It seems to me that would be a matter of opinion; and my opinion would be whichever one re-sells faster and better! We do not have co-ops in our area, so I would say a condo, but in your area, it may be different. I would get with a local real estate professional - a Realtor - and have them help you analyze which would be better. I hope this helps!... more
When the building rules (this is very likely a coop) prohibit purchasing with a mortgage, they are likely they attempting to exclude potential buyers without the cash to buy the apartment in order to establish the level of financial viability of the coop members. If you have the cash to purchase without jeopardizing your financial well-being, you may wish to proceed. However, we would certainly recommend that you seek the advice of your personal financial advisor who knows your particular situation.
If you are thinking about making a cash offer, we would strongly recommend that you add a contingency to the Purchase and Sale Agreement that states "the property must appraise at or above the sale price" to protect you as the buyer in case the property is over-priced in today's declining market. If the property does not appraise, then you as a buyer may decide to buy or not to buy the property. If this contingency is not allowed, you may wish to have the property appraised before you actually make an offer to purchase. Then you will have a better idea about what price to offer and feel more comfortable that you have made a good decision.... more
It doesn't sound too high, but I would need some more information. For instance, approximately where in Prospect Heights is the apt. located?; what is the square footage?; Is it a co-op or condo?; how many total units are in the building?; is their any outdoor space?; is their laundry in the building?; is their a full or part-time super?; is their a doorman?
Something else you may want to try is doing a search in Trulia for all 2 bedrooms in the same zipcode as this 2 bedroom apartment. Trulia will list for you a number of comps and will also calculate the median price per square foot.
Well there are plenty of apartments throught Brooklyn, Staten Island in that price range, now the question is where exactly are you interested to live. If you have any further questions you can contact me here or email me at Cgalindo@ProsperityREG.com,... more
There is a lot to do. I advise to you get a lawyer and Realtor. Perhaps start with the City about zoning, environmental, typical permit costs; and what else they might know. It is possible to co-own any real estate, advisedly with help from the professionals. Good Luck! These conversions are usually good for the community.... more
Rudolph, unfortunately there are not many options for new construction in the Brooklyn area. Builders in the surrounding areas would includ Risar Properties, Ryan Homes, Pulte Homes, Testa Properties, Premier Homes, US Homes, Hyman Homes, Schumaker Homes, Evergreen Homes and many more. These names are just jumping out at me. Let me know if you have any additional questions.... more
It all depends on the area wheree you are. I am in Dayton, and in our area, Condos rule the roost, as a matter of fact, I am not aware of too many co-op style housing. The best thing is to find an agent in your area who knows the local market for both types of property and work with them. There services will be valuable to you if they are familiar with what you need.
The best thing to do is do what you are doing. Contiue to ask around and look to your friends, co-workers, etc. and ask who they have used. Most will know someone who did a good job. Also, get online and do a search for an agent who carrieds the ABR (Accredited Buyer Representative) designation - that will show that the person cares enough about education to get the designation to set them selves apart from the crowd. Also, you may want to look for a CRS (Certified Residential SPecialist) as they will have more experience in the market.
Just interview and ask a lot of questions - you will find the right one. Good Luck!... more
The commission for the buyer's agent is typically paid by the seller unless you buy from a FSBO (for sale by owner). Commissions are negotiable and how much the seller is willing to pay is negotiated up front when the listing agent takes the listing. The seller pays the whole commission to the listing brokerage (not the agent directly) and then the listing brokerage pays the buyer's agent commission to the brokerage for which the buyer's agent works. What the average commission is depends on where you are located. 2.5% - 3% of the purchase price is very common, but it could be more or less.... more