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Old 11-28-2006, 10:59 PM
 
34 posts, read 148,422 times
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Hi everyone--my hubby and I own a very nice co-op apartment in Forest Hills. Its all renovated, has hardwood and marble floors, a custom bathroom, and even a dining room! The rooms are big, but still, it's a one bedroom, and we are now ready to move into a house and start a family. My question is are apartments selling well now, or not? We are in a dilemna because we found a new construction home to be built, but in order to secure the lot we chose, we have to put up 10% now, which we have, and pay the rest when the home is completed, in 4-6 months. The only way we could afford this is if our apt. sells, and we use the proceeds to pay off the house. I'm afraid to sign the contract because I have no clue if the apartment will indeed sell within the next few months. Everyone keeps saying the market is bad--is that really true? What do you think? And advice would be appreciated--thanks.
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Old 11-28-2006, 11:22 PM
 
1,248 posts, read 3,873,927 times
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Quote:
Originally Posted by nyc-girl View Post
Hi everyone--my hubby and I own a very nice co-op apartment in Forest Hills. Its all renovated, has hardwood and marble floors, a custom bathroom, and even a dining room! The rooms are big, but still, it's a one bedroom, and we are now ready to move into a house and start a family. My question is are apartments selling well now, or not? We are in a dilemna because we found a new construction home to be built, but in order to secure the lot we chose, we have to put up 10% now, which we have, and pay the rest when the home is completed, in 4-6 months. The only way we could afford this is if our apt. sells, and we use the proceeds to pay off the house. I'm afraid to sign the contract because I have no clue if the apartment will indeed sell within the next few months. Everyone keeps saying the market is bad--is that really true? What do you think? And advice would be appreciated--thanks.
And don't forget about 'Board Approval'. Your co-op board will likely reject every buyer UNLESS they have a FICO score of 720+, income of at least $100,000 a year, no consumer debt, and can put down a minimum of 20%.

That is the reason why the co-op market "may have" slowed. Trust me, there are alot of affluent people in Queens but not all of them can get past the co-op board which leads to apartments sitting on the market for a long time.

But didn't you realize of think of this BEFORE buying that one bedroom in Forest Hills that likely cost over $300,000 (with maintenance of over $600 per month) if you bought around or after 2004.

I looked for an apartment for about $250,000 in Forest Hills and was laughed at by real estate brokers because I make 'too little' and wouldn't have a snowballs chance of gaining board approval. I guess $70,000 for downpayment on an apartment is now 'too little'.

I guess earning only a salary of $75,000 for a single person in Queens these days is too little especially when every second car is a BMW or a luxury SUV and when everyone wears $400 Jeans.
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Old 11-28-2006, 11:30 PM
 
34 posts, read 148,422 times
Reputation: 41
Well, I happen to be on the board, and I am the one who who actually conducts interviews with applicants looking to buy into the building. Unless someone has a criminal record, or is making less than 50k a year , they would definetely be approved--that is no problem for me whatsoever luckily.

We bought this apartment in 2000, just out of college, for an incredible low price. Now, we would be asking for many times that amount, which is 299k, but of course, that is negotiable. Also, our maintenance is close to 800 a month, BUT, that includes our taxes, gas, water, and believe it or not, electricity too! And, we get to write off about 50% of that when we file our taxes, as we are deducting the interest on the building's mortagage, as well as the taxes paid. We have a great place, in a great building, in a great neihborhood,--the only problem is its just not a house.
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