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I don't get the point of buying a co-op if you have to shell out a rent's worth of money on the maintenance fees
My mortgage + maintenance = less than my previous rental. Probably $200-$300 less every month. Seeing how prices in my area (traditionally stable) have taken a jump in the past year or two and because I bought my unit at a ridiculously low price, I expect to sell it at a profit, even after throwing 20-30K of work into it.
I do agree that some of the maintenance fees are pretty hard to digest unless you're rolling in dough, especially when you see how little you get in terms of amenities. The only positive would be that some of them you might be able to pay in cash---a huge, three bedroom coop in Marine Park has maintenance of almost $1100, but you might be able to throw down the $130K price tag to purchase it outright in the first place.
And if you itemize deductions, some of this stuff might work in your favor. For me, the standard deduction is greater than itemizing, and most of my things (like mortgage interest) are so low they do nothing for me.
Quote:
Originally Posted by Henna
Just a guess -- but maybe the high maintenance on Westchester coops is partially due to the much higher real estate taxes in Westchester vs. NYC (since real estate taxes on the building are included in the maintenance).
I am sure that is the reason. The same applies to LI coops as well. But once I throw in the additional maintenance and the additional expenses (monthly pass for MN or LIRR) it doesn't seem worth it.
Not sure if this belongs in NYC or NYS forum, but I opted here because it seems most relevant. What's the deal with relatively super low price condos/coops that are scattered around within 30-60 minutes of the city? I'm talking $100-150k range. I'm certain some are in pretty awful neighborhoods (I'm assuming that's the case with some I found in Englewood,NJ), but even so that seems like a decent deal so long as you mentally commit that when leaving home you go only 1 place: train station to get the heck out of there, and straight from station back home later.
Now, I know very very little about outlying areas (basically what I can see in pictures online), but others really don't even seem like completely awful areas. So what am I missing? Do these things *actually* cost anywhere near the advertised purchase price, or are there endless other costs to consider - and if so what might such costs realistically be?
We dream of living in NYC, but we're pretty resigned that it's just not an option. So if we're pre approved for this price range are there legitimate reasons not to even consider something like these examples if the alternative means going to the midwest to buy?
I'm self employed, so would not need to commute into the city every day - we simply want to live somewhere that we want to live, and having the option to casually drop into nyc whenever the heck we feel like it seems worth significant sacrifice to me if we can actually still afford it. So... can we, or are there endless hidden fees there?
Also note - when I say 'afford' I'm talking about the mortgage loan we're approved for. Realistically we're comfortable 'affording' about twice what we actually got approved for. Because self employment.
Depends on what you're used to living in. Where I live at now in Virginia, we have this conversation like every other day in the forum. And 100k is rather low. Even in the Midwest, that is sketchy. Hell in Akron, OH the condos there are at least $1,300 - $1,700. One of the reasons those locations are so cheap is because they're not new. Guarantee any new construction is on the high end, or at least 250k.
Anyway you don't have to go to the Midwest. Maybe Pennsylvania or New Jersey, but not the Midwest.
You don't have to leave NYC for those prices. Search for condos/coops for sale in Gerritsen Beach, Brooklyn. Here: Gerritsen Beach, Brooklyn, NY Real Estate & Homes for Sale | Trulia (I'm sure there are other areas like this, too). While a bit far out in Brooklyn and a way's from Manhattan, Gerritsen Beach is very, very safe.
You don't have to leave NYC for those prices. Search for condos/coops for sale in Gerritsen Beach, Brooklyn. Here: Gerritsen Beach, Brooklyn, NY Real Estate & Homes for Sale | Trulia (I'm sure there are other areas like this, too). While a bit far out in Brooklyn and a way's from Manhattan, Gerritsen Beach is very, very safe.
I have noticed that Gerritsen Beach seems really inexpensive for condos. I wonder why it's so cheap?
(Looking at the map, I always thought of that neighborhood as Marine Park, but I guess I was mistaken?)
Some of these Gerritsen Beach apartments are only about a mile to the Avenue U subway on the Q line.
I have noticed that Gerritsen Beach seems really inexpensive for condos. I wonder why it's so cheap?
(Looking at the map, I always thought of that neighborhood as Marine Park, but I guess I was mistaken?)
Some of these Gerritsen Beach apartments are only about a mile to the Avenue U subway on the Q line.
Also, is there actually a "beach" near Gerritsen Beach (where one can go swimming)?
If so, I never could figure out where it is.
As for why they are so cheap -- maybe because the area is in a Flood Zone A? And a mile to the train is a little far for some. Bus to train would be an hour (on a good day) just to Lower Manhattan. Still, even with those things taken into consideration, the prices do seem cheap if it's a nice area.
I have noticed that Gerritsen Beach seems really inexpensive for condos. I wonder why it's so cheap?
(Looking at the map, I always thought of that neighborhood as Marine Park, but I guess I was mistaken?)
Some of these Gerritsen Beach apartments are only about a mile to the Avenue U subway on the Q line.
While Gerritsen Beach is in a flood zone, the main reason for the low prices seems to be supply and demand as well as the fact that its a bit of a trek from Gerritsen Beach to Manhattan; I note that stand alone houses in Gerritsen Beach are selling for substantially more than the typical condo price, which makes me skeptical that the fact the neighborhood is in a flood zone helps to explain the cheaper condo/coop prices (at least not in any substantial way).
Moving on, Gerritsen Beach residents who are members of the Gerritsen Beach Property Owner's Association do have access to the private Kiddie Beach owned by the Association: Kiddie Beach Registration « GerritsenBeach.net
All in all, if you don't mind the commute to Manhattan and the potential for flooding in the event of the rare super storm, then Gerritsen Beach seems like a pretty good deal.
You don't have to leave NYC for those prices. Search for condos/coops for sale in Gerritsen Beach, Brooklyn. Here: Gerritsen Beach, Brooklyn, NY Real Estate & Homes for Sale | Trulia (I'm sure there are other areas like this, too). While a bit far out in Brooklyn and a way's from Manhattan, Gerritsen Beach is very, very safe.
Better off going to Marine Park for something cheap. It's a little more accessible and Gerritsen is the type of area where people fly Confederate Flags and spit on your car as you're driving out of the neighborhood.
The problem is not the actual price of the Co-Op's, its the VERY HIGH monthly maintenance and all of the approval processes you ill have to go through to even get approved to live there.
Some of these "Low Priced" Co-Ops have monthly maintenance charges in excess of $900 - $1800 a Month on top of the mortgage payment. It all depends on the neighborhood and what amenities the co-op offers tenants (owners)
I just checked a few co-ops in westchester county this past month - some of which were amazing, and I was getting maintenance prices of $1300 a month on average
The 3 condos listed by OP have monthly property taxes of $225, $189, and $214, modest homeowners' insurance ($30-$40) and no HOA fees.
But I may have spotted a couple electric heaters...$$$$.
So, not so bad.
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