Tom, Home Buyer in Fort Lee, NJ

Linwood Park Coops? Are there units for sale which are not listed here?

Asked by Tom, Fort Lee, NJ Mon Jan 14, 2008

I make $79K a year and own a home in PA (monthly mortgage w/ taxes, insurance, dues is $725). I'm looking for a reasonably priced stuio in Fort Lee for under $80K to make as my primary residence. Back in 2004Linwood Park had numerous condos going for approx $40K, they all seemed to have double in price w/in the last 3 to 4 years...are there any more of those left or are they possibly not listed?

Here are my questions:
1. Would I be qualified by a coop board?
2. Are there any open houses on the weekend when we can come and see what they actually look like?

Help the community by answering this question:

Answers

5
Hi Tom:

IWe own a 1 bedroom apt in Linwood Park and were thinking of putting it on the market. We haven't listed it with a realtor yet. If your'e interested, please contact us at: daleandaudrey@divtextile.com
0 votes Thank Flag Link Mon Jul 9, 2012
tom,

You may do well to check out the Landmark East in Ridgefield Park, NJ. It's a nice building with a pool. There is currently a studio apartment listed at $45K. MLS# 2806134
Web Reference: http://www.Kathy-Carter.com
0 votes Thank Flag Link Sun Feb 17, 2008
Hi Tom,

I checked my files and I have floor plans for all the units in Linwood Park with dimensions. Contact me through my website if you want me to send them to you.

-Marc
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Mon Jan 14, 2008
Hi Tom,

1) There are a couple of units in Linwood Park which are around $80,000. 3050 Edwin #4D is a 350 sqft studio in move-in condition with an asking price of $79,900. 3040 Edwin #3D is the same unit, but needs work (hardwood floors need refinishing, paint, carpet, appliances, etc.) It is on the market for $69,900.

As far as qualifying, you need 20% down, no exceptions. Then, Linwood Park has a 3:1 income to expense ratio. So at $79,000 your monthly expenses would have to be under $2,194. (Mortgage+maintenance+consumer debt service). The maintenance on Linwood Park studios is about $315, so you can use that to figure your ratio.

2) Open houses are not all that common on low priced co-ops. They're usually not worth an agents time quite honestly. If you want to look, it's best to just select an agent and let them arrange access.

In Fort Lee at this price point, Linwood Park is your best bet. Occasionally a unit will come on in Half Moon House, but there's nothing right now.

If you have any other questions, contact me through my website. Good luck!

-Marc
Web Reference: http://www.marcpaolella.com
0 votes Thank Flag Link Mon Jan 14, 2008
Tom,
I just checked our MLS and there are 35 co-ops for sale in Linwood park. They range in price from 69,900-110,000 for studio apartments. If you contact me through my website (below) I can email you all the listings and check for any open houses for you. I look forward to hearing from you.

Sharon Kozinn
Web Reference: http://www.sharonkozinn.com
0 votes Thank Flag Link Mon Jan 14, 2008
I am interested in seeing them online pabmri@aol.com
Flag Sun Nov 23, 2014
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