Keep in mind that each complex is different and maintenance will vary; generally it includes the building insurance, taxes, any amenities, upkeep/repairs of common areas, etc.
The best solution is to do your legwork. Find an agent who can work with you as a Buyers Agent. This form of agency has the agent orking in your best interest. As a Sellers Agent, the agent is working in the best interest of the seller and they owe the buyers fair and honest dealings. You should interview a selection of agents and find someone who you are comfortable talking, listening and being advised from. Experience and knowledge are very important in the house buying process.... more
When choosing any area to live in, keep in mind that much depends on one's wants, needs, lifestyle, etc.; if you are not too familiar with neighborhood, do visit more than once and see if it fulfills your wish list--as for what it's like to live in Long Beach year round--it really depends on your personal preferences, likes, dislikes, etc.; real estate professionals are prohibited from steering, enticing a buyer/renter to purchase, or not, in specific neighborhoods....
http://www.longbeachny.org/... more
They are selling, though not as quickly as one would assume the builder would like. I know for a fact of 5 units that have closed, with talk of there having been several more. In addition, the lowest priced units which were roughly $1.3 million, have recently been reduced to $999,000. Take that information as you will. There are currently still several units available, though the building certainly isn't sitting there uninhabited.... more
Hi Charlie. As an agent who lives and works in Long Beach every day, I can tell you that prices on ocean front homes have come down. Granted, they have not come down big percentages like the rest of the market, but that's to be expected. Long Beach real estate in general has not fallen to the degree that other markets have. Plus, there is only so much beach and only so much ocean front property so naturally this is a commodity that carries a premium price tag. That being said, don't use this one property that you are looking at as a way of judging ocean front property in Long Beach as a whole. That one property could be an unrealistic seller or someone who isn't that serious about selling. Let's remember, he's still on the market, so until that person sells, they are not a true indicator of market pricing. Sold homes reflect market pricing, not properties that are currently on the market. Truth be told, Long Beach real estate has been selling quite well, but like anything else it has to be priced right to move. Without stepping on anyone else's toes, the Trulia stated statistics of 2 condos/co-ops having been sold in the past 8 months is completely inaccurate, even for the time period that information was posted. Bottom line, if you want to get a real true idea of the ocean front housing prices in Long Beach, check out several properties that are on the market, but more importantly look as closed sales within the past 6 months. This will show you that prices have come down, they still are outperforming other areas, and you can find tremendous value in these "limited edition" properties. If you have any questions or would like any further guidance or explanation, please don't hesitate to contact me.... more
Well you all have good answers. I myself live in NY and am a Republican and want to buy Real Estate in Long Beach with a sizeable down payment that has been saved. But as Jared said, incomes cannot support the prices of homes for sale. I grew up on the North Shore of LI and taxes and price of homes have ballooned to where the middle class person just cannot afford it. Basically you are just working to pay for your house, taxes, insurance, flood insurance if by the water and every day living. It's absolutely crazy.... more
Thank you everyone. Maria -- thanks for your insight too. I am very familiar with LB as I too have lived their. I also just sold a house and am looking to live in the West End as a resident and not an investment for the long haul. I also understand about the comparables, locations, etc.. I have a pretty good sense of things but wanted to throw my question out there. There have been 27 sales in Long Beach this year but not many in the West End. Lot of the homes in the West End need an overhaul which I would do but not at the high purchase price that some are asking. Most have not been redone inside as i have been inside and have seen paneled walls. Thank you all for your insight and input. I still think a lot of them are overpriced but I am in no rush and people don't want to buy over the market value either because they are buying at a loss.... more
According to MLS-- 26 W. Broadway is currently showing as having 5 available units ranging from $649,000 to $1,100,000--for additional information see MLSLI.com--if you need assistance feel free to e-mail me.... more
There are several expenses:
New York State Transfer Tax is $4 per thousand, i.e. Sales Price $300,000 then Seller Pays NYS $1,200
Seller also pays .05cents per Share for Stock Transer Tax, i.e. 500 Shares then Seller Pays $25
Normally the Seller Pays Co-op Flip Tax (formula may be based on various methods i.e. Sales Price, #Shares, Size of Unit or Seller's Profit from Purchase, etc.).
Some buildings may have a very expensive Buyer's Application Fee in lieu of charging Flip Taxes.
There are potentially Move-in and/or Move-out Fees and/or Security Deposits.
Co-ops may also charge an Application Fee, Credit Check Fee & Management Co Processing Fee.
Plus fee for either Management Co or Co-op Attorney for attending the Closing.
Best to obtain all details before making an Offer to Purchase.
Good Luck!
Kevin Leatherman... more
Thanks folks. I was interested in this building, but wanted to see how sales went. Contrary to what is being said, I haven't seen anyone living in the building, ie, no cars in the lot, no lights on at night, etc.... more
Hi D.rizzo
To be brief Alex and Anna are both correct. Anna has concentrated on the legal differences between a condo and a coop while Alex cut to the chase on the practicality of ownership within each legal structure.
The differences are that with a coop once you have a deal with the seller you still need to be approved by the coop board and they can blow you off for any reason, not tell you why and get away with it.
Also financing options are more limited by the board and lenders.
With a condo you make your deal with the seller, get your mortgage and you own your unit just like single family home ownership.
Long Beach in the past has had a large selection of coops and condo's. But with this market there are fewer units to choose from because owners are not putting them on the market and many who are have inflated prices. Long Beach is a great city(it is a city not a village). Take your time do some research on the streets and buildings you prefer. If I can help contact me for more information or to see some properties.
Good Luck!
Allen Bauman
Century21 Yve R.E.
Licensed R.E. Agent
NYS Certified Residential Appraiser
allen.bauman@gmail.com
516-791-3846... more