I'm assuming you mean co-op not condo--Sponsor units occur when an individual or corporation converts an apartment building into co-ops and at this time no board approval is needed, although a board package does need to be submitted. Do keep in mind that sponsor units can have additional costs, such as NY State and NY City transfer taxes and oftentimes the seller's attorney fees. Your agent and or attorney can best advise you.... more
Like in any other building you think of making a purchase, you have to look at the buildings financials. In general, when you see it is a cash purchase only, it is an indication the buildings financials aren't in the best of shapes. However, there are buildings with decent financials, with money in reserve funds, etc. There are some 550 HDFC buildings in Manhattan with many different programs
These are great if you are looking for a place to live for quite some time as the majority will have a flip tax.... more
When you ask "are there any deals for city workers," I assume you mean any special kind of mortgages. No, the city does not offer any special mortgage programs for their workers.
The first step in your search for a co-op or condo would be to get pre-qualified by a lender. Then you will know how much a bank will lend you and what your true price range is. Then you should begin working with an experienced, knowledgeable agent who can take you through the steps of purchasing. It will save you time and money.
Halstead Property, LLC
Not sure if you are still looking for an answer but since this may help someone in the future I will answer it anyway. I recently purchased a new develpment coop in east harlem (different building) and this is what I can tell you.
1. YES. Move-ins for these new developments are routinely delayed. My original move in date given to me when I accepted the unit was October. I did not move in until the following April so thats about 6 months off on the timing. It could be shorter but it could also be longer. Just keep in mind that you will have to remain flexible about your living arrangements for as long as you can.
2. YES. When my unit finally closed I did have to pay the NYS transfer tax (the building pays this up front but you pay them back at closing) and NO as far as I know it cannot be negotiated.
3. YES, you can sell the unit for as much as you want but the income restrictions of your buyers will remain. So in theory you can try to sell the unit for 500,000 but it's probably unlikely that two people making 102k can get a mortgage for that amount of money. You can though hold out and try to get as much money as possible if you take your time and do some number crunching to see how high someone in that bracket can realistically go.
Hope that helps... more
I think it is very dependent upon your goals and objectives. Both do have very very reasonable costs. The questions that I would pose are:
1) Does one have better future saleability based on development in the neighboring areas?
2) Are there other locations that might me similar in expense and have better resale potential (Kew Gardens Hills for example) that you may want to consider as public transportation is better. You may not need it, but your future buyer may.
3) How well managed are the co-ops that you are looking at?
4) In looking at your future, which area will be better as your life/life style changes/needs change?
I am certain that there are more questions to ask to you, but it would be much better in a conversation!
Licensed Associate Broker - Charles Rutenberg - Manhattan and Brooklyn
Licensed Real Estate Broker - Kelly NYC - Queens
Cell: 954-675-9915... more
Hi Sorry to hear about that. Give me a call
Licensed Associate Real Estate Broker
Prudential Douglas Elliman
209-18 Northern Blvd
Bayside, NY 11361
Everybody has their own notion of what a "good area" is. It depends upon what is important to you. Is it the schools? The cultural institutions? Parks? Subway access? Variety or restaurants? Crime stats? Decide what is most important to you in your own definition of "good area." Then visit the neighborhood and see how you feel there. I would suggest going in the day and going at night as well.
Halstead Property, LLC
NYCHA stands for New York City Housing Authority which is the government providing public housing to low and moderate income families. They also administer a federally funded program called Section 8. Tenants must meet income guideline and pay 30% of their income towards the rent. You can contact NYVHA and see if there's an opportunity to partner with them on their many housing initiatives. I don't believe that a NYCHA development has yet turned into condo where tenants get first priority to buy. I've heard of Mitchell Lama rental housing that has turned into coops.... more
Your best advice on this issue will come from your attorney so I'd be sure to check there for definitive answers on Housing Development Fund Corporation properties (HDFC).
Generally all condos/coops will have a Prospective that's available to anyone interested in purchasing. There should be information about HDFC and how it affects the purchase, sale, or other transactions.
Licensed Real Estate Salesperson
A.C. Lawrence & Company... more
If you put less, your payments will be higher. Please speak about this with a mortgage broker. If you don't have one to advise you, I will be happy to give you a referral. Contact me at Gail@gailgladstone.com.... more
Both are good investments. A 2 bedroom will cost more but will also bring a higher rent. It depends on your budget and how much you can put down. Both are good long-term investments.There is a market for both sized apartments but there is more demand for larger apartments.
Mitchell Hall, asoociate Broker
The Corcoran Group