Alexander Aq…, Other/Just Looking in 10710

Is 220K, 1200ish maint a good price for a 1300 sq ft 2 bed 2 bath coop in WP?

Asked by Alexander Aquino, 10710 Mon Aug 5, 2013

luxury building with 2 possible indoor parking spots (Addl) doorman, balcony with view, but needs updating all around?

even with the slightly high maintenance, after renovations, will it be a good investment in 5 years?

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Answers

10
I would like to make a correction to a prior post - the building is in the City of White Plains! I closed on a one bedroom I had listed in this building about 2 weeks ago, for $164,000. It had a renovated kitchen with granite and renovated bath. The parking spots are not guaranteed by the management company, but I have never known anyone not to get at least one spot.

Sally Griffiths, GRI
Licensed Real Estate Salesperson
Weichert, Realtors
914-967-0460
914-419-2655 Cell
0 votes Thank Flag Link Tue Aug 6, 2013
If you are not working with an agent lets meet at the coop at your earliest convenience and we can discuss the pros and cons further.

Jennifer Zucco
(914)562-7575
0 votes Thank Flag Link Tue Aug 6, 2013
These apartments can sell well into the three hundreds and higher when renovated. The neighborhood is already supporting these sales. I recently sold a unit in 12 Old Mamaroneck and will have others coming on soon priced substantially higher. Are you working with an agent? If so, please consult with them. If not, call one of the agents here for advice. If its a FSBO, then your on your own....but you can higher an appraiser.good luck.
Suzanne Lagle
Slagle@houlihanlawrence.com
0 votes Thank Flag Link Tue Aug 6, 2013
It does look like a good value just worried that even after renovations the maintenance might still scare some people off especially assuming it will only get higher.
0 votes Thank Flag Link Tue Aug 6, 2013
Hi, The fact that you have two possible indoor parking spaces is already a big deal for a coop building. Add in all of the other amenities and proximity to everything White Plains has to offer and it's a good investment. What you need to do is analyze the sold comps for the past 6-12 months and also the trends for the building. White Plains is consistently improving and light years away from where they were 20 years ago. When investing you want to buy low and sell high. After analyzing the market data you want to figure out how much improvement the unit actually needs and if you make those improvements will they increase the value enough to see a return in 5 years. Nobody can predict where the market will be but rule of thumb is buy for the long term.

There were many people that bought in 2005 and 2006 that tried selling 5 years later and lost a lot of money. Fortunately we are seeing a good amount of positive change in the market right now.

Just be careful what you spend and what you expect in return.

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
914.406.9023
0 votes Thank Flag Link Tue Aug 6, 2013
Hello Alexander

This coop is in a great location close to the city but not in the cityOf WP Best of both worlds. Renting and dogs are both not allowed. It is vacant. Are you interested in taking a look at it? Although it is almost impossible to predict the market in 5 years this is a great buy.

I live in White Plains feel free to give me a call.
Jennifer Zucco
Charles Rutenberg Realty
(914)562-7575
0 votes Thank Flag Link Tue Aug 6, 2013
Thanks it has possibility of 2 indoor spots for addtl fee. Laundry on each floor. It is at 10 old Mamaroneck ave listed at higher price.
0 votes Thank Flag Link Tue Aug 6, 2013
Hi Alexander,

It depends on the building, how much you will have to spend on renovations, and what the updated units in the building have sold for recently. However, no one knows what the market will be like in 5 years.

Sally
0 votes Thank Flag Link Tue Aug 6, 2013
I would have to say that it's an excellent value. Check if the maintenance includes parking. I think it's wise to check sales in the building, We are seeing a lot of these apartments selling quickly now as the markets have improved.

Suzanne Lagle
Houlihan Lawrence
237 Mamaroneck Ave
White Plains NY 10605
914-450-5828 cell
Slagle@ houlihanlawrence.com
0 votes Thank Flag Link Tue Aug 6, 2013
What is the address to the coop? I will research the building for you. White Plains area has a lot to offer in terms of investment. It will also depend on whether you are looking to resell the coop in 5 years or keep as a long term investment and rent it out.


Jennifer Zucco
Charles Rutenberg Realty
(914)562-7575
j_colicino@yahoo.com
0 votes Thank Flag Link Tue Aug 6, 2013
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