Anyone buying condo/coop in NY?

cak

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7+ Year Member
15+ Year Member
Mar 22, 2004
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    I was just wondering if anyone who matched in NYC is looking to buy or has bought a condo or a coop...I have been preapproved for a 100% physician loan, but buying real estate in NY, as I'm discovering, is very tricky.

    Does anyone know if they require a large (20%) down payment even if someone has a 100% mortgage? What do condo/coop fees include? What is property tax like in NY?

    I will probably be living in Brooklyn or the Lower East side.

    Any info/advice would be greatly appreciated.

    Thanks.

    Chris
     

    edmadison

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    Feb 28, 2001
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    1. Attending Physician
      Originally posted by cak
      I was just wondering if anyone who matched in NYC is looking to buy or has bought a condo or a coop...I have been preapproved for a 100% physician loan, but buying real estate in NY, as I'm discovering, is very tricky.

      Does anyone know if they require a large (20%) down payment even if someone has a 100% mortgage? What do condo/coop fees include? What is property tax like in NY?

      I will probably be living in Brooklyn or the Lower East side.

      Any info/advice would be greatly appreciated.

      Thanks.

      Chris

      Be very careful about buying a condo/coop, many have huge maintainance fees. I looked at some places in Brooklyn that had fees of $1100/month!!!! Plus, they can often be quite difficult to sell.

      Ed
       
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