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Home Buying in 10019 : Real Estate Advice

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  • Local Info1
  • Home Buying9
  • Home Selling2
  • Market Conditions1

Activity 9
Mon Jun 19, 2017
Kathy Burgreen answered:
I'm a recently retired realtor in Westchester and life long NYC area resident. I have the perfect solution for you. You need to expand your search into the suburbs. Start looking in Westchester County, Nassau County and New Jersey along the Hudson River. Housing prices is about 1/3 - 1/2 cheaper than similar homes within NYC. Commuter transportation is excellent and commuters can leave their homes and be at Grand Central or Penn Station within 30 - 45 minutes depending how far away they are from Manhattan. NJ has trains that go to Wall St. I think. You will get much more square footage or living space in the suburbs than you will in the city.

Examples: 2 bedroom + 2 bath co-op - $200 - 400,000. depends on neighborhood / town and condition of the co-op unit.
2 bedroom + 2 bath condo - $300K - 1 million depends on town and condition of condo.
A 2 bedroom co-op or condo ranges from 800 - 1500 square feet.
A 3 - 4 bedroom house on a 1/4 acre lot starts at $600 in good condition. Prices go up from there depending on neighborhood, condition of the home, school district, etc. A 4 bedroom house in a top rated school district with a nice size yard and move in ready can go as high as $2.5 million. On the flip side, the same exact house in a low income neighborhood with a low rated school district and needs an updated kitchen or bath will sell for $400 - 500K

You will never find prices like these in NYC. First get pre approved by a lender, then start exploring the suburbs and find a realtor to work with. Example: Douglas Elliman who used to be only in Manhattan has moved to the suburbs.
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Sun Dec 11, 2016
Elena Ravich, Esq. answered:
Sorry to hear that you are experiencing difficulties. You may want to consult with an attorney who can explain you your rights. At least I would contact the managing agent and provide them a copy of the power of attorney, so that instruct the building to give you access. It really depends on the specifics of the situation, building rules, and what exactly the power of attorney says. You you will get it resolved soon. ... more
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Sun Dec 11, 2016
Elena Ravich, Esq. answered:
It is better not to assume anything when negotiating. Call the seller and find out for sure. Even if they have accepted another offer, sometimes highest bids are not the most reliable and deals fall through - it is better to stay in touch with the seller and show them that you are prepared to move forward and serious ... more
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Sun Dec 11, 2016
Elena Ravich, Esq. answered:
Your broker should be able to provide you with all the building's contacts. We have a database that has information for most of the buildings and their closing/transfer agents.
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Sun Dec 11, 2016
Elena Ravich, Esq. answered:
Usually they take couple weeks to review and get back with questions if any. It would be prudent to allocate 30-45 days for the entire board approval/interview process, provided that the board package is in perfect shape and is not missing anything. Be aware that during holidays things may take longer. ... more
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Mon Jan 20, 2014
Nardeen Billan answered:
HDFC's are awesome because they allow for affordable housing for individuals who qualify. With that in mind, the intent is not for investment purposes, solely for affordable living.

I would consult with the board or management as a select few are not as strict as the majority. When in doubt, ask the board of that specific building. ... more
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Thu Sep 19, 2013
Michael Denniston answered:
Hi Chad, the answer is maybe. If you're moving upstate then you may qualify with as little as 3.5% down. If you plan to rent out the upstate property, then you may have to put down 20%. Either way, is relatively simple as long as you meet the necessary and common-sense credit, income, and asset requirements for a mortgage.

Maybe it's time to speak with a licensed and experience mortgage banker regarding your options. I have extensive experience helping New Yorkers to become successful homeowners and would welcome an opportunity to help you accomplish your goals. For more information, please contact me directly at 917.699.0183 or via email michaeldenniston247@gmail.com.

I value your opinion, please hit thumbs up if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS #24076
917.699.0183
The Federal Savings
Nationwide Lender
New York
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Mon Jul 8, 2013
Elena Ravich, Esq. answered:
it depends on the number of shares allocated to each apartment and depends on the size, views, floor, outdoor spaces, etc. Varies for different coops, depending on what they approve in their coop offering plan. In Manhattan it can be $1.50-2/PSF, although there are still some coops with a lower maintenance. ... more
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