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As the new year approaches, I am thinking about how to make the move to a single family home as we are thinking about growing our family in the next couple of years...
I currently own a coop in Bay Ridge. 2BR/1 Ba... approx 1000 sq ft in a pre-war building w/ elevator. Not on shore rd... Not in the 'high 90s' section either. Also, I am not on 4th (so no shaking!)
I bought it at the height of the market, so I am concerned that if I try to sell, I might take a bit of a hit. Not sure what comparables are selling for these days. I know there was a foreclosure in my building that sold for a ridiculously low amount last year... I think that will hurt me.
Anyone familiar with the real estate scene in Bay Ridge? Wondering what things are selling for... Also very curious what things are renting for (and any advice from folks who have experience renting their coops in the area....
I'm on the board of directors of a co-op on Shore Road. Prices are extremely soft right now. I haven't seen prices this low in many years (I'm here since '84). If you bought at the height of the market, and can afford to wait, I would if I were you.
Of course, you should also check your co-ops rules for subleasing.
Good luck.
A realistic big investment is rarely as simple as do you think the price will go up.
What can you rent it for - what is your carrying cost (mortgage interest/taxes)
Divide that by what you could sell it for, take into account transactions costs.
Is that ratio better than what you might do with the funds if you sell- invest it, put it in another house, etc.
What are the prices of a 2br coop in your building?
I'm curious to know, I've been looking at coops for a while now, not sure if it's the right time to jump in.
I have been looking at co-ops in BR for the last two years. I have probably looked at every co-op that has been on the market for under 400K in the last two years. Ha.
Regardless, I have seen anywhere from a 200K-300K price difference amongst two bedroom co-ops so that piece of information doesn't narrow down a price range for you. I would not worry too much about the foreclosure since they are usually sensible about co-ops and look at other sales outside of your building as well. Do not bother using Zillow for pricing---it's pretty useless. I would just try to find comparables and their actual sale price.
If your co-op even allows you to sublease, I would not rent it unless I was definitely going to make a profit. When I used to look for rentals, I could find two bedroom apartments here anywhere from $1,600-$2,200.
What are the prices of a 2br coop in your building?
I'm curious to know, I've been looking at coops for a while now, not sure if it's the right time to jump in.
We haven't had a 2-bedroom up for sale in quite a long time, so I can't say what the going rate is now. We recently had a studio go for 125k and 2 1-bedroom units go for less than 150k (145 and 149, respectively). As a matter of fact, the 145k sale almost didn't get approved by the board because some members were afraid the sale would de-value their apartments.
I'm not a real estate professional, and I may be wrong, but I doubt prices will go much lower in this area.
As the new year approaches, I am thinking about how to make the move to a single family home as we are thinking about growing our family in the next couple of years...
I currently own a coop in Bay Ridge. 2BR/1 Ba... approx 1000 sq ft in a pre-war building w/ elevator. Not on shore rd... Not in the 'high 90s' section either. Also, I am not on 4th (so no shaking!)
I bought it at the height of the market, so I am concerned that if I try to sell, I might take a bit of a hit. Not sure what comparables are selling for these days. I know there was a foreclosure in my building that sold for a ridiculously low amount last year... I think that will hurt me.
Anyone familiar with the real estate scene in Bay Ridge? Wondering what things are selling for... Also very curious what things are renting for (and any advice from folks who have experience renting their coops in the area....
Is this one of the ones on Ridge or Colonial?
Without knowing too many details, I assume it is something that could sell in the upper 200s, or rent in the upper teens pm.
If you get stiffed on the rent can you carry both places for a few months?
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