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.
The Corcoran Group
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.
Licensed Real Estate Broker
Gorick Realty, Inc.
Apartment updates available at http://www.gorickrealty.com
"Home is where the heart is."
Feel free to check it out: http://www.bellmarc.com/search/profile.asp?list_num=W2124266V
Call me if you have any questions.
(212) 627-3000 x208
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.
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.
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. :-)