The average price for a 3 bedroom, 1000 sq. ft. apartment will be about $1500 a month to rent or $235,000 to buy. Occupancy rates vary widely throughout the city, but are usually 70-80%. Feel free to contact me if you have more questions.
Principal Broker at Grand Lux Realty
Closing costs can vary based on several factors, such as the price of the house. You can ask your attorney or lender what they estimate the closing costs to be once your mortgage is approved. Please let me know if you have any more questions.
Principal Broker at Grand Lux Realty
I'm a retired real estate broker. To answer your question, yes, the condo is in a good neighborhood. BUT I must advise you that any real estate salesperson or broker will refuse to answer because it violates Federal and State Fair Housing laws and puts our license in jeopardy.
You will have to do your own research because what you consider a "good" neighborhood will be different from my opinion or anybody else's opinion. I suggest you drive around the area at different times of the day & on different days. Also visit with the local police department & the local public elementary school. Talk with parents picking up or dropping off their children. Visit the nearby playground on a weekend - parents will be there. You'll be surprised at the different responses.
One last thought. If you're interested in buying, your 1st step is speaking with a mortgage broker or lender & getting a written pre-approval. You will need this before you visit any condos. This is to inform your real estate salesperson how much you can afford & speeds up the process.... more
Since I recently retired as a real estate broker, I can educate you without the fear of violating any Fair Housing laws or brokerage violations. So here's my advice:
1. I hate to start with bad news BUT your budget is far below the requirements to purchase a condo. The starting price for condos is about $300,000. & the average price is about $400,000. And this is for 1 bedroom.
2. You need to look at co-ops. You are misinformed about co-ops. The truth is co-ops is a form of ownership because you are buying shares of a limited housing corporation that gives you proprietary rights to own a unit in a residential building. Owning shares of stock in a housing corporation means you are the owner in every sense and can resell your unit on the open market - just like selling a single family house. Co-ops were designed for buyers like you who don't qualify to purchase a condo. The difference between a condo and a co-op is with a condo - you receive the title to your unit. With a co-op, you receive a certificate with the number of shares assigned to your unit. Your shares are valuable and you can sell it to any buyer. Because of this difference (title vs. shares), prices for condos are much higher than for co-ops.
3. As for areas within your budget, you should look in Yonkers, Mount Vernon, Pelham Road in New Rochelle, Old Mamaroneck Rd. & Bryant Crescent in White Plains, and Richbell Road in Mamaroneck.
4. As for fees, the difference is with condos, the buyer pays the property tax and maintenance separately. In a co-op, the maintenance fee includes your property tax & maintenance combined. This is why the co-op fee appears higher than a condo fee - but in truth, if you add the condo's property tax & HOA fee, it adds up to the same amount as a co-op fee.
5. Down payment - please be advised all co-ops have a minimum down payment requirement. It varies from 10 - 25% of the purchase price. In a condo you don't have a minimum required down payment BUT the listing prices are much higher. If I were you, it's far better to have the minimum down payment for a co-op and be able to actually afford the monthly mortgage & maintenance fee of a co-op which will be far cheaper than a condo.... more
You are most likely under no obligation to own the home for a period of time. The mortgage may require that it is your primary residence for a period of time but that doesn't apply if you sell it. The problem will most likely be that after paying a sales commission and closing costs you will lose money. Depending on how much you put down you may need to kick in money at the closing to get the mortgage paid off. Talk to a local agent to get an idea of the financial impact.... more
I am not a realtor but a resident of the Fisher Hill neighborhood since 1964 when my parents bought a home here. My husband and I bought that home in 1980 where we raised two children who attended the city schools and graduated from WPHS. It is a wonderful, diverse, interesting neighborhood to live in and I still remain here. Rochambeau is a beautifully maintained, cornerstone of our neighborhood which now houses Universal Pre-K programs as well as the alternative high school. They all seem to be getting along within the building and neighborhood. If you had bought a home here I bet you would be enjoying it now
You don't mention anything about price points. My recommendation is to speak with a mortgage professional so you know what you can afford and contact an agent at a reputable agency. Once you have a dialogue, you should have a clearer understanding of how and where to move forward. If you would like, you can contact me and we can discuss your situation.... more
Hi: Usually attorneys cost around $1,000-$1,500, you can also sometimes find them cheaper if you shop around. Additionally, closings costs are approximately 2% of the purchase price. You should always ask your attorney for a "Good Faith Estimate" of closing costs when you get closer to your closing date so that you can know for sure how much you need. Hope that helped! Sincerely, Michael F. Levy, Principal Broker, Grand Lux Realty, 914-273-9688, www.GrandLuxRealty.com.... more
Hi Al. I have knowledge of Westchester County having grown up just off Weaver St (New Rochelle/Scarsdale border), lived in Chappaqua for approx 20 years, raised 4 Gen Y kids
(hence was ALL OVER for sports, music, academic, medical challenges etc...). I'm a great
resource, speak French and can be of great service to you and your family. Why don't you
give me a call? (by the way, when I returned to NY, I relocated with a young family after having lived out of NY for 17 years, so I can identify with the stresses and unfamiliarity
of a new area). I now live in White Plains after downsizing. I'd love to assist.
(914)329-6452 ;Barbara.Blitstein@Raveis.com... more
I note you're a Broker, so you should be able to post your listings if their not automatically being posted through your MLS system. After filling out the first page there are links on the left had side to continue entering photos, etc. Work you're way through all of them. It will tell you once it's posted though it can take a few minutes to actually show up live.... more
The monthly maintenance is primarily based on the amount of shares you have, your pro rata share of the buildings overall property taxes, and amenities. that being said, it's really hard to give you an average without locating specific properties.
Us lenders have a list of approved co-ops and condos. Some co-ops are not approved because of their financials. Lenders must make sure that the co-ops meet financial requirements so that they can lend to these units.... more
There isn't an Open House scheduled for this weekend. However, if you would like to see the property, I can arrange a showing appointment for you. This is the only active listing in the complex, with the other at 17-2 in contract.
If you are seriously looking to purchase a new home it can be difficult to find that perfect house that fits your criteria and feels right along with the type of neighborhood, street etc. that you view to be ideal for your needs. My advise would be to not let something that can be changed stop you from seeing a house that may work for you. If your concerns end up being well founded, and the house works for you for all reasons, it may be something you can negotiate with the seller.... more