Jackson Heights Life

hi sam,

one small inconvenience of living in the landmark district is that even if the building's board were ok with it, the Landmarks commission would probably not let you poke new openings and vents in the brickwork of your building. So unless they already existed at the time of landmarking, you're out of luck.

You should be able to request an original plan from your managing agent and find the stacks. (They may look like columns marked with an "x" to indicate that it is hollow going up and down or may look like an extra thick wall) The surest way of knowing though is to open up the walls, but unless you have a generous budget, I would steer clear of diverting plumbing lines etc.

Good luck with your renovation.

rose

If your lawyer is even on life support system  :buck2: in the hospital, that would be in the contract in the form of a mortgage contingency.  Your bank will not finance if the unit doesn't appraise, period.  The only way the bank will do so is if you chose to still take the deal and either put more money down (unless you are already putting 30% OR MORE  down.  Make sure your bank and you see eye to eye .  If you are smarter than the average Joe you'll personally look at the sales sheet from your coop (management will provide that).

By doing so you will see if the appraisal was flawed.  In other words, if you are getting an above average unit in an above average building in a great neighborhood and for an average price of a lesser neighborhood, than...what the heck? If the neighborhood is obviously full of potential and it is in the fast track of becoming a "hot neighborhood" or it is clear that it hasn't reached it's full potential than what's up? Buy baby...BUY! 

thanks for the response. i've been out of the loop but i'm resuming my search for an apartment. i'm not in a hurry though, and will wait for something that i see as good value.

In our Pre War JH's Cooperative (built in 1930's) situated in the 70's, a 865SF 1 BR, 1BA apartments renovated had a high of $335K at the peak (Fall 2007).  We currently have one on the market in Prime condition for $295,000 (since December) with no interest.  We have a 2Br, 2BA (1200SF) recently listed for $415K which were being listed in the low $500's at the peak.  I read an article several months ago that the NYC Market won't see the bottom for 3 years and that it could be as much as 30%.  Its just someone's opinion but it would certainly keep me from purchasing at today's prices.  I would wait at least a year and access the situation at that time. 

i've been looking for a studio or 1 bedroom in JH since January. I've been a frequent visitor to the neighborhood since many of my friends live in the area. So far though, I find that sellers have been unwilling to negotiate beyond the token 10K off. I am not worried about declining prices since I plan on living in my apartment for a while but i am worried about offering more than market price and then finding out that the appraisal doesn't work out. 

Please pm me if you're looking to sell your studio. I am seriously looking to buy-have good credit, and have organized a downpayment and preapproval. The apartment must be walking distance to the express trains and allow some (even if limited) subletting.