My DH and I are thinking about buying a condo or co-op. We're renting right now, with thoughts of owning our 'dream home' within the next 5 years someplace out of state (not sure where exactly!). We think that if we bought a small condo, mortgage payments (even including taxes and fees) would still be less than what we pay for rent, and would therefore help us save for that dream home.
So if anyone out there owns a condo or co-op in Nassau or Western Suffolk county, please let me know! We don't want to spend too much (less than 150k), we have to have a washer & dryer, and the complex has to accept pets. It's OK if it's a 1 bedroom, but of course we'd prefer 2. I hope that's not asking too much! FM me if you have any details you can share about potential places for us to check out.
THANKS!!!
palebride
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Re: Condo/Co-Op owners?
check out MLSLI.com...they have lots and lots of listings!!! And look in the newspaper also......they alwasya have listings. I also will Fm you with the details of the co-op we are in the process of buying..... good luck!!
Sasha96
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Re: Condo/Co-Op owners?
Depending where on LI you plan on looking you will probably only find co-ops for that price (under 150k). Check out the development in detail with attention to resale (some developments are better than others) and the ratio of owners to renters living in the development. There is a book out about buying a condo, co-op, or townhouse which might be very helpful. I took it out of the library when DH and I bought out townhouse (condo). GOOD LUCK!
karen32
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Re: Condo/Co-Op owners?
i think in this market, anything under $150k is going to be hard. when i bought my condo in february 2000, i paid $140k for a 2 bedroom, 1 1/2 bath. my neighbor just sold the EXACT same condo for $240k!!!!! it's crazy!!! most condos are now the price of small houses! it's insane!!!
RichsBride
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Re: Condo/Co-Op owners?
I just emailed these links to my friend-she's looking for the same thing. co op
I don't know if I'm much help...I bought a condo in NJ...2 Bed's/2baths's....and paid $255K. My sister bought a condo in Holbrook...2 beds/1 1/2 baths....and she paid about $245K. (Both of us purchased in the year 2003).
Co-ops might be a little cheaper...but you have to factor in the maintainance costs...which are ususally higher in a co-op than a condo. When I was in the process of looking...co-ops were alot less money...but the maintainence fees were about $600 and up...and I couldn't see spending that. To, it was just like throwing away more money.
Good luck in your search!
KarenK122
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Re: Condo/Co-Op owners?
We are looking into buying a condo also because the kind of house I want is a little out of our reach at the moment and I'm sick of paying rent. We've looked around a bit and haven't found a decent condo with 2 bedrooms for under $240,000 and that is way out is suffolk county.
Good luck : )!!!!
palebride
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Re: Condo/Co-Op owners?
the maintenance is higher in co-ops than in condos...but it includes the taxes, so it pretty much evens itself out in the end...and co-ops are a little cheaper (from what i've seen) smithtown actually has some pretty inexpensive co-ops if you want to look there...
Lunatrek
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Re: Condo/Co-Op owners?
Wow, thanks for your help everyone! I think a Co-op is probably what we'll end up with, since the whole reason behind us moving is just to save money so we can get outta here!!
palebride, do you have anymore information on the co-ops in Smithtown? I like that area and would love to look into it... thanks!!!
Thank you again to all for your helpful links and information!!! Can't wait to be a homeowner!!!
kittyke
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Re: Condo/Co-Op owners?
I own a Co-Op in Holtsville, a one bedroom, the cost for the 2 bedrooms are up to $150 - 160k, the co-op maintenance is about $625.00 per month - that includes heat and water and taxes.
KCDC
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Re: Condo/Co-Op owners?
kitty, is it off of Patchogue Holbrook Road...I think its called Glen something....is that where you are?
DeniseMang
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Re: Condo/Co-Op owners?
My parents are selling their co-op in Selden. It is DEF. way under $150k. It is a very nice size one bedroom, formal dining room, EIK. No washer/dryer in apt. though. You have to across the parking lot.
Please FM if you would like further details.
Denise
kittyke
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Re: Condo/Co-Op owners?
kcdc - yes that is where I am Birchwood Glen. Patchogue Holbrook Road to Buckley Road
