth? Transportation isn't the best (mostly buses) but it's a quiet, safe neigfhborhoods with a lot of affordable options.
Last edited by likeminas; 12-10-2012 at 12:52 PM..
The "overwhelming amount of immigrants" supposedly in JH are actually outside of JH - in East Elmhurst, Elmhurst, Corona and Woodside. What confuses some people is the E-subway stop named "Jackson Heights". A lot of people from other areas use the subway station as a transit point. Most of Jackson Heights is really the area as Henna described - it's also a very sizable, well-maintained area but most residences are apartments in buildings.
We do like some areas of Jackson heights, we also looked into Rego Park and Forest Hills.
How about Sunnyside?
We are looking to spend no more than 350k, and are hoping to give a down payment of no more than 40k. Maybe we'll need to save up some more before we can buy, but I've also heard of FHA loans which allow for low down payments.
Is this realistic?
What are you thinking of buying? For 350K, I would say that unless you're moving into some not-so-great areas that it could possibly buy you a two bedroom co-op. You can start by putting your parameters into a website like Trulia. Choose the location you're looking for (such as Jackson Heights, Queens) and two bedrooms. See what comes up and see what you like.
Just keep in mind that buying a two bedroom co-op usually means higher maintenance. Be prepared to tack on anywhere from $700-$1,000 of maintenance costs every month to your mortgage payment. Additionally, I don't think most co-ops will allow you to do an FHA loan since most of them require somewhere between a 10-25% d/p. If you can find a condo you might be able to work with an FHA.
Quote:
Originally Posted by Airborneguy
Personally if my possible time frame for staying in the home was only 5-7 years, I would not buy. I've been a homeowner for 4 years now and intend to stay at least 5 more. I know those two extra years don't sound like much, but 9 is a LOT more than your possible 5 when it comes to home ownership. Barring a major real estate uptick within those 5-7 years, you would have done nothing more than rent the place for MORE than you would have rented somewhere else, unless you find a fixer-upper for a really good price and do a lot of the work yourself. In the current market, that is the only way you are going to come out ahead of renting via homeownership.
I mostly agree with this. I wouldn't buy something unless: (1) the costs would be cheaper than my current rent or (2) I knew I was going to be around for a long while.
The "overwhelming amount of immigrants" supposedly in JH are actually outside of JH - in East Elmhurst, Elmhurst, Corona and Woodside. What confuses some people is the E-subway stop named "Jackson Heights".
So most people in JH are american born?
Any stats comparing these neighborhoods to put this to rest?
Unless you can see their birth certificates and tally the majority, it's impossible to tell where they are born. There are many US-born people who live in Corona even if its overwhelmingly Latino.
Unless you can see their birth certificates and tally the majority, it's impossible to tell where they are born. There are many US-born people who live in Corona even if its overwhelmingly Latino.
How about using the census data?
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