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Is it worth spending 630K on an 1650SF coop in an high rise building in FH. Monthly maintainece including parking can run about 1,700 a month. Really like the place but am very conscious of the price tag. Any suggestions will be greatly appreciated.
It sounds very nice but it's also very highly price.
First order of business, get out your ruler and MEASURE the rooms, sellers and developers can inflate square footage to a remarkable extent. But a REAL 1650 square feet sounds SO delightful.
Maintenence is high and is usually in inverse proportion to price. Are you high floor, with 24 hour doorman/concierge service? Are utilities included, kitchens and bathrooms upgraded, hardwood floors sparkling? Nice terrace? Is it in one of the best of the FH buildings?
I think the prices should include several of these extras.
Like stencil said, check comps. (I am going to look around too. I am a bit familiar with Rego Park pricing but in the dark about neighboring Forest Hills.)
Thanks very much for your response. There were two additional units that sold in the building last year that had similar pricing. The comps however vary widely with in the area.
The High rise buildings are commanding this price but there are other buildings in the vicinity that have 3 BR/ 2bth units in the range of 399-450K. There is comparable in the same building that is listed for 35K lower (and will likely be negotiated down by another 30K) but the place is not renovated at all. The unit I am looking at is completely renovated (updated floors, Marble Bathrooms and Kitchen). The seller is basically asking for 60-65K premium on the renovations.
The renovations in the apartment are very tasteful and high end but I am not sure if these are worth 60-70K. Also the wide range of the prices on somewhat similar size units with in the neighborhood is a bit perplexing.
Thanks. The SQft is around that including the balcony space but will measure it as well. The maintainence does not include electricity. It's a luxury building with 24hr doorman and good ameneties. The floor is high with views of queens side.
Do you get heat and hot water in your maintenence? Or the wonder of old apartment buildings, free chilled water to a cooler?
Paying for the first two via your electric bill is a big minus. Super high floor?
What do you think they would RENT this apartment for?
Musing over the $$$...with mortgage and maintenance that's a LOT of money every month.
So then compare a rental value of $3500 with the cost of ownership without amortizing the loan.
Paying off interest only at 5% is $2625/mo plus 1700 is $4325. I know there are tax benefits to ownership but there are also heavy closing costs, insurance, maintenance costs (refrigerators, stoves, plumbing, floors, etc.) SO call them a wash.
Seems renting a comparable place is the better idea.
(Is it 66-36 Yellowstone?)
Last edited by Kefir King; 07-24-2011 at 12:21 PM..
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