Home Selling in 11374>Question Details

M.k., Both Buyer and Seller in Rego Park, Queens, NY

what is the average selling price for a one bedroom co-op in rego park, queens?

Asked by M.k., Rego Park, Queens, NY Wed Jun 25, 2008

I have a 700 sq ft junior 4 that is in excellent shape. Three years ago I sectioned off the dining room with french doors, installed hardwood floors and a new bathroom/kitchen. Carrying costs would be an $1100 mortgage, $600 in maintenance, and a $300 rental fee charged by the board. Would I be better off selling now or renting the property ? I understand I could be losing money in the first few years until rental prices catch up, but if the upside on the appreciation is significant, it could be worth it.

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Answers

7
You can check MLSLI.com under closed properties for the area and get a general idea; do keep in mind they vary depending on size, building and amenities and interior conditions.
1 vote Thank Flag Link Sat Aug 1, 2009
renting the property builds wealth
0 votes Thank Flag Link Sun Mar 25, 2012
I have sold my share of listing in the Rego Park and Forest Hills area. But the calls are coming in and the requests are so many that I need to show more of them. I would love to have your Home in my inventory for sale. I just need a few seconds to sit with you and discuses a plan that will work for both of us. Please just give me a call as soon as you can.Fajardo Delacruz: 347-932-0609
0 votes Thank Flag Link Mon Mar 19, 2012
MK, there is no "average" price for 1 br Coops. The best option to determine valuation in the building would be to review what other JR4's have sold in the building complex.

If you've owned this coop for less than 5 years, you'll take a beating on the sale. Also, based on everything I've read, appreciation will be long in coming. Rentals will have their own problems. First, what do the house rules say about subletting? How finite would the rental be? Will you have to pay 10% of the annual rent to the reserve fund of the bldg because you're renting your apartment? How involved is the rental process in your bldg? what fees are required? There is much to think about.

Coops were never good investment vehicles. If you don't need to sell now, don't. Good luck.
0 votes Thank Flag Link Fri Sep 10, 2010
Hey there is defnitevely a rend developing in NY in dropping proces real state agents trying to deny this things on here but you cant go against the trend prices are hyperinflaetd so is rent salaries are no sufficient to cover the living expenses and i mean good salaries , people like belal who are agents will always try to ratio0nalize un needed extra fee because their jobs depends on that but the trend shows that prices overall will turn to go down to have an adjustment with current salary market otherswise if prices inflate and salaries stay the same rentals or sales can not be there its a waiting game
0 votes Thank Flag Link Tue Jul 28, 2009
Dear M.K.
When it comes to Coop, there is NO average price in one zip code. It varies from block to block, Coop to Coop. Each situation is unique. If your Coop is closer to subway, very well maintained, steady maintenance fee, it should appreciate better than other Coops. Although that $300 rental fee could be concerning. However, I know most Coops in Rego Park. If I know your Coops name or address, I can give you a better opinion. Please e mail me at belal1@juno.com or call me at 917-763-2260. Thanks. - Belal
0 votes Thank Flag Link Sun Jul 5, 2009
Hi MK. Please provide me your email and I will send you an email with similar properties that have sold in your area.

Henry
917-497-0729
0 votes Thank Flag Link Wed Jun 25, 2008
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