Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
As for the Chinese money floating around, I haven't seen it myself yet, no one is knocking down my door offering all cash offers like in Cali. All the Chinese people that I know buying the condos in Flushing and Forest Hills and houses Northeastern Queens are either white collar workers with decent six figure incomes, business owners, or have existing properties that have appreciated significantly to leverage off from. I'm nosy so I look up the mortgage amounts of homes that get sold by me and I haven't seen one that's all cash. Most just put down a couple of hundred thousand dollars.
Elhmurst, Corona, and Flushing all have a Chinatown (each of different sizes). It is not a huge leap of logic to think the whole area will turn into one big Chinese community within the next 5-20 years when the original poster will be looking to sell (if he buys in this area).
When that happens, residents will benefit from having nearby amenities, parks/playgrounds, hospitals/clinics, gyms and a reasonable and comfortable commute to Manhattan.
I just looked at the apartment in the continental and thinking about putting an offer. The maintenance for a 2 bedroom is about 800 dollars, includes everything except electric and cooking gas. I just have a good feeling that the building and the new library next door will up the value of the area and draw attention to those who never thought they would live in Elmhurst. If we just get a few young professionals to have the same vision as "starbucks" I believe Elmhurst will get better in the near future. Hopfully this is the right decision I am making. Below is a new article I found on the development.
I just looked at the apartment in the continental and thinking about putting an offer. The maintenance for a 2 bedroom is about 800 dollars, includes everything except electric and cooking gas. I just have a good feeling that the building and the new library next door will up the value of the area and draw attention to those who never thought they would live in Elmhurst. If we just get a few young professionals to have the same vision as "starbucks" I believe Elmhurst will get better in the near future. Hopfully this is the right decision I am making. Below is a new article I found on the development.
Make sure you make a very low offer because nobody has paid more than $220,000 for an apartment in that complex,most of the sales have been in the mid 100's,sales appear to be very slow and the developer quoted in the article appears to be lying because there are no contingent sales( no UCC filings) as of today…. and the last closing was for $160,000 on 8/22/14. Actually,I wouldn't be surprised if it is impossible to get outside bank financing on this place because of the history,low owner occupancy and debt but you seem determined so good luck.
I would definitely insist that any contract be subject to getting financing by a bank chosen by you ,so that you get the benefit of a legitimate bank's analysis of the finances of the corporation.DO NOT TAKE THE DEVELOPERS FINANCING IF OFFERED.
Make sure you make a very low offer because nobody has paid more than $220,000 for an apartment in that complex,most of the sales have been in the mid 100's,sales appear to be very slow and the developer quoted in the article appears to be lying because there are no contingent sales( no UCC filings) as of today…. and the last closing was for $160,000 on 8/22/14. Actually,I wouldn't be surprised if it is impossible to get outside bank financing on this place because of the history,low owner occupancy and debt but good luck.
Agree with the above, if your serious about buying here you should already be seeking a lawyer who has co-op experience and understands how to read financial statements.
Thank you! The agents said that most units are gone. I am thinking people are still in the process of the contract. I spoke to my lawyer already and he will go over the contact plan etc in details. Chase and Citibank are certified lenders in the building.
Thank you! The agents said that most units are gone. I am thinking people are still in the process of the contract. I spoke to my lawyer already and he will go over the contact plan etc in details. Chase and Citibank are certified lenders in the building.
I wouldn't trust the agent as he is looking to make a sale to get paid. Please make sure your lawyer is not someone recommended by the agent due to conflict of interest.
Thank you! The agents said that most units are gone. I am thinking people are still in the process of the contract. I spoke to my lawyer already and he will go over the contact plan etc in details. Chase and Citibank are certified lenders in the building.
curious how big a unit are you looking for?
And yes agents will almost always say that units are gone or that they have a ton of offers.
I went to see an co-op 6 months ago, the agent told me he had many offers above asking and to "act fast" if I wanted it. It was overpriced and I never made an offer. 6 months later the unit is still for sale... wonder what happened to all those above asking offers...lol
What ethnicity are you also if that's not too personal... I just ask because that area and co-op seems like it has potential to be the next china town... and if Flushing is any indication, that will not be a good thing for the aesthetics and cleanliness of the area.
What ethnicity are you also if that's not too personal... I just ask because that area and co-op seems like it has potential to be the next china town... and if Flushing is any indication, that will not be a good thing for the aesthetics and cleanliness of the area.
What ethnicity are you also if that's not too personal... I just ask because that area and co-op seems like it has potential to be the next china town... and if Flushing is any indication, that will not be a good thing for the aesthetics and cleanliness of the area.
Neighborhood is already a run down, dirty, and ugly looking place (this is the county of immigrants). Currently the majority is Hispanic immigrants (mainly Mexican) who are just trying to survive NYC, upside is Asian community has more money to develop the area. Anyone who buys here is looking for cheap (by NYC standards) and safe area to live that is a easy commute to Manhattan. If you are looking for pretty areas, you will need to pay more (Brooklyn) or live farther away (suburbs). Even the up and coming areas in Brooklyn are overpriced and way more dangerous than any area in queens (look up the NYC crime map).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
