NY Houses 4 Sale

LeHavre On the Water

LeHavre On The Water, is sitting on 28 acres of land that is located in Northeast Queens or more commonly know as Beechhurst, New York.  This co-operative development was originally built in 1958 by Mr. Miller and Alfred Levitt (He also built Levittown as well).  Le Havre was originally being used as a luxury rental but then converted to co-operative in 1984. 

Currently, if my records are correct, there are over  1,024 apartments which consist of  280 one bedrooms, 461 two bedrooms and 280 three bedrooms.  This Co-operative building is mainly owner occupied (841 units currently owner occupied), which trust me - makes a difference! 

Some Requirements and things that buyers should know:

• Is there a Flip Tax? - Well.... see stock transfer fee.
• Are all buyers to be approved by the board? - No, Not if you are buying a sponsored apartment.
• Is there a stock transfer fee? - Yes.  $1.00 per share (could be called a flip tax).
• Is the maintenance tax deductible?  Yes.  34%!
• Pet policy? - No Dogs.
• Can I sublet?  - From my understanding - No.
• Good Credit, DTI ratio not to exceed 36% and minimum down payment 20%.   

Clearview Co-ops, Whitestone NY

Clearview Co-ops happens to be one of the most sought after cooperative settings and the board happens to be one of the strictest ones in all of Whitestone with many requirements.  The co-op board does not allow pets, does not allow less than 20% down, salary for a one bedroom has to be over $42,000 and there is absolutely NO SUBLETTING!

But, the requirements above are the exact reasons why most owners say that is WHY they want to live in Clearview Co-ops. 

Let me give you a little bit of history:  Clearview Co-ops are located in Northeastern Queens, NYC.    The apartments were built in the 1950's to help fill the need for affordable housing (and I have heard of the original owners paying $100. - 150.00 for their apartment).  The Cooperative is spread out over 88 acres and consists of 1788 garden- style apartments (two apartments to each door).

There are four different sized apartments -

• 3½ rooms, which would be 1 bedroom - Starting at $169,900.00
• 4½ rooms which is two bedrooms - Starting at $189,000
• 5 rooms is also two bedrooms- but a larger living room - Starting at $240,000.00
• 5½ rooms  are the 3 bedrooms - which are of course the largest unit - NONE avail.

  Clearview does have garages (although you are on a waiting list, - trust me, don't hold your breath) so you are better off with the outdoor parking spots available on the premises.  There are laundry room facilities (you can have a washer and dryer in your own unit), storage rooms and children’s play areas situated throughout the community.

The maintenance fee that is set for each unit does of course vary with the size of the apartments, but with all units fees include the taxes (40% tax deductible), heat, water, electric, gas and security. 

The school district that Clearview is zoned for is P.S. 209 and P.S. 184, which are highly rated schools in District 25. 

The inventory for this particular development never runs stagnate.  There is constant activity and sales, currently I am showing 28 available listings (combined 1,2 bedrooms). 

(Clearview pictures courtesy of ClearviewGardens.com)

*This post was previously posted in April*

Co-ops, they can make their own rules and there is nothing you can do about it!

The past two years there has been an on going debate about a bill that would require co-op boards to fully disclose any board denials that they enforce for whatever reason.  This is always focused on the Manhattan co-ops, but truth be told, I have seen alot of co-op boards denying applicants in the Whitestone, Beechhurst, Flushing and Bayside area. 

An article today in the NYSun.com entitled Stalled Co-op Rights' Bill Gains Backers - June 22, 2007 says:

"If it were to pass, the bill would shine a brighter light onto the inner workings of New York City's powerful co-op boards, which were first required to begin disclosing sale prices in 2006.

The boards have long served as a point of intimidation for potential buyers, and real estate brokers say they coach their clients for interviews before the boards, picking out clothes, and narrowing down items to talk about."

Any thoughts?  Have you been denied by a co-op board or is there anyone that you know that has been denied.  I am interested in hearing some stories.

Related articles:

• Can you buy a co-op and NOT go before the board?
• Co-ops: Within the guidelines..
• Co-op 101

Silent Night for the Jake Brake.

Jake Brake aka "engine brake commonly found in trucks that allows them to slow down without downshifting, promoting engine efficiency and saving gas".

Residents of LeHarve are looking to gain 1000 signatures to stop the noise coming from the Throgs Neck Bridge.  Apparently, the noise has become so loud and the "gun shot" noise carrys well over water and can be overheard over 500 feet away. 

An article in the TimesLedger states that a resident of the LeHarve Co-operative, Mr. Rodnon is leading the movement for "Silent night".  Mr. Rodnon says "Anyone who backs 'Silent Night' will be viewed as a hero, and anyone who would oppose it will be viewed as a villain."

Rodnon said anyone interested in getting involved or supporting "Silent Night" can reach him by e-mail at [email protected] or by phone at 917-992-6461.

Whitestone Manor Condos

Interests are sparked.  Questions are raised.  Whats up with the Whitestone Condos? 

Back in 2003 there was a "factory" industrial building that sat on a property 112x200 with a C1 zoning:  (C1 Zoning would allow light commercial) This property was sold in late October 2003 for a whopping price of $2.480,000.  The factory was knocked down and slowly - and I do mean slowly the Whitestone Manor Condos have been evolving. 

Are the residence of Whitestone happy about this?  Have they thought about the direct affect that the amount of people this condo will bring into their neighborhoods? 

When I was talking to one longtime resident, she told me that she was happy about the condos, it would mean less trucks driving up and down her block to this warehouse.  It would mean that the area would have one less industrial building.  Maybe there would be more people, but the Manor is providing some/ ? parking spots for the residence, so she does not think that the parking will be an issue (she made me a promise that she would follow up on this with me when all the units are sold).

So what is "The Manor" about?

The exclusive condo units will be one of the few CONDO units in Whitestone.  Whitestone has alot of multi-family, single family, cooperatives and rental properties, but as for Condos - well, this was something that we lacked.  The proposed plans for this development will be 49 luxury units.  They will feature studios, one bedrooms and two bedroom units. The apartments will be state of the art with top of the line appliances, and fixtures. 

This 49 condo unit will have a dramatic multi-level grand lobby with a concierge service.  There will be an on-site gym, lounge and billiard room.  As a resident there will be access to the two community roof top decks that will contain some bridge views and like I said previously - there will be SOME parking. 

The units are located at 151-31 12 Ave.  I will have some pictures this week and quite possibly get some starting asking prices - once the offering plan has been filed with the State of NY. 

Can you buy a co-op and NOT go before the board?

Q:  "A friend told me that there are some co-ops around that you don't have to go in front of the board, is that true and how do I find one like that?"

A:   Yes!  There are some co-operative that are around that do not require you to open up your entire life, give your blood and answer questions that have nothing to do with your qualifications, the only problem is that these co-ops are far and few in between.  These are called "sponsor apartments". 

Other benefits of buying a sponsor apartment is the financing.  The buyer can opt to put down less, so they can finance more than the board would normally allow.

One thing that any buyer of a sponsor apartment should know is once the shares of ownership have been transfered - which  would be at closing that buyer is obligated to follow all house rules and is no longer sponsored.  This means that the new owner(s) are no longer dealing with a sponsor anymore - but rather the board, so when the new tenant is looking to re sell the apartment any of their prospects are required to appear before the board for approval.

Some of the more popular co-ops that still have some sponsored apartments are:

Kennedy Quad in Bayside -

Alley Pond in Bayside.

LeHarve in Beechhurst. 

What is a Flip Tax?

In some co-operatives there might be a fee that is called a "Flip Tax", its not the governmental type of tax but this is a tax that creates an ongoing cash flow for the co-operative and this build a healthy reserve for the co-op board. 

In my history of dealing with flip taxes, there is not one set person who pays the tax, so in other words it can be either the buyer or the seller who pays.  If the buyer is requested to pay by the seller, then most likely this will be taken into consideration during the bidding process.   If the seller pays at closing then it will be taken from the proceeds of the sale. 

How are flip taxes charged?

• A set dollar amount times the amount of shares owned. 
• A percentage of the total sales price.  This type tends to be a bit more steep than the first one.
• A percentage of the PROFIT from the sale.
• A flat fee.

If you live in a co-op that charges a flip tax and you are selling then this is something that MUST be disclosed to your agent (they should know right off the bat - but, they might not know the exact fees), because like I said this needs to be taken into consideration before the bidding process takes place and noted into the contract of sale as to who is paying. 

 

Bay Club Condos

Living in Bay Terrace, (Bayside, NY), you have many options available.  This diverse area consists of an even blend of Co-ops, Condos, Single Family Homes and Multi-Family homes.  I would like to feature one of the most popular condo development in the area.  This Condo is located in the best School District of 11360.

The Bay Club - This 2 building 1037 unit Hi-rise was built in 1982.  This development is sitting on a little bit less than 13 acres, in the heart of Bay Terrace.  This luxury building features:

• Location, Location, Location!
• Excellent security, Gated community
• Pet Friendly
• Olympic Pool
• Children's playroom and facilities.
• Deli
• Dry Cleaner
• Professional Gym
• On site Library
• Billiards room
• Racquetball courts
• Indoor and outdoor basketball courts
• Tennis courts
• Movie theater
• Valet services
• Handicap accessible
• Close to transportation
• Close to shopping
• Best school district.
• Karate and or aerobics classes offered

Today, lowest asking price for a one bedroom is $395,000.00.  This apartment is about 800 sq. ft and is located on the 15th floor, with common Fees of $434.86 and taxes of $1,900.00 

The two bedroom apartments are starting at $699,000.  This is the "Penthouse" setting with  Common Charge of $628 and taxes of $3200.00.

**The most recent closed sale was on the market for 93 days.  This closed sale was on a one bedroom on the 9th Floor.  The asking price was $449,000 and it closed at $385,000 a 14.3% difference.

Since 1/1/2007 there have been 6 apartments that have gone into contract.

(Photo courtesy of MLSLI)

Co-ops: Within the guidelines..

When buying a cooperative apartment the buyers need to be aware that most corporations require a prospective purchaser to submit an application and this application could, or I should say WILL consist of the buyer submitting documents that contain personal and confidential information concerning the buyers employment history and finances.  Most likely the board will require a personal interview with the prospective buyer as well as all the people that will be residing in the apartment.  Trust me – this process is hard for any buyer and the scrutiny that a buyer under goes has been compared to having your finger nails pulled out one by one.  Ok, THAT might be a bit dramatic – but I kept you interested, didn’t I?  

When dealing with prospective buyers of a co-op, as the listing agent/selling agent, I want to make sure that the applicant will qualify a board approval, before submitting or accepting any offers.  But, what if the agents have both checked and double checked out the applicant’s and the application has been submitted and the buyers have gone before the board, to only find out that the buyers did not get approved?  It is earth shattering.

 

Up until this year the Co-op board’s did not have to inform the prospective buyer why they were denied.  But as far as I know this past January, the State has declared that the ALL Corporation boards must inform the applicant why they were denied if that is the case. 

In the State of NY, discrimination is prohibited in Board application procedures and each board’s application process must comply with the following laws:

The Federal Fair Housing Act

The Civil Rights Act

The New York State and New York CityHuman Rights Laws

There are 14 protected categories that an applicant can not be denied on:

• Age
• Disability
• Partnership Status
• Alien Status
• Gender(including gender identity)
• Race
• Children(or childless state)
• Lawful Occupation
• Religion
• Country of National Origin
• Marital Status
• Sexual Orientation
• Creed
• Military Status

Co-op 101

I am noticing more and more "younger", generation Y - as people call it, looking to buy real estate.  They call me up all gung ho - ready to be an adult and buy their first home.  Most of the Y's get a bit of sticker shock and they become scared.  Don't be scared.  Here are a few affordable options of real estate that you can buy.

Co-ops - What are they?

A co-op is a cooperative setting.  Meaning the units can either be garden apartments (two story buildings) or an apartment in a building.  Either way, the owner of the apartment does not own the apartment - they own shares in the stock.  With each co-op the amount of shares vary.

• Most 1 bedroom co-ops in the 11357, 11358, 11364, 11361 area range from $125,000 +. 
• Most 2 bedrooms co-ops range from the 185,000 + range.   

The shareholder pays for maintenance, which includes taxes, maintenance on your grounds, garbage pickup and some boards have all the utilities included (this varies).  The maintenance along with your mortgage is usually 40-50% Tax deductible. 

The applicant must be approved by the board of directors in a co-op.  This can be very nerve wrecking for any purchaser.  You must be able to disclose ALL your income and debt on paper  to the board - before you even get to have a face to face with the "directors"  and up until recently, the board was able to deny you with no rhyme or reason. 

The benefits of owning a co-op:

• Any clogs or back up in plumbing you can call the maintenance - they will fix it.
• Windows, boilers and leaks within apartment is to be taken care of by the co-op.
• Stoops, walkways and parking lots - taken care of by the co-op.
• Snow removal, garbage pickup and bulk pick up - taken care of by the board.
• Pay one maintenance that includes taxes, sometimes homeowners insurance, and salary to maintenance men.
• Share holder does not have to maintain grounds.
• Board maintains and repairs everything in hallways and exterior of building.  Low maintenance for shareholder.
• Cheaper to buy into.
• Some co-ops you can sublet (Could also be a negative).

Negatives of co-ops:

• Board sets the rules.  (Sets policy on pets, subletting and requirements).
• Higher maintenance, which only goes up - never goes down.
• Harder to buy into - applicant MUST meet board requirements.
• You do not own real property. 
• Higher requirements for down payments.
• Must have board approval before buying.

Some of the more popular co-operatives:

• ·       Alley Pond Garden.
  ·       Bay Terrace the Sections.
  ·       Bay Terrace.
  ·       Baydale Garden.
  ·       Bell Park Garden.
  ·       Birchwood (Americana, Versailles and Seville).
  ·       Clearview Garden Apartments.
  ·       Cloverdale Garden Apartments.
  ·       Cryder House.
  ·       Cryder Point.
  ·       Estates of Bayside Garden.
  ·       Kennedy Quad.
  ·       Leharve Owners Corp.
  ·       New Windsor Park.
  ·       Rocky Hill Terrace.
  ·       Windsor Oak Garden.
  ·       Windsor Park and,
  Towers at Waters Edge.

When you start your search, it is important to know what you can afford, how much you have to readily put down and what you are qualified to buy.  By knowing this you can 1.) narrow your search down, and 2.) be a valid "shopper".  Keep in mind that each one of the co-ops that I named all have different board requirements, so it is a good idea to talk to your Realtor (me) about which ones will suit you.