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On the east side (upper east side, murray hill etc.) I'm interested in purchasing a condo so my son can live there for several years, and then convert it to investment property when he can afford to live on his own without my help.
Using sites like Streeteasy, Trulia, etc., I find listings in the 600k range, but when I call, the broker tells me that it is in contract but he might have coops or more expensive condos available.
Are these listings just bait to get me to call the broker so he can upsell me? I'm not in a rush, I'm not picky at all about amenities/size/location, but I understand condos are more $$ and rarer.
It's nearly impossible to find any 1BR condo under 700k as most of them (if not all) were bought by foreign investors a few years back. My cousin bought hers for 780k 2 years ago near Flatiron. She didn't even try to negotiate because every time she did that, she would find out a couple of days later from the real estate agent that the place was sold to some foreigners who offered ALL CASH.
When I called I was told the going rate is $1000/sqft. Unless that isn't true, there should be condos there with enough sqft to be a one bedroom. But maybe that was just for coops?
Yep, very close. The co-op just usually has a lower purchase price and higher maintaince fees and the condo a higher purchase price ,pay your own taxes and lower common charges.
They work out fairly close. Sometimes condo's carry a premium because the structure is more in demand then dealing with co-op boards.
That's BS- the first response at least about nothing available.
Use streeteasy - you will find there are tons of 1BR in the UES around 600k.
Take a plain vanilla 600 s.f. place in a decent modernish post-war building:
You will find condos going for 600-700k, maintenance+taxes around 1200-1400 per month.
For a co-op, if you find one that allows co-purchasers/guarantors - 500-600k, maintenance/taxes a little lower.
I can help with free advice if you need - PM me - we've been looking for a second place ourselves even so we are actually competing - so don't doubt I have an ulterior motive.
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