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Home Buying in Washington Heights : Real Estate Advice

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  • Local Info4
  • Home Buying25
  • Home Selling1
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Activity 13
Tue Jan 1, 2013
Christopher Pagli answered:
Hi, a coop is run through a corporation. The shareholders are the people that buy the units. You don't actually own the unit you own shares in the corporation which entitles you to a proprietary lease. You pay monthly maintenence which includes your pro rata share of the buildings property taxes. A condo is a form of actual ownership. It means there is a board of managers that govern the building. You own the unit and are responsible for what is inside only. You will pay a monthly common charge and also property taxes since you own it. The board isn't like a coop where you have to appear before them for approval.

Sincerely,

Christopher Pagli
Accredited Buyer Representative
Licensed Associate Broker
William Raveis Legends Realty Group
914 406 9023
... more
0 votes 14 answers Share Flag
Mon Feb 27, 2012
Don Tepper answered:
You'll have to specify a particular property.
0 votes 4 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
0 votes 1 answer Share Flag
Sun Nov 27, 2011
JonathanSenker answered:
It's possible. Keep in mind, however, if it's a coop or condo building, there will be rules about subleasing apartments which will likely prevent short-term rentals. There are also rules preventing use of apartment buildings as hotels. ... more
0 votes 6 answers Share Flag
Wed Sep 28, 2011
Nick Rafello answered:
Do to Fair Housing Laws we, the real estate community, cannot discuss this issue. However, you can look this up online.

I live and sell in Washington Heights so let me know if you need assistance in finding a home.

Nick Rafello, V.P.
Associate Broker
The Corcoran Group
(212) 444-7852
nrafello@corcoran.com
my listings: www.corcoran.com/nrafello
... more
0 votes 9 answers Share Flag
Wed Nov 16, 2011
Sally Grenier answered:
Step one: Talk to a lender if you haven't already and get prequalified. Step two: Find a local Realtor who can search properties that fit your needs and budget. You'll probably get a lot of responses from agents on here willing to help you. If not, I can refer you to an agent in your area, let me know. Good luck! ... more
0 votes 7 answers Share Flag
Fri Mar 12, 2010
Debra (Debbie) Rose answered:
Jordy - it may be too early.........you're probably better off waiting, and checking the internet the week leading up to the 28th.
0 votes 7 answers Share Flag
Fri Feb 4, 2011
Tony Lara answered:
That's a good question and it'll depend on the building. Every board is different but again it's a sponsor unit so you might not be an issue but nonethelss it's case by case. First thing, get a broker, if you don't have one feel free to contact me. Secondly give yourself extra time because you're looking for a specific type of unit (sponsor) which can be limiting to say the least. You'll find what your'e looking but give yourself time. I'm here if you have any further questions, good luck. ... more
0 votes 2 answers Share Flag
Mon Aug 10, 2009
Aileen-Manhattan-NYC answered:
Marty,

It doesn't sound as if you're working with a real estate attorney. In Manhattan, it's common for buyers and sellers to have their own separate attorneys in real estate transactions, such as this. These are questions to pose to your attorney. Good luck and if you decide to withdraw your offer, please consider working with a Realtor. Realtors can guide your daughter throught the process of buying in a co-op, from offer to closing. Your daughter's broker's commission is usually built in the asking price of the unit. Feel free to contact me with any additional questions. ... more
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Sat Jun 6, 2009
Aileen-Manhattan-NYC answered:
Marty,

I'm not sure which data base you're using. Some of them could be old listings, but with NYC, it's difficult to know because there isn't a centralized data base for real estate listings. I've done a quick search of one data base and it shows only 3 active listings and 1 listing that is temporarily off the market.

More than likely, the data base you're reviewing takes info from different broker web sites, who may or may not choose to update their listings. Perhaps it's a glitch...

Whether you should be concerned at the amount of active listings... I wouldn't be. Spring and summer naturally see an increase in the volume of the listings on the market. Real estate is seasonal, after all. I wouldn't worry about the # of listings. Your real estate attorney will conduct a review of the buildings financials. They'll tell you when it's time to worry.
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Sun Jun 15, 2008
Debt Free Dave answered:
Sat Jun 6, 2009
Casey Holland answered:
Martylup,

Either situation you suggest could work for you. I am a resident of the Morris Jumel Historical District here in the Heights, and there are a good mix of coops and condos here.

If you purchase a condo, you generally will get less space for the money, but will own real property, and that can make for easier financing and having to put down less money. Most condos will allow you to place a down payment of 10%. Most coops will require 20% or more, but there are some exceptions. Right now there is only one bank making loans where less than 20% is being put down, Wells Fargo. They have reigned in lending practices due to the credit and economic troubles that have been brewing for some time now. They will allow a minimum of 15% down right now. Condos have easier sublet policies should your daughter ever want to do such a thing and also require you to have less money liquid after closing. Some coops will want you to have 6-12 months of mortgage and common charges left in cash or cash-ready accounts in order to be approved for the building. Condo typically do not have any restrictions like that.

As to your question about helping her buy or buying for her...you can do either. If you purchase for her, she won't be building and establishing her own credit. Helping her buy by co-signing or gifting her money for the down payment will help her to grow her own solid credit history. Some coops will not allow parents to buy for children, only help...and even in that circumstance, there are some maneuvers you should be making with your money now, before you start looking and making offers.

This is a complex, but not difficult transaction, but one that requires a savvy broker. If you would like more information, or to see a couple of places, get in touch. I'd be happy to help a fellow Heights resident get settled down here. It's a great area!!!
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Fri Feb 4, 2011
Ronnie Shumake answered:
The best areas of Washington Heights are west of Broadway. There are great places along Riverside Drive and also Fort Washington is great for proximity to subway. Feel free to contact me anytime for more feedback and insight. ... more
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