Does anyone know of nice co-ops in nassau county?

and possible prices of them for a 2 bedroom?
I dont think we'll be able to afford a house anytime in the next few years, so a co-op just might be the way to go!

Re: Does anyone know of nice co-ops in nassau county?

We are in the process of buying a co-op in Great Neck.

It's a great area however the prices for a 2 bedroom right in town is about 350K and up. Things in the lower 350K range need a lot of work.

Re: Does anyone know of nice co-ops in nassau county?

holy crap!! thats a lot!!! My DH wants to move further west, like queens/western nassau...but for me its just so far from work!

Re: Does anyone know of nice co-ops in nassau county?

I know its shocking how much it is. We just remind ourselves that we are really paying to live in the area...right by transportation, shopping, restaurants etc.

We wanted to stay in western nassau b/c I commute to NYC...but DH commutes to Melville. It actually is a really good in between spot. We plan on staying for 5 years then buying a house a little further east.

Re: Does anyone know of nice co-ops in nassau county?

Great Neck is a little overpriced IMO. You can buy something in Oakland Gardens Queens... which is about 5 miles from Great Neck for about 100k less.

Plus the school district in Oakland Gardens is the best in the county.

Re: Does anyone know of nice co-ops in nassau county?

is oakland gdns on union tpke by bayside?

Re: Does anyone know of nice co-ops in nassau county?

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Posted by raken40

is oakland gdns on union tpke by bayside?

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Union Turnpike is more where the border of Oakland Gardens is to other towns like Hollis. The heart of Oakland Gardens run between the LIE and Union Turnpike... between Franny Lew and Sprintfield Blvd.

Re: Does anyone know of nice co-ops in nassau county?

you can find less expensive ones in great neck if you look around

we're in glen cove in a 1 bedroom, bnut we looked at 2 bedrooms for under $200,000

you just have to keep looking

Re: Does anyone know of nice co-ops in nassau county?

I'm not quite sure why a lot of people settle on coops. I've heard only bad things about living in and owning one. #1, you dont actually 'own' any property, you own a 'share' of the cooperative community and/or company. So in retrospect, you really dont own anything. #2, coops do not appreciate in value as much as homes, condos, or townhouses. And #3, you have to be interviewed and scrutinized by a board. Can anyone verify this information or am I just misinformed? Thanks for your help.

Re: Does anyone know of nice co-ops in nassau county?

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Posted by dandg

I'm not quite sure why a lot of people settle on coops. I've heard only bad things about living in and owning one. #1, you dont actually 'own' any property, you own a 'share' of the cooperative community and/or company. So in retrospect, you really dont own anything.

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I'll agree here you don't own any property. You own shares... but they do appreciate in value which ill talk about below

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#2, coops do not appreciate in value as much as homes, condos, or townhouses.

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They can depending on the market.

I bought my 1br co-op in Jan '01 for 69k. I sold it in Aug '03 for 109k. Thats about a 60% return on my value. Pretty damm good IMO.

I bought my 2br co-op in September '03 and I still have it. Its now worth in the 220k range. Thats a 20% return.

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And #3, you have to be interviewed and scrutinized by a board. Can anyone verify this information or am I just misinformed? Thanks for your help.

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No different than you get scrutinized by a bank. Paperwork after paperwork after paperwork. Banks expect you to justify every asset you have... every dime you have in savings... every piece of debt you may be carrying.

Besides... this way the board will assure that good people are living there. Would you want to get stuck with crap neighbors? How many people on here own houses where they can't stand their neighbors and wish they were 'board approved'. LOL


Finally.. co-ops are a hell of a lot cheaper than houses (especially in Queens). Do I have 800k minimum to drop on a house in Oakland Gardens Queens? Nope... i'll stick with my 200k co-op.

Re: Does anyone know of nice co-ops in nassau county?

I am in New Hyde Park in a two bedroom. Right now 2 bedrooms are going for $220,000. I closed on mine in March and my co-op has already appreciated in value over $30,000! Pretty damn good return in only 8 months!

Re: Does anyone know of nice co-ops in nassau county?

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Posted by dandg

I'm not quite sure why a lot of people settle on coops. I've heard only bad things about living in and owning one. #1, you dont actually 'own' any property, you own a 'share' of the cooperative community and/or company. So in retrospect, you really dont own anything. #2, coops do not appreciate in value as much as homes, condos, or townhouses. And #3, you have to be interviewed and scrutinized by a board. Can anyone verify this information or am I just misinformed? Thanks for your help.

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People 'settle' for co-ops because they are more affordable then condos and houses.

They certainly can appreciate in value -- my mother just sold hers for over 3 times what she paid and the one I am in has increased in value by probably 40% in three years. It's possible to lose money but I don't think they are riskier then buying a house. They make good starting points if you want to buy something now to build equity and then sell down the line and be able to 'buy up' to a house/condo, etc.

It's true you are not buying property but you do reap the benfits of having a mortgage interest and real estate tax deduction on your taxes.

As far as I know condos have boards as well (not positive though)...they just want to be assured that residents will be able to meet their financial obligation of being part of the co-op. It's not that more work then getting a mortgage approval.

Re: Does anyone know of nice co-ops in nassau county?

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Posted by DjPiLL

Plus the school district in Oakland Gardens is the best in the county.

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District 26 is one of the best in the CITY...up there with district 1 on the lower east side I believe. However, it is not the best in the country or in New York state!

Re: Does anyone know of nice co-ops in nassau county?

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Posted by Chloegirl

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Posted by DjPiLL

Plus the school district in Oakland Gardens is the best in the county.

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District 26 is one of the best in the CITY...up there with district 1 on the lower east side I believe. However, it is not the best in the country or in New York state!

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Um... COUNTY....


Did I say COUNTRY?

Re: Does anyone know of nice co-ops in nassau county?

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Posted by DjPiLL

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Posted by Chloegirl

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Posted by DjPiLL

Plus the school district in Oakland Gardens is the best in the county.

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District 26 is one of the best in the CITY...up there with district 1 on the lower east side I believe. However, it is not the best in the country or in New York state!

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Um... COUNTY....


Did I say COUNTRY?

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Ooops I am an idiot...completely mis-read that!