Asked by HSG, New York, NY • Wed Jan 9, 2013
I'm new to Manhattan apartment shopping and wonder if someone has insight about whether I would be attractive or unattractive to co-op boards.
I'm 58 and retired. I'm selling my home in the suburbs next year and should clear about $550K after closing. (It's in a desirable suburb and should sell fairly quickly.)
I want to buy a one-bedroom Manhattan co-op in the $450K to $550K range with monthly maintenance of about $1K to $1.5K. I would pay all-cash. I will also have $800K more in liquid assets (mostly blue-chip stocks) as so-called "show money."
My income after taxes is about $5K per month, I have zero debt, and I have a very high credit score.
Would my monthly income be considered too low for a $1.5K monthly maintenance fee? (I pay nearly that now in utilities and real estate taxes.) Would escrowing several years worth of the maintenance fees alleviate a board's concern or would they still not like me?
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