In percentage terms, what is the ballpark average down payment in the New york city area required on a

Asked by Christian Oconnor, 11223 Sun Mar 2, 2008

$300,000 condo?

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Diary Of A R…, , New York, NY
Mon Mar 3, 2008
BEST ANSWER
10% -- it's possible to find sponsor listings where you can do 5%, but those listings are prized and you'll pay more for them than for a comparable 10% down apartment.

Also, you didn't ask about closing costs, but if you are taking a mortgage you will pay a tax of 1.8% of the amount of your mortgage on a condo sale. Finally if you are buying in a brand new development, the sponsor will stick you with real estate transfer taxes (what we call RETT) of 1.4% of the amount of the purchase price.

I mention those two extra taxes only because they'll help you ballpark your budget.

Good luck!
Ali
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Alison Rogers
author, "Diary of a Real Estate Rookie"
Insider Real Estate Tips with a Twist of Humor: http://tinyurl.com/2ag28z
Web Reference:  http://tinyurl.com/2ag28z
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Aileen-Manha…, , New York, NY
Mon Mar 3, 2008
Really, it depends on the condo rules. In Brooklyn, it's probably 10% down. Contact a Realtor or the building's management agency to confirm.
1 vote
Gail Gladsto…, Agent, 11743, NY
Mon Mar 3, 2008
It can be very high...check out the individual charters. You may also be required to have cash reserves from 4 months to 2 years.
Web Reference:  http://GailGladstone.com
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