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July 3, 2009

New Condos in South Slope

My wife and I have been looking for some time in the South Slope area and are intrigued by some of the small new condo developments in the area (not the larger buildings on 4th Ave). I've seen a number of posts on this site stating that buying a condo in one of these new buildings is a bad investment. Why is that? What makes a condo in a building with 7 other units different than an older condo building or coop? Just trying to understand the risks of buying into one of these buildings before taking the plunge. Thanks

Posted in Forum by johnnyrtw at 5:10 PM | Comments (3)
Categories: Research

Author's Comments

Thanks very much for the response. We are definitely seeing issues with financing since many of these buildings are less than 50 (or in some cases) 70% in contract. I understand the issues with some of these places looking terrible on the outside, but honestly, I'm much more concerned that they seem to becoming reaonable in price and of good quality. Of course, by no means am I an expert in these things.

This is an example of the type of places we are looking at.

http://www.cbhkg.com/listing.asp?propid=103072

Posted by: johnnyrtw at July 5, 2009 1:52 PM in response to New Condos in South Slope

Responses to Author's Forum Comments

Make sure you check and fully understand the future property tax on the building. There are some new condos in the SS that face a $2000.00 a month (not year) tax bill! The condo/tax topic has been mentioned on the blog in the past as well.

Posted by: pig three at July 6, 2009 8:02 AM in response to New Condos in South Slope