Condo Mania: Worthy Deals
A: For anyone looking to avoid the painstaking process of a Co-op board approval, buying a condo or condop (co-op w/ condo rules & by-laws) means spending a bit more money for a bit less property. Here are some worthwhile listings from across Manhattan that allows you to put only 10% down (except for one that requires the typical 20% down), skip the tedious board approval process associated with co-ops, sublet your property, and eventually market your home to a larger buyer pool when you decide to sell.
301 West 110th Street; Apt. 18C
Size: 589 SFT
# Beds: 1
# Baths: 1
maintenance: $321
RE Taxes: $382
Asking: $449,000
Price Per Sq. Ft.: $762
Marketed By: Alan Aciman of Bellmarc Realty
EXPECTED MONTHLY COSTS w/ MIN DOWN PAYMENT = $3,257
*Pre-Tax costs assume 10% down and 30YR fixed at 6.5%
420 East 64th Street; Apt. W8A
Size: 800 SFT
# Beds: 1
# Baths: 1
maintenance: $941
Asking: $599,000
Price Per Sq. Ft.: $749
Marketed By: Mindy Diane Feldman of Halstead
EXPECTED MONTHLY COSTS w/ MIN DOWN PAYMENT = $3,970
*Pre-Tax costs assume 20% down and 30YR fixed at 6.5%
250 West 88th Street; Apt. 706
*Brand new listing doesn't have unit photos up yet
Size: 956 SFT
# Beds: 1
# Baths: 1
maintenance: $441
RE Taxes: $68
Asking: $825,000
Price Per Sq. Ft.: $863
Marketed By: Chris Herrera & Maura Jarach of Douglas Elliman
EXPECTED MONTHLY COSTS w/ MIN DOWN PAYMENT = $5,202
*Pre-Tax costs assume 10% down and 30YR fixed at 6.5%
Thats really the best of the best I see when looking at location, unit features, monthly expenses, price per square foot, and the fact that it is a condo or condop with no board approval process. Two out of the three I list here allow up to 90% financing with one condop only allowing up to 80% financing; still not bad. I could have put some more up but the combination of price, location, monthly's, and unit features wouldn't compare to the above mentioned ones.
I'll keep my eyes open and put up some more deals as I see them!
Posted by mmr
Thu Oct 12th, 2006 11:40 AM
This is your condo list? There are HUNDREDS of brand new condos in NYC and they ALL offer 90% financing.
Not to mention that with these condos you still need to submit a board package which can be just as nerve racking as a co-op board package (although since they have the right of first refusal you are almost certain you will get the apartment).
In a new development you are buying from the sponsor, ie, no board package. Just put your money up and you have a place.
Sheesh. What a horrible list.
Posted by Noah
Thu Oct 12th, 2006 03:54 PM
MMR - Show me a new development that is priced at $850/sft or like the other 2 at $750/sft?
Most new devs are starting at around $1,000/sft, while most are in the range of $1100-$1400/sft, and the buyer pays the transfer taxes for the sponser. Sheesh, what a great deal! NOT!
The purpose of this post is to bring to light the cheapest condo's with a combination of location, sunlight, views and raw space that is asking a price per square foot in line with current market conditions.
That doesn't include overpriced new developments with a glut of inventory yet to hit the market, where sponsers are passing on their usual fees to buyers and getting away with it!