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View Full Version : Looking to buy in NYC but need help



PawelG
October 20th, 2006, 12:33 AM
Hi,

New here and I am sort of running out of places to turn. Agents and most people are not really helpfull...and I am not sure if there is a thread here that will help me.

I am looking to buy a place in any part of NYC for around 200K and I have found a few nice looking condos/co ops. However I don't know anything about the neighborhoods...they seem all right but is there any particular neighborhoods in Queens, Brooklyn, or Bronx that I should avoid? Are there any up and coming ones?

From the surface every single frigging place I check out looks fantastic...but I know that's not the truth but I don't have the time to camp out every day near these places to fully find out.

Please help if you can...anyone...

Pawel

milleniumcab
October 20th, 2006, 12:37 AM
Where are these "few nice looking condos/co-ops".. Do you have adress or neighborhoods they are located?...

Schadenfrau
October 20th, 2006, 01:17 AM
What sort of apartment and neighborhood are you looking for? Are you looking for a place to live, or a place to turn a quick profit? How important is commute time, and where do you want to commute to?

Schadenfrau
October 20th, 2006, 01:18 AM
Also, erase the phrase, "up and coming" from your mind. It's worthless in this city.

New Yorker 06
October 20th, 2006, 05:20 AM
Ummm, I don't want to seem rude, but what the heck...

You probably should have done your research long before now. That lack of preparedness is not going to get you far in this city.

I'm not very familiar with Astoria-Queens, but I have heard that it's under revival. You may want to ask a "good" real estate agent about it.

Good Luck.

Schadenfrau
October 20th, 2006, 08:56 AM
Astoria is way past the under-revival stage. You wouldn't be able to find anything for 200K there.

shocka
October 20th, 2006, 10:35 AM
Astoria is way past the under-revival stage. You wouldn't be able to find anything for 200K there.


You might be able to pull of a studio in Astoria for under 200K. I have seen few, that were close to the train in nice pre-war co-op buildings. You can also find some 1bdrms in Acropolis Gardens that are under 200K. http://newyork.craigslist.org/que/rfs/222759110.html

I can really only speak for Queens, if you are looking to live check out Forest Hills, you can get a nice Luxury Co-Op Studio for under 200K.

You can also look at Rego Park, you can get semi lux 1bdrm there. Check out the link below, I actually lived in this complex, and in a G Line apartment as in this listing. This is park City Estates, they have doorman, compound security, a garage, express bus to manhattan on the corner and right off the LIE so a quick drive in.out manhattan. Also the lobby of the buildings and the compound have been completly renovated within the last 5 years.

http://newyork.craigslist.org/que/rfs/223139156.html

Take a look at craigslist to get some Hoods and then u can post here and people can give u their insight...


good luck

-Shocka

ThisIsntMyRealName
October 20th, 2006, 12:37 PM
Hey, I noticed that you said real estate agents are not very helpful here. This is definitely WAY true compared to other parts of the country, from my experience. Just make sure you act in your own best interests, and not expect the real estate agent to do so for you. All they want to do is close the sale and move on, or if you can find someone you know and trust that would work.



Hi,

New here and I am sort of running out of places to turn. Agents and most people are not really helpfull...and I am not sure if there is a thread here that will help me.

I am looking to buy a place in any part of NYC for around 200K and I have found a few nice looking condos/co ops. However I don't know anything about the neighborhoods...they seem all right but is there any particular neighborhoods in Queens, Brooklyn, or Bronx that I should avoid? Are there any up and coming ones?

From the surface every single frigging place I check out looks fantastic...but I know that's not the truth but I don't have the time to camp out every day near these places to fully find out.

Please help if you can...anyone...

Pawel

PawelG
October 20th, 2006, 12:47 PM
I did do a little bit research but the agents are not really that helpful because they don't believe I am serious. I am looking to live in the place I get for quite some time and I don't care much for profit...thus it could be an area that is nice but stagnant...uhm...not up and coming. The areas that I am almost set on are Bay Ridge and Kew Gardens. I love Bay Ridge because so much is there (restaurants, parks, schools) and it's quiet at night. You literally have places like the Bronx where there is some stuff and then it's the middle of nowhere...

Kew Gardens is just a series of large buildings and a mix and match of all kinds of people. It's suffocating...but cheap...

In terms of commute...well...since I am looking at Bay Ridge, it does not matter much but I have to have an easy access to a subway. Maybe like a 30 min commute into Manhattan. I can't do the whole bus, train, transfer nonsense.

I have not checked out Astoria but I know of the area. I will also check out Rego Park...

Any other areas I should be looking at?

Thanks for the response.

Pawel

PawelG
October 20th, 2006, 12:47 PM
I did do a little bit research but the agents are not really that helpful because they don't believe I am serious. I am looking to live in the place I get for quite some time and I don't care much for profit...thus it could be an area that is nice but stagnant...uhm...not up and coming. The areas that I am almost set on are Bay Ridge and Kew Gardens. I love Bay Ridge because so much is there (restaurants, parks, schools) and it's quiet at night. You literally have places like the Bronx where there is some stuff and then it's the middle of nowhere...

Kew Gardens is just a series of large buildings and a mix and match of all kinds of people. It's suffocating...but cheap...

In terms of commute...well...since I am looking at Bay Ridge, it does not matter much but I have to have an easy access to a subway. Maybe like a 30 min commute into Manhattan. I can't do the whole bus, train, transfer nonsense.

I have not checked out Astoria but I know of the area. I will also check out Rego Park...

Any other areas I should be looking at?

Thanks for the response.

Pawel

PawelG
October 20th, 2006, 12:50 PM
Hey, I noticed that you said real estate agents are not very helpful here. This is definitely WAY true compared to other parts of the country, from my experience.

Plus they see a 23 year old kid and they frown and assume I am not serious.

Pawel

daver
October 20th, 2006, 01:44 PM
Plus they see a 23 year old kid and they frown and assume I am not serious.

I'm a bit older than you but I _still_ run into this sometimes. Maybe it is because I don't look like the kind of person that "can afford this". Here is a trick I learned early on. You can say you have cash until you are blue in the face, and even if they SAY they believe you, they will still assume you are talking out your, er, nether regions and will be surprised to find out you actually do. I normally take a copy of a bank statement (black the account number) showing a balance of $xx,xxx, or in your case $xxx,xxx and preemptively give it to them. That usually gets you service faster.

That is, assuming you have cash. If you don't it is a bit trickier. But the same trick works, you should have cash for your down, and a pre-approval letter from your lender up to $xxx,xxx amount. Generally lenders will approve you for more than you want, then the only trick is convincing your agent that although you are approved for Y amount, you only are willing to spend X amount.

Good luck!

New Yorker 06
October 20th, 2006, 02:59 PM
If you're looking in Kew Gardens you may also want to look at Forest Hills. I've lived there for the past seven years, and find it rather nice; not much crime. Unless you call stealing a knish a crime. Besides I was hungry. LOL

If you're serious then tell these agents up front that you mean business, and that you have the means to purchase a home/condo/apartment/etc. Try the larger outfits, such as Century 21, etc. Some of the smaller agents are not worth the effort.



I did do a little bit research but the agents are not
really that helpful because they don't believe I am serious. I am looking to live in the place I get for quite some time and I don't care much for profit...thus it could be an area that is nice but stagnant...uhm...not up and coming. The areas that I am almost set on are Bay Ridge and Kew Gardens. I love Bay Ridge because so much is there (restaurants, parks, schools) and it's quiet at night. You literally have places like the Bronx where there is some stuff and then it's the middle of nowhere...

Kew Gardens is just a series of large buildings and a mix and match of all kinds of people. It's suffocating...but cheap...

In terms of commute...well...since I am looking at Bay Ridge, it does not matter much but I have to have an easy access to a subway. Maybe like a 30 min commute into Manhattan. I can't do the whole bus, train, transfer nonsense.

I have not checked out Astoria but I know of the area. I will also check out Rego Park...

Any other areas I should be looking at?

Thanks for the response.

Pawel

Front_Porch
October 20th, 2006, 04:18 PM
It isn't that Manhattan agents don't want to help you, we can't: the commission on a $200,000 deal is going to be around $10,000, and I can't just parachute in from Chelsea and ask for half that -- the agencies in the outer boros don't want to give it up, and they wouldn't work with me if I asked.

So yes, the system sucks, but you'll be better off working with local brokers instead of one citywide broker.

You should pick three or four neighborhoods you like, and work with a local broker for each neighborhood. You might ask for someone newish, for whom your business is more important and career-establishing. (Remember that they are not seeing the entire $10,000 of fees by a long shot.)

More than even showing a bank statement, showing a pre-approval letter from a big mortgage company like Citimortgage or Wells Fargo will help too.

Bay Ridge and Forest Hills are good calls if you want "stable" fairly homogenous neighborhoods. Forest Hills is something of a brand name, like the upper west side, so make sure what you're getting is really located in that neighborhood.

If you want more of an ethnic mix, I'd look at Jackson Heights and Ditmas Park, both multi-culti, both lively, both gentrifying -- I would live in either, but do your homework; both have rough edges, too.

ali r.
{downtown broker}

shocka
October 20th, 2006, 04:47 PM
Like others have said.. get Pre-Approved, it takes 5 mins online, and says a lot about how serious you are.

FrontPorch made an excellent point, that alot of Areas of Kew Gardens and Rego Park will claim they are Forest Hills. My advice for forest Hills at someone in your age group, try to get as close to Austin St and the 71st Continental Stop. This might take you into Forest hills Gardens which is a nice area aswell.

For this area (more of Kew Gardens) take a look at http://www.crossingsrealty.com, they are a local agency and usually even know the boards of the buildings they work with.

Do the research yourself, alot of brokers will simply hit the MLS or Other Agency website, alot of which you can do via sites like http://www.streeteasy.com
BUT if you can find that one broker who knows the hood and has alot of connections you will be golden.

PawelG
October 21st, 2006, 09:30 AM
Thank you everyone. All this insight has been great help. I probably learned more from reading these posts the last few days than from all of these brokers the past few weeks.

I will be back if I need anything else. I've been saving for a good 5 years now and I am ready...so I guess I have to flash that bank statement :D

Thanks again,

Pawel

Schadenfrau
October 21st, 2006, 11:46 AM
I'd just bring a copy of the pre-approved mortgage. Flashing a bank statement is a bit tacky.

ThisIsntMyRealName
October 21st, 2006, 06:26 PM
Bring the entire amount in cash.

Schadenfrau
October 21st, 2006, 07:07 PM
Or not.

shocka
October 22nd, 2006, 03:55 AM
I'd just bring a copy of the pre-approved mortgage. Flashing a bank statement is a bit tacky.


Def the better idea to be pre-approved, with the recent markets, brokers are getting less greddy and focusing on individuals on the smaller purchases.

One year ago I could not get a brokers attention unless I will interested in a place over 500K or was an investor.