Should I buy a co-op apartment in Queens now or wait ?

Question

I found a co-op in Woodhaven, NY (Boro of Queens by Forest Park) -- it is a 2 bedroom for 145,000 with a monthly maint. of 566 and flip tax of 18,000 upon selling in the future. The place is in ok condition- kitchen needs to be redone and paint walls, polish floors.

I don't know if I should follow through though because I keep hearing that real estate prices will still be coming down for at least a good year - so should I wait?

What is the outlook for NYC-Queens Co-ops....

Answer 1

That sounds like a good deal. The market is unpredictable right now; New York City is one of the few places where real estate prices have been continuing to go up, because demand for space is so high, but the news today said that there have been a lot of foreclosures, many more in the past year than there were last year, so that might change. I say go for it; if prices come down, it probably won't be by a lot.

Answer 2

Buy. NYC is going to get more crowded with each passing year. Today the population is 8.3 million, in 15 years, it will be 10 million. Plus Woodhaven is a good neighborhood. Plenty of Irish immigrants.

Answer 3

i could say provide it a try, what do you're able to desire to lose. My venture with co-ops and the topic I actual have with them regularly is they strengthen thier upkeep on short word and it could double in merely some years time. i think of it sucks. Do you merely want an apartment in NYC or do you like it in that particulat construction?

Answer 4

Do you like the place and neighborhood?

If the answer is yes, buy it.

You may not have the opportunity in a year.

Answer 5

you should buy it the price is great and the neighborhood also. i don't think that the prices in new york go down i think it only goes up. so go right ahead and enjoy.