Home Buying in New York>Question Details

Diane Heiden…, Other/Just Looking in 11518

I am considering buying a co-op in NY. I have been told by the owner that the building is going HDFC. Is buying this now a wise move ?

Asked by Diane Heidenfelder, 11518 Mon Apr 18, 2011

What will happen to my maintenance etc. once this building changes ownership.

Help the community by answering this question:

Answers

6
You're buying into a building that's an established COOP and now it's going to be an HDFC? I don't recommend it. Not good for resale, high flip tax will be implemented more than likely.
2 votes Thank Flag Link Mon Apr 18, 2011
I agree with Nick, it might not be the best investment decison. There's plenty of good units on the market, it's a matter of finding one that suits your needs. Best of luck and I"d be honored to assit if you choose to work witn an agent.

Tony Lara
Licensed Real Estate Salesperson
Rutenberg Realty
tlara@crrnyc.com
1 vote Thank Flag Link Mon Apr 18, 2011
Hello Diane,

If you can afford to buy a condo then great, you might want to do that. However if you are not in the financial position to do so, then you might want to consider buying HDFC. As Anna said there are income restrictions which may or may not work in your favor. Also use the link that she has provided for more information on HDFC apartments.

Best,
Carolyn Chappelle
0 votes Thank Flag Link Wed Apr 20, 2011
Hello Diane
The answer is NO. You should always consider how you are going to sell the unit before you buy it. You should be very selective considering the tremendous inventory on the market right now. I agree with Tony and Nick on the topic. It is pleasant to see that more brokers have an understanding and knowledge of the subject.
Best of luck!!
0 votes Thank Flag Link Tue Apr 19, 2011
Hi Diane,

With the market as plentiful as it is now, and considering the leverage that buyer's currently have, i highly recommend going with a condo rather than co-op. The majority of new developments are condominium, so if you look to re-sell in the future, it will be harder if you own a co-op because it does not appreciate as strongly and there is a lot more demand for condos. I can gladly e-mail you some brand new condo listings so that you can compare. I just need your general price range, apartment size preferred/considered, and neighborhood preferences. If you have any more questions, i would be happy to answer them for you in more detail. I can be reached at admin@hudnyc.com or (646) 512-5742.
0 votes Thank Flag Link Mon Apr 18, 2011
Depends, will you meet the HDFC income guidelines, etc.,--see link for possible helpful information...
http://www.nyc.gov/html/hpd/html/about/about.shtml
0 votes Thank Flag Link Mon Apr 18, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer