Home Buying in Fort Lee>Question Details

Stavros Akti…, Home Buyer in Edgewater, NJ

Hello, is this a good time to buy a 3 bed coop in Fort Lee. If so which is the best building to be in.

Asked by Stavros Aktipis, Edgewater, NJ Fri Jul 8, 2011

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by the way if you listened to all these agents on here and bought in 2011 you would already have lost 30-35%. When you take advice take into consideration what their interests are
0 votes Thank Flag Link Sat Apr 28, 2012
no its not a great time at all. Coops are hard to buy and sell...even if you are able to qualify, when you want to move its hard to find a qualified buyer. Most coops in fort lee require you to have 4:1 ratio with 25-50% down payment. This means you need to have at least 120-150K net income in most cases to qualify. I am sure the people who have 150K+ income net are the people who are looking for 500K+ condos....something newer and better, not these old coops from the 1950's. Unless you plan on holding onto it for 10+ years it wouldn't be a wise idea. Also most of the coops in fort lee are very old overpriced and their maintenance is through the roof. Don't be decieved by just the price. The price of buying a 200K coop will carry the same exp as buying a 600-650k condo.
0 votes Thank Flag Link Sat Apr 28, 2012
It's a terrific time to buy a co-op as prices for co-ops have seen a steeper decline than for condos. There are many great buildings in Fort Lee and it all depends on what you are looking for in terms of amenities, views, pets, etc. I will be very happy to help you out with that process as I have lived in Fort Lee for over 30 years. I can be reached at 201-394-0297 or Hsingerkatz@gmail.com.
0 votes Thank Flag Link Fri Jul 8, 2011
Good Morning:

Yes it is a great time to buy, Prices are down and Interest rate are at an all time Low. The first thing you need to do is to get a pre-approval for a Co-op there are different down payment and ratio requirements and many banks don't lend on co-op's so you need to be specfic with them. If I can help you further please feel free to contact me. Kathleen Bertinato
Web Reference: http://www.kbertinato.com
0 votes Thank Flag Link Fri Jul 8, 2011
If you can afford it, I would prefer you buying a condo. If you buy a co-op, you will not be allowed to rent it in the future if that is in your plans. I suggest you speak with a realtor to explain the pros and cons of buying a co-op. Good luck in your quest!!
0 votes Thank Flag Link Fri Jul 8, 2011
Good morning,
This is absolutely a good time to buy, and specially co-ops. Value is at it's lowest. And sellers are very aware of the conditions of the market. As far as best buildings in Fort Lee, that is a personal choice and only you can decide (after reviewing the financials) which feels more like home.
Our office in Fort Lee, Prominenet Properties Sotheby's International Realty is the largest sellere of co-op and condo units. We represent sellers and buyers and their real estate needs and if you have any additional questions, I can be reached at (201)390-3542. Thank you, Margarita
0 votes Thank Flag Link Fri Jul 8, 2011
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