House Hunting in NYC With $250K
A: Want to live in NYC in a doorman building, on Central Park West, with a landscaped roofdeck but only have $250K to spend? No problem! Check this listing out.
225 Central Park West; Apt. 516
Size: 340 SFT
# Beds: 0
# Baths: 1
maintenance: $488 (Not bad!)
Asking: $249,000
Price Per Sq. Ft.: $732
Marketed By: Dennis Colwell Jr. of Corcoran
EXPECTED MONTHLY COSTS w/ MIN DOWN PAYMENT = $1,550
*Pre-Tax costs assume 35% down and 30YR fixed at 6.75%
NOTE: That the minimum down payment of 35% limits the marketability of this property and might be a hint as to the toughness of the co-op board. When co-op board's require so much down, they usually also require tougher salary and liquid asset holdings to pass board review! A strict board that limits marketability means a lower price at resale for the homeowner; a double-edge sword for the prospective buyer!
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