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Old 01-14-2013, 11:25 AM
 
84 posts, read 223,449 times
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Young family here seriously considering purchasing a place we can really call HOME.

So here's what we would like;

-2br apt, Condo or Coop.
-Relatively safe neighborhood
-Decent transportation options (subway highly preferable), I work around downtown brooklyn and my wife in midtown but she also travels frequently around the tri-state area.


What we have to do this;

-50k cash to put as downpayment
-Household salary of 125k/yr
-credit scores in the high 700's
-no debt


We just had a our first child, so a park near-by would be a nice added bonus.

Neighborhoods we had our eye on are; Woodside, Jackson heights, Rego Park, Kew Gardens, Briarwood.
And some South Brooklyn neighborhoods.

Is this doable given our finances and criteria?

If so, what other neighborhoods would you recommend?
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Old 01-14-2013, 11:54 AM
 
Location: Sunnyside
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Is your place of work accessible by the G train? If not I wouldn't really consider that to be a great spot to live if you're going to be in downtown Brooklyn for a long while. If you are temporarily in Brooklyn and searching for other/better opportunities then queens wouldn't be such a bad idea.
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Old 01-14-2013, 01:44 PM
 
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The closest train by my work is the 'C' line.
In the case of going with a Queens neighborhood, I think I will have to commute via Manhattan.
As long as it is around 1hr or less I'm ok wit it.

Any other thoughts?
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Old 01-14-2013, 02:07 PM
 
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You can check out this resource list for kids and kids' organizations and events in Jackson Heights. http://www.jacksonheightslife.com/co...p?topic=2045.0 It may not be completely up to date but could be a good start.

78th Playstreet is very popular in the good weather.

I think an hour commute to Downtown Brooklyn is do-able if you live closer to the 74th St./Roosevelt hub, but I would only suggest living in or near the historic district as the non-historic district in that area is too congested and ugly. Around 76 or 77th St. and 35th Ave might be a good choice. You'd have nice surroundings and still have only about a 5 minute walk to the subway.

Check the bottom of this page Jackson Heights Queens Neighborhood and Map for a historic district map.
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Old 01-14-2013, 02:19 PM
 
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Is the 50K you have for the downpayment all the cash you have? I am just wondering about closing costs, lawyers' fees, etc. Also it's good to not bankrupt yourself completely when buying, in case you need some money for renovations and savings for other things.

If you really have 50K for a downpayment, you could spend $250K on an apartment, as they usually require 20% down. I am not sure what income would be required for a mortgage and passing a coop board. In Jackson Heights, you might be able to get a one bedroom or large junior 4 for that price that would fit your young family, but I'm not sure how great it would be when your child gets bigger. You probably should find a realtor who is very familiar with the neighborhood, and not just go with the large brokerage firms. You need someone who can show you good buildings, as some are not as good as others in terms of finances and maintenance.

I would imagine Rego Park, Kew Gardens and Briarwood would be cheaper than Jackson Heights but that's just my impression of the market and may not be accurate.

Last edited by Henna; 01-14-2013 at 02:29 PM..
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Old 01-14-2013, 02:34 PM
 
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Thanks for the reply Henna.

We have 15k more besides the 50k, but that's a rainy-day fund I wouldn't want to touch.

Our child will need her own room at one point and he need to consider this if we want to buy, so we can't do the 1 or 1 1/2 br. It has to be a 2br...


I've seen 2br coops in Kew Gardens going for 250k, but you have a good point about the buildings' finances. we have to ve very careful about that.

I saw even cheaper as you go more deep into Queens, but that will give me a longer commute.

I guess, we will need to make some sacrificies and trade-offs if we want o buy.
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Old 01-14-2013, 02:41 PM
 
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Not only building finances, but also you really need to look at the cost of monthly fees (maintenance fees). I know that at first glance some buildings will seem like a good deal but then you find out that the maintenance is $1000 a month or something on the high side. Also you need to look into things like flip tax, land lease, etc. Buying a coop is not a simple matter. Good luck.
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Old 01-14-2013, 02:43 PM
 
Location: Sunnyside
2,008 posts, read 4,226,066 times
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Quote:
Originally Posted by on-wheels View Post
Thanks for the reply Henna.

We have 15k more besides the 50k, but that's a rainy-day fund I wouldn't want to touch.

Our child will need her own room at one point and he need to consider this if we want to buy, so we can't do the 1 or 1 1/2 br. It has to be a 2br...


I've seen 2br coops in Kew Gardens going for 250k, but you have a good point about the buildings' finances. we have to ve very careful about that.

I saw even cheaper as you go more deep into Queens, but that will give me a longer commute.

I guess, we will need to make some sacrificies and trade-offs if we want o buy.
Just from jackson heights to the atlantic center is about an hour. (says google maps)

I would really look more into brooklyn neighborhoods since you are buying. I have a friend that lives in bensonhurst and it's only a 45 minute ride into midtown. He's lived there his whole life so I would imagine it would be at least decently family friendly.
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Old 01-14-2013, 02:54 PM
 
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Quote:
Originally Posted by skinnayyy View Post
Just from jackson heights to the atlantic center is about an hour. (says google maps)

I would really look more into brooklyn neighborhoods since you are buying. I have a friend that lives in bensonhurst and it's only a 45 minute ride into midtown. He's lived there his whole life so I would imagine it would be at least decently family friendly.
Yea, I will be taking a look at Bensonhurst. I'm not so sure about prices there, but for the most part South Brooklyn seems like the most affordable section of the borough.
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Old 01-14-2013, 03:12 PM
 
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Quote:
Originally Posted by skinnayyy View Post
Just from jackson heights to the atlantic center is about an hour. (says google maps)

I would really look more into brooklyn neighborhoods since you are buying. I have a friend that lives in bensonhurst and it's only a 45 minute ride into midtown. He's lived there his whole life so I would imagine it would be at least decently family friendly.
I think it really depends on where you're starting and ending. I just did a quick MTA trip planner search on the for a ride from an address close to the 79th st subway in Bensonhurst to 53rd and Lex in Midtown and it gave me three options, all between 55 minutes and an hour.

I also did the same for the address I selected for the OP in Jackson Heights (76th St and 35th Ave) to Atlantic Terminal Station and the three itineraries were 48 to 52 minutes.

It seems fair to say that the commute from Jackson Heights to Atlantic Terminal is approximately equivalent to the commute time from Bensonhurst to Midtown (plus or minus 55 minutes).
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