I can afford a 600K apt with a large downpayment....

but am a student with no income so am looking at places with low carrying costs. I would love to live in Williamsburg (I like the neighborhood). But where would 600K be best spent? Is it a good time to buy in Wburg or are prices inflated?

600k4anapt

in Real Estate - Sales 12 years and 9 months ago

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babs | 12 years and 8 months ago

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Actually there are several HDFC (income-restricted co-ops) in Williamsburg, on the south side.  These are not new shiny condos, but older, walk-up buildings.  Among the restrictions imposed on HDFC buyers is a limit on the price you can ask when you sell as well, so the price is kept low, but your profit potential is limited.  There was recently a 2 BR on S 2nd St for sale for $230K, for example – perhaps you could even buy this with cash if your reserves are that high. Otherwise, is it possible for your parents or another relative to act as co-signers on the mortgage/co-buyers on the apartment with you?  That would be fine with most condos and many co-ops as well – I have done two such co-op sales in the past year. Check me out on the Brownstoner directory (Barbara Ann Rogers) and don’t hesitate to contact me for any additional information. Good luck!

cate | 12 years and 9 months ago

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Also you might qualify for “income restricted” coops. These occasionally pop up, usually in Manhattan, and often in areas such as Harlem and Washington Heights. They are usually large, original condition walkups from the teens — quite nice. They require a large down payment and very low income. Students and retired are often the only ones who qualify. I’m not sure how you find them. I occasionally run across them in the regular real estate listings.

bpie | 12 years and 9 months ago

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I agree.  Coop boards can be kind of tough.  Even when you are employed, they want you to have like a gazillion dollars in liquid income.  Would you consider another hood and spend around $450K?  Then you have some dough in the bank for your maintenance.  You can look at places in Crown Heights (it’s definitely not Williamsburg, but I think maybe you can get something cheaper, with cheaper maintenance), Prospect Heights, even downtown Brooklyn, etc.  I think the days of getting a deal in Williamsburg ended 10 years ago.

brokelin | 12 years and 9 months ago

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With no income, you will be unlikely to get a mortgage for the rest of your purchase price.  The days of no income mortgages are over.  So, unless by large downpayment, you mean 100% of the purchase price, you are out of luck.  Even then, without income, you are limited to condos, as a coop won’t approve you without income.  Rent until you have income.  Of course prices in any neighborhood you want to live in are inflated .. that’s because you are not unique, and lots of others want to live there as well.