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Rent vs Buy in 10005 : Real Estate Advice

  • All31
  • Local Info4
  • Home Buying4
  • Home Selling0
  • Market Conditions0

Activity 15
Mon May 27, 2013
Jenet Levy answered:
In my opinion, the best values right now are on the Upper East Side and in the Financial District. As you may know, we are trending up, and most neighborhoods right now have very little inventory. Properties are routinely sold in multiple bidding situations (bidding wars) for at or above ask. The reason the Upper East Side is good value now is that it is one of the few neighborhoods with abundant inventory and, furthermore, will appreciate in the future with the coming of the 2nd Ave. subway. The Financial District is still developing, though quickly, as a residential neighborhood. There is still room for appreciation there and more amenities are coming to the neighborhood all the time. As an investor, positive cash flow would be up to 5%, if you are lucky.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
... more
0 votes 8 answers Share Flag
Mon May 27, 2013
Yul Park answered:
Hello Simone,

I've done some work lately in Harlem and areas further north. There are many factors to consider. If you're interested please contact me directly and we can discuss your options. You should definitely talk to a professional about financing first. I have a great contact at Chase Bank. His name is Jason and his info is below.

--
Yul Park
Senior Vice President
Cell: 917-647-2717
Fax: 646-537-2626

RES Sales and Marketing Corp.
320 West 37th Street, Suite 301
New York, NY 10018
www.RESnewyork.com


Jason Han
Chase Mortgage Banker
Cell: 516-459-7826
Email: Jason.han@chase.com
Website: http://homeloan.chase.com/jason.han
... more
0 votes 14 answers Share Flag
Fri Mar 8, 2013
Jenet Levy answered:
Mddoc27,
Yes, it is definitely a good idea as well as a great time to buy and rent out a condo in NYC. Our market has been trending up and inventory is tight, which will only cause prices to continue to rise. That is why jumping in now makes a lot of sense. At the same time, mortgage rates are still low, though beginning to rise, so taking advantage of these historically low rates now is also wise. It is a strong rental market as well, so you should not have difficulty renting out the condo once you purchase it. ... more
0 votes 8 answers Share Flag
Thu Jan 31, 2013
Elena Ravich, Esq. answered:
I would be happy to participate and explain the benefits and how things work. Can also ask a very good and experienced coop attorney to come with me, as well
Elena Ravich
Rakita Realty
646 593 7207
elena@rakitarealty.com
... more
0 votes 5 answers Share Flag
Mon Apr 23, 2012
Janet Nation, CBR answered:
No just save up your money until you can come up with a sufficient down payment. Rent with the option to buy in our market is too complicated, rarely practised and you don't know when real estate value for a particular property is going to be in the future. ... more
0 votes 6 answers Share Flag
Wed Feb 20, 2013
Christopher Pagli answered:
Hi, yes there is montly maintenance when you own a coop and monthly common charges for a condo, plus property taxes.

Chris
0 votes 8 answers Share Flag
Fri Mar 30, 2012
Anna M Brocco answered:
Keep in mind that when purchasing co-ops each building is different, and each has their own financial requirements that must be met in order to be approved; generally required downpayments are not negotiable; if you are not working with an agent of your own, consider the idea, he/she can best inform you about specific buildings of interest, their rules, requirements, etc. ... more
0 votes 6 answers Share Flag
Wed Oct 26, 2011
Scott Godzyk answered:
The only true way you will be able to know if what mortgage programs may be available to you, is to meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for.

Please see my blog fo rtips and advice on getting a mortgage
... more
0 votes 11 answers Share Flag
Thu May 11, 2017
Jenet Levy answered:
Jessica,
This is a very good question. By the way, how interesting that you are from Brooklyn, AL - I didn't know there was a Brooklyn there, so hello from one Brooklynite to another.
There was a time when sales were slow during our downturn when some of the new developments were willing to do "rent to own". These days, our market is brisk again and they are much less common. The Financial District in Manhattan is where these were particularly being done. Those buildings however are largely sold and not needing to do this now. On resales, this is something that can always be presented to a seller's agent, though in most cases sellers want to be free and clear of the property.

Hope this helps.

Best,
Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
... more
0 votes 17 answers Share Flag
Wed Oct 26, 2011
Anna M Brocco answered:
Since this question is a legal one, for an accurate answer/information, it's best to consult with an attorney who specializes in real estate--most professionals do offer a free consultation. ... more
0 votes 3 answers Share Flag
Wed Oct 14, 2009
Ralph Windschuh answered:
The Manhattan market, even though affected by the general downturn in real estate values, remains a fairly strong market compared to the rest of the country. If you plan of staying around for 5 years or more, then purchase something if you can. $1500 x 12 months = 18000 x 5 years is $90000 in rent thrown away plus whatever tax benefits you also lose - which could be approximately another $25K. Good luck.

Ralph Windschuh
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
... more
0 votes 3 answers Share Flag
Thu Nov 14, 2013
First Last answered:
For a lot of reasons that are too much to discuss here, I do not believe this is legal, and I would urge you to consult with a lawyer who is experienced in real estate matters. Schedule an hour's consultation and pay a fee for that hour. It will be a relatively modest amount of money and a good investment in your peace of mind! All the best of luck to you! ... more
0 votes 3 answers Share Flag
Fri Oct 16, 2009
Anoop Punjabi answered:
Hello Will,

I commend you for having the start of a brilliant thought. I do not know of any magic number to determine a threshhold, however that being said - if you have a long term horizon in mind (5-7 years) there is no better investment than real estate. There may be short spells when it is slightly advantageous in one direction, but in the long run - you are always better off owning when compared to renting.

Additionally, with the incentive being offered by the federal government, and the low rates on mortgage loans (lowest in more than 20 years) as well as the steep correction in property prices, there is no better time to jump in head-first. The upside potential far far outweighs the slight chance of further declines.

The key for you to be able to take advantage of the present situation, will be to have the funds for a 20-25% down payment along with decent credit. Your best bet is to contact a few banks to get pre-approved, then contact a real estate agent to represent you as a buyers broker. This way you will have someone looking out for your best interest.

If you wish to call me over the phone, we can discuss this in further detail. I would like very much to be able to help you buy your dream home.

Sincerely
Anoop Punjabi
Halstead Property LLC
Email: apunjabi@halstead.com
Tel: (212) 317-7844
... more
0 votes 5 answers Share Flag
Mon Mar 23, 2009
Voices Member answered:
Martina, You might want to give this a look...http://www.nyc.gov/html/dof/html/property/property_bill_taxlien.shtml

You could also look through these....http://www.biggerpockets.com/bank-reo.html
http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp

Good hunting, Dunes
... more
0 votes 5 answers Share Flag
Wed Jan 28, 2009
Morgan Evans answered:
Hi Hande,

That building is made up of 2, 3, 4 bedroom apartments. So right now there are no 1 bedroom apartments available. Are you looking for a one bedroom apartment that faces Gramercy Park? Are you looking to rent or buy? I can email you the available apartments that fit your criteria. Feel free to send me an email at morgan.evans@elliman.com ... more
0 votes 2 answers Share Flag
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