Cheap properties in new york city? (low income, sales, real estate)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I've been looking at real estate ads for condos in nyc and see co-ops for as cheap as $45,000. Why would properties be listed this cheap in todays market? Low income applicants only? Other mandates?
I've been looking at real estate ads for condos in nyc and see co-ops for as cheap as $45,000. Why would properties be listed this cheap in todays market? Low income applicants only? Other mandates?
Always look to the MAINTENANCE FEE. Back in the housing crash following the Reagan presidency and the 1987 market crash, there were many landlords who overpaid and overmortgaged to buy rental buildings and convert them to co-ops, but they hung so much debt on the buildings that after the first insider deals were done to sell the first 15% to qualify as a non-eviction co-op, that debt load was onerous on anyone buying. I remember nice apartments going at auction for $5,000 BUT with monthly maintenance payments far higher than you could have rented the same apartment next door.
And don't ignore the reserve fund...new elevators, new roofs, and new windows and full re-pointing can be expensive stuff. You may not want to buy into this crap for FREE.
Other coops under $100K are just priced that because that's their market value. Maybe the neighborhood isn't so great or possibly the building may also not be in good financial health, like there may be no reserve funds if something happens like the elevator breaks.
When buying a coop you have to remember you're buying shares in a corporation, and if the corporation isn't financially stable, you're buying into instability.
Cheap real estate is right now probably mostly restricted to all cash HDFCs or foreclosures, sales to relatives, or the elderly being tricked to sell below market.
Cheap real estate is right now probably mostly restricted to all cash HDFCs or foreclosures, sales to relatives, or the elderly being tricked to sell below market.
I've been looking at real estate ads for condos in nyc and see co-ops for as cheap as $45,000. Why would properties be listed this cheap in todays market? Low income applicants only? Other mandates?
Brownsville, Brooklyn
East Tremont, The Bronx
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
