2 bedroom Condo for 120-130k in Suffern NY? (Oakdale: for sale, apartment)

[GiantRutgersfan]

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?

[7laura397]

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.

[GiantRutgersfan]

Originally Posted by 7laura397

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.

[Titus Pullo]

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.

[rocafeller05]

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.

Originally Posted by 7laura397

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.

[Titus Pullo]

Originally Posted by rocafeller05

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.

[rocafeller05]

Yes. That is true.

Originally Posted by Titus Pullo

That's a good point. Is true that with condominiums, you cannot write of the HOA fees? But with co-ops......you can.

[VA Yankee]

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.

[Titus Pullo]

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.

[rocafeller05]

^^ 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.