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I hate the idea of putting $1500 a month into nothing, so I'd like to buy a condo. There's a chance I may not be in NYC after another few years, so I'd prefer one over a co-op for better ease of subletting/leasing. I'd be living in it myself in the meantime.
Ideally, I'd like to find something in the $200,000 - $300,000 range. I'm aware I'm not getting anything in Midtown or across the bridge in BK for that price. I'm just wondering why kind of nichey areas there might be that people might suspect might be "up and coming" soon enough. For my own purposes, I'm fine with any location so long as it's within 45 - 60 minutes from Lower Manhattan (work).
Very limited choices for Condo at that price... I think you'd be better off looking at a more liberal co-op... a lot of co-ops will let you rent it out after living in it for a year or two. Since you plan to live in it to begin with, why not go that route? Co-ops are much cheaper and plentiful.
at that price range you're likely looking at queens. and thats not a bad thing.
I've been looking at condos just outside of Coney Island, Gravesend I guess. Cheapest I've seen is about 450k. But they mostly all start at 525K for 2 bedroom if they're in walking distance of the subway. Tax abatements and sparkly new, but run of mill. Tbh, the commute to lower Manhattan isn't any worse than if you were on the R out of Bay Ridge. Transfer at Barclay/Atlantic.
I've been looking at condos just outside of Coney Island, Gravesend I guess. Cheapest I've seen is about 450k. But they mostly all start at 525K for 2 bedroom if they're in walking distance of the subway. Tax abatements and sparkly new, but run of mill. Tbh, the commute to lower Manhattan isn't any worse than if you were on the R out of Bay Ridge. Transfer at Barclay/Atlantic.
that can get you a penthouse style co-op in much nicer more established queens areas like FH, Sunnyside, JH... with a much shorter commute. or a very nice 1 bed in manhattan.
Unless you absolutely MUST have a condo, co-ops are a much better value in NYC.
that can get you a penthouse style co-op in much nicer more established queens areas like FH, Sunnyside, JH... with a much shorter commute. or a very nice 1 bed in manhattan.
Unless you absolutely MUST have a condo, co-ops are a much better value in NYC.
Definitely not opposed to a co-op. As long as I'm able to sublet it out/re-sell it at some point, I don't really mind the method of ownership.
Would a broker be able to identify more liberal co-op boards and present me the options or is that something I'd be contacting each establishment about?
Definitely not opposed to a co-op. As long as I'm able to sublet it out/re-sell it at some point, I don't really mind the method of ownership.
Would a broker be able to identify more liberal co-op boards and present me the options or is that something I'd be contacting each establishment about?
Thanks for the help.
yes a broker can help, you can also just google the building address and sublet policy.
If you do go for a co op ask your board if subletting is allowed, do they screen subletees and if they charge a subletting fee. I know n my co op they tack on a 15% subletting fee on top of my monthly maintenance.
Hindsight is always 20/20. $300K was the going rate for studios and some 1 bedroom condos in the then "up and coming" but now "hot" real estate markets of gentrifying BK. This was only 3-5 years ago!
As others have pointed out, a co-op that allows sublets will do just fine. In fact, since they will often interview and screen potential renters, you'll have well vetted and financially sound tenants.
Hindsight is always 20/20. $300K was the going rate for studios and some 1 bedroom condos in the then "up and coming" but now "hot" real estate markets of gentrifying BK. This was only 3-5 years ago!
As others have pointed out, a co-op that allows sublets will do just fine. In fact, since they will often interview and screen potential renters, you'll have well vetted and financially sound tenants.
In 1992 One bedroom apartments in Tudor City in Midtown were $3,500 each.
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