Hello Shelby2 and Carrefour_NY,
Thank you for your responses. Yes, I do see on StreetEasy the inventory for condos in JH is significantly smaller and their prices higher compared to co-ops. I had lived in a JH co-op for many years, and it was a terrible experience. Thus, I prefer a condo because of the free and clear ownership and the lower monthly common charges. Hoping to find one seeking a quick sale via a cash transaction.
Regards,
Dawn
While condos generally have lower common charges, you also have to pay RE taxes monthly. When combined those two are usually higher than a CO-OP maintenance fee which is all inclusive. Also a lot of condos are newer and tenants pay their own heat which can be really expensive.
All in all co-ops are much cheaper both in cost and monthly. I don't think you can find a condo here for $300k.
1 bedroom condos in the Historic District (and let's include the Andrew Jackson bldg on Leverich St. in the mix as well) will start at $450k+ for a unit needing a full rehab. $500k+ for a renovated unit. You might be able to snag a deal on an estate deal if you can get an in and buy something off-market. My suggestion - if you REALLY want to find a deal is to send an unsolicited mailing to EVERY unit in the condo buildings offering to buy their place. Do this 4x a year and you might get a couple of promising leads. It shouldn't cost you more than $250 in stamps and envelopes and you could save a $100k if it works out.
There are a number of coop buildings in Jackson Heights without any underlying mortgages on the buildings and healthy reserves - remember we are talking about buildings that are built in the 1920's! Those buildings tend to have lower than average monthlies but higher than average sales prices.