Home Buying in 10039>Question Details

Fleur De Lis, Home Buyer in 07302

anyone have information on HDFC and UHAB co-op apartments? Is this a good idea for a 1st time homeowner?

Asked by Fleur De Lis, 07302 Tue Jan 22, 2013

Help the community by answering this question:

Answers

10
Hello & how are you? I see you posted this question last year but knowing the limited availability of the market, I wanted to respond anyway in case you have not yet found a home that suits your needs.

I have a 1bdrm/conv2 unit available in an HDFC building at 132 W 169th St for $95k. I'll be showing it this wknd by appointment only. If you're interested in seeing it, please feel free to contact me.

I have a flyer with photos & further details that I can email you but I have not yet posted it online.


Looking forward,

Christine Gordon
Licensed Real Estate Broker
Gorick Realty, Inc.
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at http://www.gorickrealty.com
"Home is where the heart is."
0 votes Thank Flag Link Mon Jul 14, 2014
Dear Fleur De Lis,
HDFC homes are very affordable and of very good value. They are a good idea for anyone who intends to live in the home long term. Be aware of the high flip taxes that may be attached to some of those homes.
0 votes Thank Flag Link Tue Jan 22, 2013
Hi Fleur De Lis,

I have several HDFC coops for sale as listing agent and have represented buyers in many HDFC coop purchases.

If you qualify they can be a great deal. The income qualifications can vary but usually are 120% of area median income to a maximum of 165% of area median income (ADI) That is found in the certificate of incorporation. The area median income is determined by HUD.

HDFC coops can range in price as well. I have sold in the $100,000 range to the $600,000 range.

The flip tax and sublet policy can vary building to building depending on the buildings bylaws. I have a listing with 1% of sale price one with 5% of profit and one with 30% of profit. I have one building in that the flip tax has been amended a few time and in 2017 it will be eliminated.

http://nycblogestate.com/2011/10/hdfc-coops.html

http://www.corcoran.com/mhall


Mitchell Hall
The Corcoran Group
347-921-4255
mhall@corcoran.com
http://nycblogestate.com
0 votes Thank Flag Link Tue Jan 22, 2013
Mitchell Hall, Real Estate Pro in New York, NY
MVP'08
Contact
I think it can be a great idea for a homeowner who earns under the income caps. I have a beautiful 2BR available in an HDFC building.
Feel free to check it out: http://www.bellmarc.com/search/profile.asp?list_num=W2124266V

Call me if you have any questions.

Stacey Max
Bellmarc Realty
smax@bellmarc.com
(212) 627-3000 x208
0 votes Thank Flag Link Tue Jan 22, 2013
thank you for the responses, I really appreciate them!
0 votes Thank Flag Link Tue Jan 22, 2013
I was concerned about the resale value, because one obviously wants to make some money once the sell - especially in NYC.

ideally here is what I would like to do:

1. stay living in new york (5-7 years)
2. IF i decided to move I definitely want to have made some money after I sell
3. If I'm away on vaca - yes I def would like to sublet.
0 votes Thank Flag Link Tue Jan 22, 2013
Fleur,

HDFC coops are a great buy, but make sure you do your due diligence. Like Aileen mentioned, in most instances, you will have to pay extremely high "flip taxes" but you must also meet a certain criteria before you are eligible to purchase in any of the HDFC's in NYC.
0 votes Thank Flag Link Tue Jan 22, 2013
Because NYC is so different form anywhere else... the downside to purchasing in this type of building, here only, is the inability to make much profit on the resale.
These buildings generally have very high "flip taxes" when you exit - so when you sell it, you will owe the Coop a large percentage of the overall profit.

Otherwise, if you meet the income requirements, it's a great choice b/c only a handful of people will be vying for those kinds of units because they make too much money. :-)

Aileen Grossmann
TOWN Residential
0 votes Thank Flag Link Tue Jan 22, 2013
A lot has to do with what you are interested in doing with the apartment. If you are planning to live in the neighborhood for several years, than it is a wise choice. Depending upon the building, and it's bi-laws, being able to sublet etc will be detailed. Usually they have lower maint since they do not have an underlying mortgage. That is good for a 1st time homeowner. What is most helpful for a 1st time homeowner is the income guidelines to get in these apartments. A 1st time homeowner might have the needed lower income. They would not be able to buy the HDFC apt in the future because of higher incomes.
Janet Resino
Broker
212-810-6177
jresino@readyg.com
0 votes Thank Flag Link Tue Jan 22, 2013
this is for NYC, what are your options for selling your apt - if need be once you have owned it for a few years.
0 votes Thank Flag Link Tue Jan 22, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer