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10039 : Real Estate Advice

  • All12
  • Local Info3
  • Home Buying6
  • Home Selling1
  • Market Conditions0

Activity 12
Wed May 24, 2017
Kathy Burgreen answered:
As a former NYC realtor and life long resident, you need to know that landlords are not flexible with move in dates. Rentals go very quickly and landlords know they can get a tenant the same day they advertise for a rental, so no landlord will hold a rental between now and late summer.

Your best method is to wait until the summer, then look for rentals.
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0 votes 2 answers Share Flag
Mon Jul 14, 2014
Christine Gordon answered:
Hello & how are you? I see you posted this question last year but knowing the limited availability of the market, I wanted to respond anyway in case you have not yet found a home that suits your needs.

I have a 1bdrm/conv2 unit available in an HDFC building at 132 W 169th St for $95k. I'll be showing it this wknd by appointment only. If you're interested in seeing it, please feel free to contact me.

I have a flyer with photos & further details that I can email you but I have not yet posted it online.


Looking forward,

Christine Gordon
Licensed Real Estate Broker
Gorick Realty, Inc.
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at www.gorickrealty.com
"Home is where the heart is."
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0 votes 10 answers Share Flag
Mon Jul 14, 2014
Christine Gordon answered:
Hello & how are you? I see you posted this question in January but knowing the market I wanted to respond anyway in case you have not yet been able to secure the financing that you're looking for. HDFC buildings sometimes have unique financial situations which commercial lenders are not willing to work with. Feel free to contact Luis Rodriguez at (516) 852-4297. He is a mortgage broker who helped a client of mine secure financing for a difficult deal.

Hope all goes well for you & all the best in your search for a new home :-)

Looking forward,

Christine Gordon
Licensed Real Estate Broker
Gorick Realty, Inc.
Cell: 917.881.2924
Fax: 347.328.9352
Apartment updates available at www.gorickrealty.com
"Home is where the heart is."
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0 votes 3 answers Share Flag
Wed Oct 13, 2010
Mitchell Hall answered:
There are many HDFC (Housing Development Financing Corporation) coops in Harlem. They sell well below market. They offer affordable housing for many New Yorker's.

HDFC coops are city sponsored coops. Many were rental buildings abandoned by landlords in the 70's and 80's. The city sold the buildings to the existing tenants at below market prices with low real estate taxes. In return the new owners refurbished the buildings and maintained it's affordability. Many HDFC coops have income restrictions and flip taxes.

HDFC coops are considered a form of "limited equity" home ownership. They are sold at approximately 40% -60% below market value. The maintenance is also below market but when you sell, a portion of your profit goes back to the HDFC coop hence "flip tax."

HDFC coops are usually listed with real estate brokers rather than through lotteries. Other affordable programs such as Mitchell Lama coops use lotteries. Today Mitchell Lama coops are rare and typically have 15 year waiting lists via lotteries. Mitchell Lama buildings were built in the 70's. Developers were given tax incentives to keep them affordable for 30 years. Many buildings in the Mitchell Lama program have recently privatized because the 30 years expired and are now selling for market rates.

There is also an 80/20 program in new developments. 20% affordable units, 80% luxury apartments. The 20% are by lottery via advertisements and NYC.gov website.

FHA does not give loans in coops. Coops including HDFC coops usually require a minimum down payment of 10%-20%, coops have restrictive covenants such as flip tax and board approval, FHA does not loan in buildings with restrictive covenants. Real estate is local.

Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com
http://nycblogestate.com
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2 votes 4 answers Share Flag
Sat Aug 28, 2010
Sharon Harris answered:
I would be happy to meet with to give you a proper evaluation of your home and the best way to market it. I do a lot of work in Harlem and know the area like the back of my hand. Please contact me for an appointment at 917-687-2046.

Thank you,
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0 votes 14 answers Share Flag
Thu Jul 1, 2010
Jenny C answered:
Hi Danny,

Thank you for using Trulia Voices! Please provide additional information so we can better assist you. You can contact us at http://www.trulia.com/help/ask/ with the complete addresses of the listings and your email address associated to your Trulia account so we can investigate further.

Cheers,

Jenny of Trulia
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0 votes 2 answers Share Flag
Fri Mar 26, 2010
Jenet Levy answered:
Alimer,
The choice of a condo vs. a co-op depends upon your individual needs and wants. If you like older, pre-war buildings, those are mostly co-ops. If you like new and modern, a condo may be your style.
Next to consider is the state of your personal finances. A co-op board will require a certain debt-to-income ratio and a certain amount of liquid assets after closing. A condo's requirements are much less restrictive. There was a time when the amount of downpayment you could afford made a difference, but these days the banks will generally not lend more than 80% even if the condo only requires 10% down.
Yet another thing to consider is if you will need to sublet at some point. Co-ops are stricter about this and each building has their own policy.
Overall, one is not better than the other. It depends upon what you like and want. A co-op is a terrific choice if you are qualified. If you work with a good buyer's agent, they can provide you with a wide range of options in your budget and in accordance with your lender's pre-approval.

Hope this helps.

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com


Jenet Levy
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0 votes 11 answers Share Flag
Wed Mar 24, 2010
Maz answered:
Hello Kate,

Did you proceed with the contract for this apartment? What did you hear?
I'm currently looking in this area as well?

Thanks. Maz
0 votes 3 answers Share Flag
Sun Mar 14, 2010
The Braswell Team @ Compass answered:
If you believe that the market will be staying relatively flat, and that neither investing in real estate nor some types of stocks and bonds will provide you with a significant difference in return on your investment, than put more down now. If that extra 10% brings you to the brink of what you can afford, than consider 15%. It is important to keep a certain level of liquid assets available for the unknowns in life.

I think given the uncertainty of the market, neither is a bad choice.
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0 votes 1 answer Share Flag
Tue Dec 29, 2009
Nyny answered:
It is a lovely building and the A train is fast. The local police station, however, advised me not to ever walk there alone after dark, which is early in winter! It is 2 blocks from one project and about 7 from another and there are 5 in the precinct. The police warned against many robberies on Bradhurst from gangs of young kids. Very high crime rate in the area.

It is unfortunate as the area is pretty. A woman walking alone along the park once it is dark, I don't think is a good idea.

Great investment but will you ever leave your apt???????/
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0 votes 1 answer Share Flag
Fri Sep 25, 2009
Robbie Vaughn answered:
Take Ralph's advice and consult with your attorney to get a direct answer to your question. A lot depends on the terms of your contract and what has transpired up until this point. There may be other ways to get you out of your deal.

Additionally, as an alternative to seeking to retain the defaulting buyer's deposit- a Seller MAY be entitled to seek, as damages, recovery of the difference between the price established in the contract w/ the defaulting buyer and the amount ultimately received for the property.

All the best,

Robbie L. Vaughn, Esq. (Robbie Vaughn)
http://www.Rlvaughnlaw.com
http://www.Bayviewestatesrealty.com

Disclaimer:
No Attorney-Client or Broker-Client relationship is formed until we have a signed agreement. This is not intended as legal advice. Please verify any and all information provided to you
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0 votes 2 answers Share Flag
Wed Sep 2, 2009
Harlemite answered:
I have been here for 5 years and have never had any problems. It is great neighborhood, quiet and convenient. Of course there are not as many stores or restaurant choices as downtown, I say give it a few years and this area will be full of new venues. ... more
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