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Home Buying in Washington Heights : Real Estate Advice

  • All79
  • Local Info4
  • Home Buying25
  • Home Selling1
  • Market Conditions6

Activity 22
Sat Aug 8, 2015
Kathy Burgreen answered:
Broker fees are paid upfront - you cannot include it as part of the $1500./month rent. The only way around it is find an apartment for $1400./month & the extra $100. You reimburse your savings account for the broker fee. I think your budget is OK for a studio but low for a 1 bedroom. You should look into the Bronx (Pelham Parkway, Allerton Aenue, Cruger Avenue, East Tremont Ave.). It's cheaper than Washington Heights. Also check out Yonkers because you will get more space for your dollar and transportation is easy. ... more
0 votes 1 answer Share Flag
Sun May 10, 2015
Tracee Williams answered:
Hi Anne,

Ami for New York City for 2014 was $78,100. However, you will need to check with the listing agent to see what the exact numbers are for the coop.

Please feel free to give me a call or email anytime. I'd be happy to work as a buyers agent for you during your search for a new home. There is no monetary compensation provided by you for this service and as a bonus I have lived in the Heights for 10 years now and I'd be happy to be your guide.

Thanks,

Tracee
917.746.6551
twilliams@mironproperties.com
... more
0 votes 1 answer Share Flag
Thu Jul 17, 2014
Jennifer answered:
Start by going to realtor.com and selecting "Recently sold."
0 votes 2 answers Share Flag
Mon Jul 14, 2014
Christopher Pagli answered:
Streeteasy.com will be your best bet.

Chris
0 votes 1 answer Share Flag
Sat Apr 27, 2013
Jenet Levy answered:
Hi, Madeleine.

When you own a co-op, you own shares in the corporation that owns the building. Those shares entitle you to a proprietary lease which allows you to occupy the apartment. The board of directors (the board) makes rules regarding guideliness for purchase, pet policy, sublet policy, etc. What you pay monthly is called maintenance and is made up of 3 parts: your share of the underlying mortgage, your share of the real estate taxes, and your share of the upkeep of the building. This is different than a condo, where you actually own real estate. To purchase a co-op, there is an application process which involves sharing all your financial documents as well as letters of recommendation, etc. An interview is also generally required. This "board package" is submitted to the managing agent after the seller has accepted your offer and you have secured your loan commitment.

If you are considering purchasing a co-op, I would strongly suggest you use a skilled, experienced agent to guide you through the process.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
... more
0 votes 9 answers Share Flag
Tue Jan 1, 2013
Dania Robley-Lehi answered:
Hi James Cusano,

The first big difference between a condo (condominium) and a coop (cooperative) is that; a condo is real property. This means that when you buy it then you own it, in its entirety. On the other hand when you buy a coop you are buying shares in a corporation.

Condos usually cost more money than a coop, but the maintenance fees are lower. Coops usually cost less money than a condo, but the maintenance fees are higher.

The process can be more straight forward when dealing with a condo; less paperwork and sometimes there is no board interview. This really depends on the condo building. There are some condos where you do have to go through the full paperwork and board interview process. When dealing with a coop you usually have to go through the full paperwork and board interview process.

There are other differences, but these are the main ones.

There are many reasons why people pick one or the other. It really depends on individual needs, wants, and feelings. A good agent can help you figure out which one is the best match for you.

I hope this helps.

If you have any other questions, or know of anything I can help you or anyone you know with then Please feel free to call me.

Best,

Dania K. Robley-Lehi
Keller Williams- NYC
Licensed Real Estate Saleperson
"The Real Estate Matchmaker"
718-710-8630
dania@kwncy.com
... more
0 votes 13 answers Share Flag
Thu Apr 12, 2012
Anna M Brocco answered:
Since no link is visible, if interested in the property consider working with an agent of your ownhe/she can schedule showings, provide any necessary information, etc. Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously. ... more
1 vote 1 answer Share Flag
Mon Feb 27, 2012
Yul Park answered:
I have a 3 bedroom condo in Washington Heights for $370,000. Address is 4260 Broadway. The link to the Trulia listing is below.

http://www.trulia.com/property/3075349055-4260-Broadway-402-New-York-NY-10033 ... more
2 votes 4 answers Share Flag
Sat Dec 3, 2011
Billy Briggs answered:
How Much House Can You Afford?
Debt-to-Income Ratios
To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a "front" ratio and a "back" ratio and they are generally written in the following format: 33/38.

The front ratio is the percentage of your monthly gross income (before taxes) that is used to pay your housing costs, including principal, interest, taxes, insurance, mortgage insurance (when applicable) and homeowners association fees (when applicable). The back ratio is the same thing, only it also includes your monthly consumer debt. Consumer debt can be car payments, credit card debt, installment loans, and similar related expenses. Auto or life insurance is not considered a debt.

A common guideline for debt-to-income ratios is 33/38. A borrower's housing costs consume thirty-three percent of their monthly income. Add their monthly consumer debt to the housing costs, and it should take no more than thirty-eight percent of their monthly income to meet those obligations.

The guidelines are just guidelines and they are flexible. If you make a small down payment, the guidelines are more rigid. If you have marginal credit, the guidelines are more rigid. If you make a larger down payment or have sterling credit, the guidelines are less rigid. The guidelines also vary according to loan program. FHA guidelines state that a 29/41 qualifying ratio is acceptable. VA guidelines do not have a front ratio at all, but the guideline for the back ratio is 41.

Example: If you make $5000 a month, with 33/38 qualifying ratio guidelines, your maximum monthly housing cost should be around $1650. Including your consumer debt, your monthly housing and credit expenditures should be around $1900 as a maximum

Talk Soon

Billy Briggs
Licensed Real Estate Salesperson
Prudential Douglas Elliman RE
1995 Broadway New York, NY 10023
(646) 312-9873 (cell)
billy.briggs@elliman.com
http://twitter.com/BillyBriggsDE
http://billybriggselliman.blogspot.com
... more
1 vote 20 answers Share Flag
Sun Nov 27, 2011
Jenet Levy answered:
Gernot,
Renting to tourists would be a problem because NYC laws have gotten very strict yesterday on this type of very short-term rentals. The hotels have put up quite a fuss about it and the mayor has listened. Apart from this, it is a misconception that if you have a condo you can do whatever you want with it. Condo boards usually have rules about minimum sublet period, which is usually a year. That is because other owners do not want transients coming in and out of their building. Condos give you a lot of freedom with subletting compared to co-ops, but not for an ever-changing stream of transients, which is what renting to tourists would be.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
... more
1 vote 6 answers Share Flag
Wed Nov 16, 2011
Parish Pradhan answered:
This is case by case... depends on the building rules. It can be coop or condo but definitely check with your lenders. Call me directly at 646-833-4338 for more info.
Thanks,
Parish
keller williams nyc ... more
1 vote 7 answers Share Flag
Wed Sep 28, 2011
Joseph Runfola answered:
DNAinfo.com reports; Woman Mugged by Group of Teens in Isham Park

Read more: http://www.dnainfo.com/20110928/washington-heights-inwood/woman-viciously-mugged-by-teens-isham-park?utm_content=joe%40clovelake.com&utm_source=VerticalResponse&utm_medium=Email&utm_term=Woman%20Mugged%20by%20Group%20of%20Teens%20in%20Isham%20Park&utm_campaign=Parents%20Prepare%20Kids%20for%20Gifted%20and%20Talented%20Testscontent#ixzz1ZGBl4u9W
http://www.dnainfo.com/20110928/washington-heights-inwood/woman-viciously-mugged-by-teens-isham-park?utm_content=joe%40clovelake.com&utm_source=VerticalResponse&utm_medium=Email&utm_term=Woman%20Mugged%20by%20Group%20of%20Teens%20in%20Isham%20Park&utm_campaign=Parents%20Prepare%20Kids%20for%20Gifted%20and%20Talented%20Testscontent
... more
2 votes 9 answers Share Flag
Thu Jul 28, 2011
Mitchell Hall answered:
Hi John,

Your welcome. It is my pleasure. Feel free to contact me with any questions.

Best,

Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com
0 votes 2 answers Share Flag
Mon Jul 25, 2011
Christopher Pagli answered:
Hi, You can visit www.homefair.com and www.spotcrime.com for in-depth crime stats and area demographics for any area you choose.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
... more
1 vote 5 answers Share Flag
Fri Feb 4, 2011
Tony Lara answered:
Totally agree it's legal and standard procedure in NYC. If you need an attorney feel free to contact Keith Schutzman at keith@schutzmanlaw.net or 917-842-2889. Please note I do not get compensated for referrals. Best of luck if I may be of service, feel free to contact me for all your real estate needs.

Tony Lara
Licensed Real Estate Salesperson
Rutenberg Realty, NY, NY
tlara@crrnyc.com
... more
1 vote 4 answers Share Flag
Fri Feb 4, 2011
Deltsova Yelena answered:
There are condos and co-ops( no board approval) under 500K right near where I live in Washington Heights.
If you do not have agent yet, I will be happy to help you.
Feel free to call or email me. ... more
0 votes 3 answers Share Flag
Fri Feb 4, 2011
Deltsova Yelena answered:
I live on West 189 & Broadway for 6 years and consider my area very safe! I wouldn't say "stay west off Broadway". From 181 and all the way to Inwood, around the park from Broadway to the west off Broadway, the
area is very nice and pretty safe. Especially later. We have lots new stores, bars, restaurants plus new buildings are growing. The A and 1 trains just few blocks away, and in some cases right across the buildings.
Like West 192 and Bennett or Overlook Terrace and West 185. Of course west off Broadway all the way to
Fort Washington is much nicer, but also much pricier.
I am a single woman also and living here for 6 years never had any accidents. So if you interested to live
in Washington Heights I will be happy to assist you in your search.
... more
0 votes 11 answers Share Flag
Fri Mar 12, 2010
Joseph Hastings answered:
Jordy, you are ahead of the curve on this as open house listings for that date would not yet be posted. Better to check late in that week (Thursday/Friday) for the best results.

Here's a great little search engine for you to browse through, maybe even call a few of the direct listing agents if you like something. Just input your specific criteria for desired results and have some fun.

http://www.nytimes.com/pages/realestate/
... more
1 vote 6 answers Share Flag
Mon Aug 10, 2009
Tony Lara answered:
I totally agree you need an attorney he/she will look over the finanicals and make suggestions accordingly. I'll be more then happy to recommend an attorney if you need one and don't hesitate to withdraw the offer if decide to do so. Good luck!!! ... more
0 votes 3 answers Share Flag
Sat Jun 6, 2009
Leif Johansson answered:
Hi there, I'm exclusive agent at Roger Morris Apt; Leif Johansson | Barak Realty.

I'm handling all of the sponsor units not the re-sales @ Roger Morris.

Pls let me know which apartments that are listed w/ different agents.

The following sponsor units are available:
Apt # 1 474 West 158 St--Listed with me---available
Apt # 1 478 West 158 St--Listed with me--available
Apt # 53 474 West 158 St--Listed with me--accepted offer
Apt # 33 478 West 158 St--Listed with me--in contract

If any of these units are listed w/ another agent please contact me @ 347 244 1620 or
leif@barakny.com.

I'm not sure what you mean with "all cash" and/or status in contract.

If a contract is out it will indicate on all real estate sites. This information is of value to
buyers/sellers alike...

Pls keep in mind that all of the sites used by the public is simply information channeled
through a multi listing agency....agent is feeding this info not a third party...

If you are a buyer please consult with an agent this will save you time and money.

In the event that anyone has any questions regarding the best deal in town
@ Roger Morris Apts call me at 347 244 1620 or e mail me @ leif@barakny.com

A none HDFC, healthy financial Co-Op that is looking for a few good owners....

Don't wait contact me today or attend my open house tomorrow Sunday
(June 7th) bet 12noon-1:30pm.

Best regards,

Leif Johansson
Agent-Barak Realty
347 244 1620
leif@barakny.com
... more
0 votes 4 answers Share Flag
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