Where are the good condo deals in NYC? Any up and coming community for a middle class family to consider? Please advise

Asked by Javierl, Harlem, New York, NY Mon Feb 8, 2010

My wife and I recently got married and now we are on our quest to seek a home. We have almost 70k saved and have a combined income of over 165k a year. Our credit score is 790 plus. We are looking for a 3 bedroom condo in a newly built or planned to be completed building. Our range is up to 400k today maybe higher a year from now. Willing to consider Jersey with short commute to NYC.

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Robin Lynch, , Westchester County, NY
Thu Apr 15, 2010
Hi Javierl,

You could look into Riverdale where you will find The Waterford. You might also want to consider Westchester County. To name a few newer condo properties: Cortlandt Ridge in Cortlandt Manor, NY, Chapel Hill Estates in Peekskill, Orchid Condominium in Ossining which is brand new, Scarborough Glen in Briarcliff Manor, 166 Harding Condo in White Plains, Homestead Hill in Port Chester, Carollo Commons in Harrison, Lincoln Hancock in West Harrison, Holicrest Condos in Mount Vernon, Cross St. Town Homes in Bronxville, Pelhamwood Estates in New Rochelle, Wrights Landing in New Rochelle, Glen Harbor in New Rochelle, Glenview Terrace in New Rochelle.

To help you out with your commute you can reference the MTA website. Here is the link with that includes the Metro North Station map. The red line is the New Haven link, the blue line is the Harlem line and the green line represents the Hudson line. If you click on each station, you can get specific information regarding that station including parking (they have maps) and timetables which include your commute into Grand Central:


Robin Lynch
Keller Williams Realty Group
0 votes
Kevin O'Shea, Agent, White Plains, NY
Sat Feb 13, 2010
Hi Javieri,

With that income and down payment you should be able to afford around $600,000 as long as you don't have huge debt.

You might want to consider Westchester as it is just north of NYC and the Railroad commute is under 30 minutes for a lot of our towns.

I am a NYC native and have lived in Westchester for 26 years. You can find a 3 BR in a great area with a terrific commute for under $600,000. You can have (and will want) a car here. You could even get a nice single family house for that.

All the best!

Kevin O'Shea
Licensed Real Estate Broker
0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Tue Feb 9, 2010
Javierl, I know that it seems to you that you have saved a significant amount of money, however if you are looking at newly built in NYC you would have to spend a larger percentage of your money on closing costs than you would if you bought in NJ. On new construction, they buyer generally pays the seller's transfer tax, plus you also have 1.8% mortgage tax. Add that to title costs, and you are probably looking at 10% down plus closing costs, just off the top of my head. In New Jersey, you would still have to pay transfer tax, but it would be less, there is no mortgage tax, and fees in general tend to be lower. Look for a condo that has at least 50% sold, and you would be better off with 70%. If you find one that is FHA approved, that could even work out better for you.
At what pace are you able to save at this point? If you can get yourself to 20% down plus closing costs, you would be better off. If you would like to go over some of the figures with me, please feel free to contact me. I am a licensed loan originator in New Jersey and New York.
0 votes
First Last, , 90002
Tue Feb 9, 2010
Have you considered the Bronx? I did some research there for someone yesterday, I was impressed with the deals to be had.

I would like to suggest something else, though.......Perhaps you might want to consider waiting to buy.

Marriage is a significant life change, and so is buying real estate. You don't have as much cash saved as I would like to see, and I think you might add stress to your lives by purchasing now. I also believe prices are likely to slide through 2010.

At a minimum, I hope you will be fussy buyers and take your time to find the ideal place.

Karla Harby
Vice President
Licensed Real Estate Salesperson
Charles Rutenberg Realty, LLC
127 East 56th Street, 4th Floor
New York, NY 10022
(212) 688-1000 ext. 383
(917) 365-0876 cell and text messages
(212) 688-1919 fax
0 votes
Leila Yusuf , Agent, New York, NY
Tue Feb 9, 2010
Hi, they are some great deals in harlem in nyc for that price and it will very hard to buy 3 bedroom for 400K in downtown. I know of some great deals. Please forward your email and phone number. I will be happy to help you. Thanks leila 9174780557 orlmwangi@stribling.com
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Feb 8, 2010
Hi Javierl

I can't help you with NYC, but I think your budget is going to limit your choices there. A NY agent will be able to help you out there.

I can help you with NJ, though, and I could tell you about some townhomes, that are condos, not coops, that would stay in your price range. A town called W. Orange has some lovely complexes, and some of the spacious units are now priced under or around the 400,000 price point. The complexes offer pools, tennis and clubhouses with exercise and meeting rooms. Some are walking distance to the NY bus.

My question to you, is - what do you consider to be a "short" commute? From my area, the bus to Port Authority will take about 50 min.................the train 35-40 min, but parking may be an issue if you don't live in the "train" town. Another option is to drive to Harrison, and take the Path train (20 min drive).

Are you looking for a city-type environment, or a more suburban feel?
Hoboken and Jersey City will offer a more urbane feel . I don't cover that area, but I am sure agents will come along who do.

If interested, please reach out to me, and I can send you some listings to give you an overview of my area.

Best wishes in your home search - you sound like very qualified buyers, and I am sure you will find just what you are looking for!

Good luck...
Debbie Rose
Prudential NJ Properties
email: Debbie.Rose@PrudentialNewJersey.com
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