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Old 12-14-2006, 12:03 PM
 
34 posts, read 148,480 times
Reputation: 41

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Hi everyone--I own a beautiful co-op in Forest Hills, and have been thinking of selling it to try and finance a house in New Jersey. I am on the board, which makes my situation easier than most, but nonetheless, I was curious to hear of others experiences with trying to sell their co-op. Does anyone have knowledge of the market for these apartments right now? Is this a good time to sell, or would it be better to wait? Any and all input would be appreciated--thanks.
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Old 12-15-2006, 07:59 AM
 
480 posts, read 2,734,538 times
Reputation: 177
I live in Forest Hills, but would not buy a co-op. Not owning property directly is something I stand clear of.

Do you know anyone selling a house on or near Continental Avenue?

Quote:
Originally Posted by nyc-girl View Post
Hi everyone--I own a beautiful co-op in Forest Hills, and have been thinking of selling it to try and finance a house in New Jersey. I am on the board, which makes my situation easier than most, but nonetheless, I was curious to hear of others experiences with trying to sell their co-op. Does anyone have knowledge of the market for these apartments right now? Is this a good time to sell, or would it be better to wait? Any and all input would be appreciated--thanks.
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Old 12-19-2006, 12:59 AM
 
34 posts, read 148,480 times
Reputation: 41
No, you don't own a co-op by yourself, but you are a shareholder in a corporation (that's the building) along with all the other residents--like all things in life, there are many pro's and cons to this type of ownership.

Anyway, having read so much of what there is posted on the NJ board, I've decided not to sell my co-op just yet, and perhaps try a rental in NJ instead to see if its really as bad as the people say it is, lol. The main reason I wanted to move to NJ is because I wanted to buy a house, and 350k can get you a nice one there, unlike here. But the outrageous property taxes in NJ are unaffordable, so there really is no winning--unless you make well over a six figure salary, buying a house in the NY metro area seems impossible--how sad!
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Old 12-19-2006, 05:21 AM
 
480 posts, read 2,734,538 times
Reputation: 177
Owning actual real estate is the best way to go. Corporations can go belly up, and when it happens, there goes the neighborhood.

Quote:
Originally Posted by nyc-girl View Post
No, you don't own a co-op by yourself, but you are a shareholder in a corporation (that's the building) along with all the other residents--like all things in life, there are many pro's and cons to this type of ownership.

Anyway, having read so much of what there is posted on the NJ board, I've decided not to sell my co-op just yet, and perhaps try a rental in NJ instead to see if its really as bad as the people say it is, lol. The main reason I wanted to move to NJ is because I wanted to buy a house, and 350k can get you a nice one there, unlike here. But the outrageous property taxes in NJ are unaffordable, so there really is no winning--unless you make well over a six figure salary, buying a house in the NY metro area seems impossible--how sad!
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