Jackson Heights Life

Get Connected => Real Estate & Home Improvement => Topic started by: ilovejacheights on January 12, 2019, 01:55:30 PM

Title: Looking to buy 1BR Condo--CASH
Post by: ilovejacheights on January 12, 2019, 01:55:30 PM
Hello all,

I am interested in buying a 1BR apartment in a condo building in Jackson Heights.  I have a budget of 300K cash and would welcome any information.

Thank you!
ilovejacheights a.k.a. Dawn
Title: Re: Looking to buy 1BR Condo--CASH
Post by: carrefour_ny on January 12, 2019, 04:45:02 PM
Hi Dawn,

My sense is that condos go for considerably higher prices than 300K but that that's a legitimate range for coops. Are you specifically looking for condos at this prince point?

Title: Re: Looking to buy 1BR Condo--CASH
Post by: Shelby2 on January 12, 2019, 07:44:47 PM
Hello all,

I am interested in buying a 1BR apartment in a condo building in Jackson Heights.  I have a budget of 300K cash and would welcome any information.

Thank you!
ilovejacheights a.k.a. Dawn

Condos are going to be much more than $300K. You might find a coop in your range. Have you checked listings on streeteasy? https://streeteasy.com/for-sale/jackson-heights?sort_by=price_asc
Title: Re: Looking to buy 1BR Condo--CASH
Post by: ilovejacheights on January 13, 2019, 07:21:21 PM
Hello Shelby2 and Carrefour_NY,

Thank you for your responses.  Yes, I do see on StreetEasy the inventory for condos in JH is significantly smaller and their prices higher compared to co-ops.  I had lived in a JH co-op for many years, and it was a terrible experience.  Thus, I prefer a condo because of the free and clear ownership and the lower monthly common charges.  Hoping to find one seeking a quick sale via a cash transaction. 

Regards,
Dawn
Title: Re: Looking to buy 1BR Condo--CASH
Post by: hum@njukebox1 on January 13, 2019, 08:18:19 PM
Lower monthly common charges?  With a condo you will pay taxes and a common charge.  With a co-op, it's all rolled into the one maintenance charge.  Generally, co-ops are much cheaper to own. 
Title: Re: Looking to buy 1BR Condo--CASH
Post by: bryncellen on January 16, 2019, 12:29:07 PM
Co-ops are cheaper to buy but not always cheaper to maintain. 

Monthly maintenance costs for co-ops usually include the shareholder’s share of payments on the underlying mortgage. This can increase monthly maintenance costs for a co-op beyond -- sometimes well beyond -- the combined monthly amount of common charges/RE taxes you would pay for a condo.       
Title: Re: Looking to buy 1BR Condo--CASH
Post by: eddie on January 17, 2019, 08:29:51 AM
Hello Shelby2 and Carrefour_NY,

Thank you for your responses.  Yes, I do see on StreetEasy the inventory for condos in JH is significantly smaller and their prices higher compared to co-ops.  I had lived in a JH co-op for many years, and it was a terrible experience.  Thus, I prefer a condo because of the free and clear ownership and the lower monthly common charges.  Hoping to find one seeking a quick sale via a cash transaction. 

Regards,
Dawn

While condos generally have lower common charges, you also have to pay RE taxes monthly. When combined those two are usually higher than a CO-OP maintenance fee which is all inclusive. Also a lot of condos are newer and tenants pay their own heat which can be really expensive.

All in all co-ops are much cheaper both in cost and monthly. I don't think you can find a condo here for $300k.
Title: Re: Looking to buy 1BR Condo--CASH
Post by: rhydewithdis on January 17, 2019, 10:55:50 AM
Hello Shelby2 and Carrefour_NY,

Thank you for your responses.  Yes, I do see on StreetEasy the inventory for condos in JH is significantly smaller and their prices higher compared to co-ops.  I had lived in a JH co-op for many years, and it was a terrible experience.  Thus, I prefer a condo because of the free and clear ownership and the lower monthly common charges.  Hoping to find one seeking a quick sale via a cash transaction. 

Regards,
Dawn

While condos generally have lower common charges, you also have to pay RE taxes monthly. When combined those two are usually higher than a CO-OP maintenance fee which is all inclusive. Also a lot of condos are newer and tenants pay their own heat which can be really expensive.

All in all co-ops are much cheaper both in cost and monthly. I don't think you can find a condo here for $300k.

1 bedroom condos in the Historic District (and let's include the Andrew Jackson bldg on Leverich St. in the mix as well) will start at $450k+ for a unit needing a full rehab. $500k+ for a renovated unit. You might be able to snag a deal on an estate deal if you can get an in and buy something off-market. My suggestion - if you REALLY want to find a deal is to send an unsolicited mailing to EVERY unit in the condo buildings offering to buy their place. Do this 4x a year and you might get a couple of promising leads. It shouldn't cost you more than $250 in stamps and envelopes and you could save a $100k if it works out.

There are a number of coop buildings in Jackson Heights without any underlying mortgages on the buildings and healthy reserves - remember we are talking about buildings that are built in the 1920's! Those buildings tend to have lower than average monthlies but higher than average sales prices.
Title: Re: Looking to buy 1BR Condo--CASH
Post by: lalochezia on January 17, 2019, 12:10:10 PM
Remember: condos cost more because they are more fungible (i.e. easier to sell to anyone, and often easier to sublet/rent). Thus you're competing with people who want to buy it for an investment, not just as a home.

A co-op as a place to live is a great idea, if managed well; indeed this is one of the reasons the co-op structure was set up.
 As a fungible asset, not so much, since the sale depends heavily on the board interview; the board can prevent or make renting difficult too; this makes them less attractive as investments, lowering the price, which is great if you want to buy & live in one!
Title: Re: Looking to buy 1BR Condo--CASH
Post by: Marlene on January 25, 2019, 12:23:59 AM
Hello,

I will have a two bedroom renovated sponsor unit (no board approval) in a few days.

Asking: $399k  Maintenance: $475   Downpayment: 10%

Marlene Flores - 917-208-6709
Douglas Elliman Real Estate
Top Producer 2016
47-37 Vernon Blvd.
Long Island City, NY
marlene.flores@elliman.com