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I doubt that. Fees are more in Queens and more desirable areas. The problem is real estate has NYers by the short-hairs. If you don't have upward of $500K to buy a house, then you have to go with a coop or condo, which comes with fees.
I am OP. Never in my wildest dreams did I think I had to point it out. I thought the minute people clicked on it, it spoke for itself and needed no intro. On Facebook, I didn't have to say anything other than check it out, and people understood the point immediately. If I could have reedited the thread title, I would have.
I doubt that. Fees are more in Queens and more desirable areas. The problem is real estate has NYers by the short-hairs. If you don't have upward of $500K to buy a house, then you have to go with a coop or condo, which comes with fees.
I am OP. Never in my wildest dreams did I think I had to point it out. I thought the minute people clicked on it, it spoke for itself and needed no intro. On Facebook, I didn't have to say anything other than check it out, and people understood the point immediately. If I could have reedited the thread title, I would have.
1) You can't seriously doubt that there are cheaper deals to be had than $1,000+ monthly coop maintenance fees in NYC
I guess you do, so I'll provide some info after a basic search (apparently, my own anecdotal knowledge of what friends/family pay in monthly fees isn't convincing you):
2 bedroom 2 bathroom on Voorhies Avenue in Brooklyn: $750
Perhaps this shows that we roll in different circles and have a vastly different understanding of what is going on in the city, but I really didn't think that I had to point out that not everyone in NYC is paying $1,000+ a month in coop/condo maintenance fees. Everyone simply couldn't afford such fees and there are plenty of coops/condos that cater to people of different income levels/wealth.
2) I'd recommend against making such assumptions given that the ad had more than one point that people (myself and others) found worth bringing up.
1) You can't seriously doubt that there are cheaper deals to be had than $1,000+ monthly coop maintenance fees in NYC
I guess you do, so I'll provide some info after a basic search (apparently, my own anecdotal knowledge of what friends/family pay in monthly fees isn't convincing you):
2 bedroom 2 bathroom on Voorhies Avenue in Brooklyn: $750
Perhaps this shows that we roll in different circles and have a vastly different understanding of what is going on in the city, but I really didn't think that I had to point out that not everyone in NYC is paying $1,000+ a month in coop/condo maintenance fees. Everyone simply couldn't afford such fees and there are plenty of coops/condos that cater to people of different income levels/wealth.
2) I'd recommend against making such assumptions given that the ad had more than one point that people (myself and others) found worth bringing up.
Actually, I said the rate was $800-$900 in the Bronx, which is the cheapest borough. I know it is $1000+ in parts of Queens.
Your first link is HDFC which means your income must be capped to qualify for this apartment. And if you do the math a cap of $100,200 for a property that is priced at $385,000.... that's priced for mommy and daddy putting a down payment down with an estimated mortgage of 1475 a month (if they have credit like mine which is stellar), 719. That's a pretty steep price indeed. It's almost more than double what I pay, without more than double salary.
The second is also HDFC with an even HIGHER mortgage. It has the average of $800 a month, probably because of its HDFC status.
I'm not sure about the third except that it is really far out. You should know about HDFC coops because they have a lot of resale limitations. HDFCs are bargains, with a but. https://www.nytimes.com/2014/06/29/r...h-a-catch.html
Actually, I said the rate was $800-$900 in the Bronx, which is the cheapest borough. I know it is $1000+ in parts of Queens.
Your first link is HDFC which means your income must be capped to qualify for this apartment. And if you do the math a cap of $100,200 for a property that is priced at $385,000.... that's priced for mommy and daddy putting a down payment down with an estimated mortgage of 1475 a month (if they have credit like mine which is stellar), 719. That's a pretty steep price indeed. It's almost more than double what I pay, without more than double salary.
The second is also HDFC with an even HIGHER mortgage. It has the average of $800 a month, probably because of its HDFC status.
I'm not sure about the third except that it is really far out. You should know about HDFC coops because they have a lot of resale limitations. HDFCs are bargains, with a but. https://www.nytimes.com/2014/06/29/r...h-a-catch.html
1) Actually, this is the post that you wrote that I replied to with mention of there being cheaper deals as far as monthly maintenance fees go:
Quote:
I understand that. But you are asking for a fee structure akin to Hawaii. This is NYC. This is pretty average for NYC. Actually, I take that back. it's LOW for NYC.
The last time I had an electric bill in NYC below $75 was in 1999. I don't love air conditioning. It makes me cold. I am not a big consumer of electricity because I'm at work at least 50 hours a week. There may also be a lot of taxes on the electricity delivery. I can't say. It's the highest in CONUS and I imagine it would be higher in Hawaii. But we're not living in Hawaii. You can only compare housing in NY with NY, not what you want to pay based on prices elsewhere. And in NYC, if you want to play, you have to pay. You're not getting any property that is not a coop or condo for under $300K. So you have no other choice. The breakdown works out pretty well in terms of expenses not paid and time and physical effort not expended.
Besides, this thread is about the dreadful amount of stuff packed in the room of the coop, not whether you would want one.
You were referring to the fee in the ad you posted, and said that it is ultimately pretty average (and ultimately low) for NYC. I merely mentioned that, even if this is the case, there are plenty of cheaper deals to be had in NYC, to which you expressed doubt for that point.
2) Those were just among a few of many examples that I found. Still, regardless of whether they are HDFC or not, the point remains that there are cheaper monthly maintenance fees to be found for coops in NYC than the unit from your OP is charged. Again, not everyone in NYC is paying (or can pay) $1,000+ monthly coop maintenance fees; and, they don't have too, as there are cheaper deals to be had.
Still, regardless of whether they are HDFC or not, the point remains that there are cheaper monthly maintenance fees to be found for coops in NYC than the unit
Of course it matters that they are HDFC! HDFC is a completely different set up from other kinds of coops. So if all you can come up with to make your point is a list of HDFC apartments, well, then you really can't make your point very well.
Of course it matters that they are HDFC! HDFC is a completely different set up from other kinds of coops. So if all you can come up with to make your point is a list of HDFC apartments, well, then you really can't make your point very well.
No, it doesn't matter. Because the point is that there are cheaper coop maintenance fees available. Plain and simple. Of course, as I mentioned, that was only a small sampling of coops. There are many, many more cases (both HDFC and non-HDFC) with cheaper monthly fees.
That you need to earn below a certain amount to qualify for an HDFC loan (typically less than $150,000 for a family of 4, which, by the way,the great majority of NYC households fall into this category) is irrelevant. Indeed, even if all condo units with lower monthly fees were HDFC (they are not), there are still many, many people in NYC who would qualify for them. They aren't like some white elephant deal.
Of course, the OP doubted the availability of any coop fees in NYC less than what is in the article from the first post (in fact, OP said that such fees were "low" for NYC). I've already disproved such point and am not going to do all of the legwork in this issue. Not when the info is readily available and easily accessible online.
I'm in contract on a 2 bed, 1 bath in a desirable area of Queens. While my purchase price is double this, my maintenance is $741, which INCLUDES gas & electric. Pretty huge. There's a whole area in Queens that low maintenance including utilities is common.
There's a coop complex in my area with very low maintenance (compared with other coops in the area). The way they keep their maintenance low is twofold -- one, they have very stringent rules and tend to assess a lot of fines to current owners when they break those rules. The second is that they have a 25% flip tax on profit. All that money goes back into the operating budget and prevents increase maintenances.
So one question to ask when you see a lower than average maintenance is Why? And if you're good with fines and huge flip taxes, then go for it. Some may actually prefer this because the fines keep people in line, and the flip tax is only an issue when you sell, so if you're living there until you die, it doesn't matter.
Another way maintenance sometimes is very low is if the coop is an original coop -- built that way in the 20's, '30s etc instead of going through a conversion in the '80s. But in a case like that, asking price is usually going to be higher since the maintenance is low.
Coops are extremely complicated. If you're looking to buy, it pays to ask questions.
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