Can anyone tell me why the common charges are so high in Kew Gardens, Queens, NY? The property has a sale price of $119K. The mortgage is less than

Asked by condoownerme, Kew Garden Hills, Queens, NY Tue Feb 23, 2010

the common charges. thanks for any help.

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Gjo, Both Buyer And Seller, New York, NY
Tue Feb 23, 2010
Common Charges can be high is a building converted from a rental or if it was necessary for current owners to take out a large mortgage for some major repair. When a building converts (very common in the last 20 years) the original owner takes out an exorbitant mortage which he walks away with and then the condo buyers pay for it. When you see common charges 50% deductible it is because you are paying the mortgage of the former owner and you can deduct the mortgage interest.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Tue Feb 23, 2010
It's possible assessments have a factor as well--why not review what is included in the charges before making a determination to buy or not, in that particular complex or any other for that matter--you have many properties to choose from, therefore choose the one that best fits your needs, budget wise and lifestyle wise.
0 votes
condoownerme, Home Buyer, Kew Garden Hills, Queens, NY
Tue Feb 23, 2010
thanks for the details Gjo. Does anyone know specifically about 144-35 Charter Road, the co-op there. The common charge is $822.00. The asking price is $119K, really low Kew Gardens, this highly sought after neighborhood.
0 votes
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