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Old 09-17-2008, 11:03 AM
 
3,357 posts, read 5,309,066 times
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I was looking online and there are quite a few condo's for sale at this price.

Seems kind of cheap, since thats a nice area and close to NYC.

Bon Air condos and Oakdale Manor were the places they were in.


Anything that I should know, or is that really what they cost?
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Old 09-17-2008, 04:30 PM
 
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Yeah, you need to know that although they list them as condos, they are really co-ops. That means that you own a percentage of the entire property, not your apartment. Co-ops are difficult to get mortgages for, and are not good investments. The biggest deal breaker, thought, is the average $800.00 to $1000.00 monthly home owner association fees. Stay away, everyone else does.
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Old 09-17-2008, 11:46 PM
 
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Quote:
Originally Posted by 7laura397 View Post
Yeah, you need to know that although they list them as condos, they are really co-ops. That means that you own a percentage of the entire property, not your apartment. Co-ops are difficult to get mortgages for, and are not good investments. The biggest deal breaker, thought, is the average $800.00 to $1000.00 monthly home owner association fees. Stay away, everyone else does.



i am shocked. The fees are really that high?

I figured it would cost whatever the mortgage is, plus maybe $250 for HOA fees, and then taxes. Which would be fine by me.
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Old 08-20-2009, 02:21 PM
 
Location: New York
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I was there today looking at the development. I must say.....the area is beautiful and seems like a perfect place for a small family.

However, when I saw the monthly maintenance fees.......it was clearly not for me. I agree with 7laura397.
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Old 08-21-2009, 09:32 AM
 
Location: Island of long
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Yeah..but dont forget you can write off anywhere from 40% to 70% of those monthly fees. And within those costs is your heating, water & sewer, taxes, ground maintenace, & pool/clubhouse if they have one. When you crunch the numbers & see how much you get back in taxes its not that bad.

Quote:
Originally Posted by 7laura397 View Post
Yeah, you need to know that although they list them as condos, they are really co-ops. That means that you own a percentage of the entire property, not your apartment. Co-ops are difficult to get mortgages for, and are not good investments. The biggest deal breaker, thought, is the average $800.00 to $1000.00 monthly home owner association fees. Stay away, everyone else does.
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Old 08-24-2009, 06:42 AM
 
Location: New York
247 posts, read 440,899 times
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Quote:
Originally Posted by rocafeller05 View Post
Yeah..but dont forget you can write off anywhere from 40% to 70% of those monthly fees. And within those costs is your heating, water & sewer, taxes, ground maintenace, & pool/clubhouse if they have one. When you crunch the numbers & see how much you get back in taxes its not that bad.
That's a good point. Is true that with condominiums, you cannot write of the HOA fees? But with co-ops......you can.
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Old 08-24-2009, 07:13 AM
 
Location: Island of long
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Yes. That is true.

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Originally Posted by Titus Pullo View Post
That's a good point. Is true that with condominiums, you cannot write of the HOA fees? But with co-ops......you can.
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Old 08-24-2009, 11:33 AM
 
Location: Where my bills arrive
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Keep in mind that taxes and utility costs are very high up there. You might want to request a break down of what goes to each area from you monthly payment.
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Old 08-25-2009, 06:37 AM
 
Location: New York
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Thanks very much.

There is a new condominium development in Suffern. The taxes & HOA are approximately $8K .....but this is only an estimate from the builders. Since this a new development........there is not an existing HOA in place.

Do new condominiums come with a guarantee like new homes do from the builder? From what I heard......builders of condos transfer all the rights to the HOA and then the HOA is responsible thereon.
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Old 08-25-2009, 08:43 AM
 
Location: Island of long
3,582 posts, read 6,054,157 times
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^^ I dont think they can give a "guarantted" number till closing. But the builder can be very, very close. Remember new contruction is taxed more! Atleast here on LI it is.
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