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MandJZ
Time for Baby #2!
Member since 8/10 4194 total posts
Name:
M
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Anyone own a condo/co-op in Queens? ETA: recently bought/sold one, too!
If it is in the Forest Hills area even better, but either way I have some questions if anyone is willing to answer them. Thanks!
Message edited 12/2/2012 5:08:13 PM.
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Posted 12/2/12 4:23 PM  |
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AKD
LIF Adult
Member since 1/12 2637 total posts
Name:
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Re: Anyone own a condo/co-op in Queens? ETA: recently bought/sold one, too!
Used to own a coop in FH - recently sold it but happy to help!
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| Posted 12/2/12 5:31 PM |
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MandJZ
Time for Baby #2!
Member since 8/10 4194 total posts
Name:
M
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Re: Anyone own a condo/co-op in Queens? ETA: recently bought/sold one, too!
Posted by AKD
Used to own a coop in FH - recently sold it but happy to help!
Thanks! I'm glad to hear you recently sold because one of our main concerns is being able to sell in a few years when we want to move out to LI/a house. Did you have a lot of trouble selling (if you don't mind me asking?) Also - what is the board approval process like?
DH and I have only ever lived in houses/rented apartments so we're a bit clueless about this!
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| Posted 12/2/12 6:02 PM |
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MandJZ
Time for Baby #2!
Member since 8/10 4194 total posts
Name:
M
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Re: Anyone own a condo/co-op in Queens? ETA: recently bought/sold one, too!
So I'm reading online that most co-ops in NYC require 20% down - is this true??
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| Posted 12/2/12 6:27 PM |
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olive98
LIF Adolescent
Member since 11/12 791 total posts
Name:
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Re: Anyone own a condo/co-op in Queens? ETA: recently bought/sold one, too!
Message edited 9/1/2013 8:58:18 AM.
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| Posted 12/2/12 6:36 PM |
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AKD
LIF Adult
Member since 1/12 2637 total posts
Name:
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Re: Anyone own a condo/co-op in Queens? ETA: recently bought/sold one, too!
Posted by MandJZ
Posted by AKD
Used to own a coop in FH - recently sold it but happy to help!
Thanks! I'm glad to hear you recently sold because one of our main concerns is being able to sell in a few years when we want to move out to LI/a house. Did you have a lot of trouble selling (if you don't mind me asking?) Also - what is the board approval process like?
DH and I have only ever lived in houses/rented apartments so we're a bit clueless about this!
Don't mind at all - we didn't really have trouble. Ended up selling it right after it was on the market (we had a 1 bedroom completely renovated w/ balcony, about 900 sq ft) - so I think that helped because there's always TONS of apartments for sale, especially in the area we lived in. The board approval will depend on the board - when we were looking to buy an apartment - the first place we tried to get the board didn't even want to read our application (we're convinced it was because of our age, because nothing else was wrong in any way). The apartment we did get, the process was super easy. Note: there's a huge application that needs to get filled out with all of your info you could ever imagine. You have to have 20% down minimum --- some of the apartments we looked at requiered 30%. On top of the 20%, they also want to see that you have money in reserve - so whatever price you're looking at - do 20% + closing costs (~3 to 4%) + reserve for a few months. Some boards want to see as much as 1 year in maintenaing. The realtor should help with this - so when we were selling, we made sure that we confirmed that our buyer had enough money and that they had a good credit. The process does take a big longer because of all the paperwork - about 3-4 months from offer to closing. The actual board approval is that first you get approved by your bank, then do the application once you get the commitment letter from bank, submit, wait for them to review, if they like what they see, they'll call you for an interview - depending on the board, some only meet once a month, some more often. Once you do your interview, we found out right away we were approved, some take longer.
Happy to answer more questions!
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| Posted 12/2/12 8:03 PM |
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AKD
LIF Adult
Member since 1/12 2637 total posts
Name:
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Re: Anyone own a condo/co-op in Queens? ETA: recently bought/sold one, too!
As a side note, just saw you guys would want to buy a house in a few years. We imagined once we moved in our coop we'd stay there for 5 years and then sell to buy our house. But when we crunched the numbers because of the low interest rates, it made more sense to buy earlier, that's why we sold. I wish we went directly from renting to house (especially since with apartment you need 20% in coop --- with house you can put down less..Payments are more per month, but just something else to think about :))
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| Posted 12/2/12 8:04 PM |
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SusiBee
. . . . .
Member since 3/09 8268 total posts
Name:
S
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Anyone own a condo/co-op in Queens? ETA: recently bought/sold one, too!
Make sure the co-op you intend to buy does not have a flip tax. A flip tax will only benefit you if you plan on staying in the co-op for a long time.
As for the board approval - the only legal reason they have for disqualifying you is for financial reasons, or if you plan on doing something that would violate their house rules, like running a business out of your home. I'm on the board, and head of the resale (interview) committee, of my co-op in Bayside.
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| Posted 12/3/12 10:10 AM |
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MrsDrMatt
Live and RUN like a Ninja!
Member since 5/06 3104 total posts
Name:
MrsDrMatt
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Re: Anyone own a condo/co-op in Queens? ETA: recently bought/sold one, too!
I owned a coop in FH from 2005-2009. Although i had no trouble selling it (6 weeks) in a down market for sellers at a profit, the whole board process is a nightmare. I would not do it again, nor would I recommend it.
My advice is to stay away from coops.
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| Posted 12/3/12 1:00 PM |
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