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Old 07-29-2016, 01:04 AM
 
Location: Pittsburgh, PA
159 posts, read 162,618 times
Reputation: 177

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Not sure if this belongs in NYC or NYS forum, but I opted here because it seems most relevant. What's the deal with relatively super low price condos/coops that are scattered around within 30-60 minutes of the city? I'm talking $100-150k range. I'm certain some are in pretty awful neighborhoods (I'm assuming that's the case with some I found in Englewood,NJ), but even so that seems like a decent deal so long as you mentally commit that when leaving home you go only 1 place: train station to get the heck out of there, and straight from station back home later.

Now, I know very very little about outlying areas (basically what I can see in pictures online), but others really don't even seem like completely awful areas. So what am I missing? Do these things *actually* cost anywhere near the advertised purchase price, or are there endless other costs to consider - and if so what might such costs realistically be?

For reference, here's some in Yonkers that seem totally decent to me:
145 Valentine Ln Apt 3 G, Yonkers, NY 10705 - Home For Sale and Real Estate Listing - realtor.com®

475 Bronx River Rd Apt 2 D, Yonkers, NY 10704 - Home For Sale and Real Estate Listing - realtor.com®

682 Tuckahoe Rd Unit Fgb, Yonkers, NY 10710 - Home For Sale and Real Estate Listing - realtor.com®

We dream of living in NYC, but we're pretty resigned that it's just not an option. So if we're pre approved for this price range are there legitimate reasons not to even consider something like these examples if the alternative means going to the midwest to buy?

I'm self employed, so would not need to commute into the city every day - we simply want to live somewhere that we want to live, and having the option to casually drop into nyc whenever the heck we feel like it seems worth significant sacrifice to me if we can actually still afford it. So... can we, or are there endless hidden fees there?

Also note - when I say 'afford' I'm talking about the mortgage loan we're approved for. Realistically we're comfortable 'affording' about twice what we actually got approved for. Because self employment.

Last edited by maxx233; 07-29-2016 at 02:29 AM.. Reason: Trying to change title
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Old 07-29-2016, 03:12 AM
 
Location: Eric Forman's basement
1,970 posts, read 2,098,594 times
Reputation: 1029
Most people don't want to live in a place where you have to "mentally commit" to just going to the train station to get out of there and going straight back afterward. I want to walk out my door and have some decent shops and parks and neighbors, and be able to have some good school options for my kids. That's what quality of life means to me.

(I have never been to Englewood and have no idea what the situation is like there.)

If you want to live in NYC, Riverdale in the Bronx is a nice neighborhood and seems to have some good deals.

I think the problem with Yonkers is that the public schools are a challenge. But if you don't have kids and are comfortable with not having your apartment appreciate that much in years to come, go for it.

By the way, you're very smart to keep your housing expenses low. With the way things are going in this country, very few people can count on high-paying jobs going forward.

Last edited by macnyc2003; 07-29-2016 at 03:25 AM..
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Old 07-29-2016, 06:02 AM
 
1,187 posts, read 1,238,628 times
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There are small 1 bedroom coops that you can get in Queens like Rego Park for $150k.
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Old 07-29-2016, 08:36 AM
 
517 posts, read 408,973 times
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there are plenty of coops you can guy in much nicer areas IN nyc for around 150k.
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Old 07-29-2016, 08:47 AM
 
1,281 posts, read 1,035,101 times
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The problem is not the actual price of the Co-Op's, its the VERY HIGH monthly maintenance and all of the approval processes you ill have to go through to even get approved to live there.

Some of these "Low Priced" Co-Ops have monthly maintenance charges in excess of $900 - $1800 a Month on top of the mortgage payment. It all depends on the neighborhood and what amenities the co-op offers tenants (owners)

I just checked a few co-ops in westchester county this past month - some of which were amazing, and I was getting maintenance prices of $1300 a month on average
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Old 07-29-2016, 08:50 AM
 
Location: Plandome, NY
7,068 posts, read 8,159,692 times
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Quote:
Originally Posted by Werdywerd View Post
The problem is not the actual price of the Co-Op's, its the VERY HIGH monthly maintenance and all of the approval processes you ill have to go through to even get approved to live there.

Some of these "Low Priced" Co-Ops have monthly maintenance charges in excess of $900 - $1400 a Month on top of the mortgage payment.
not only that, some of the buildings have RS/RC people in there. Market rate people pays the RS/RC's share. When I see a bit of that, I walk away
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Old 07-29-2016, 09:13 AM
 
5,013 posts, read 5,926,111 times
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Northwest Yonkers has some very affordable coops/condos. Easy commute to Manhattan as well via Metro North.
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Old 07-29-2016, 10:20 AM
 
11,456 posts, read 6,568,506 times
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How are the monthly costs for parkchester condos?
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Old 07-29-2016, 10:37 AM
 
517 posts, read 408,973 times
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Quote:
Originally Posted by Werdywerd View Post
The problem is not the actual price of the Co-Op's, its the VERY HIGH monthly maintenance and all of the approval processes you ill have to go through to even get approved to live there.

Some of these "Low Priced" Co-Ops have monthly maintenance charges in excess of $900 - $1800 a Month on top of the mortgage payment. It all depends on the neighborhood and what amenities the co-op offers tenants (owners)

I just checked a few co-ops in westchester county this past month - some of which were amazing, and I was getting maintenance prices of $1300 a month on average
that's not always the case, where i live for instance (jackson heights) there are still bargains to be found if you are willing to go a bit past the train.

such as

3333 82nd St # 4, Jackson Heights, NY 11372 | Zillow

3333 82nd St APT 3D, Jackson Heights, NY 11372 | MLS #2864020 | Zillow

9009 Northern Blvd, Jackson Heights, NY 11372 | MLS #2870427 | Zillow

all of those well under 200k with maintenance under $600.

i've personally never seen a $1300 maintenance on a NYC 1 bedroom apt unless its a luxury manhattan unit.
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Old 07-29-2016, 11:05 AM
 
10,907 posts, read 9,319,397 times
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My sister lives in a coop in Yonkers. She paid around $25K for it. While she'd rather be in Manhattan, it seems to work for her.
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