New York condo for $50k??

Question

Hi there

This might be impossible but thought i'd put it out there as looking at realtor.com isn't yielding any results.

I'd like to buy a small 1 bedroom condo somewhere in New York - obviously not in Manhattan, Brooklyn etc but somewhere within 1 hour of Manhattan by subway. The purpose of this is that i'd like a place where i can stay when i visit new york every few years. I don't really care about growth or cash flow as long as it pays for itself through rentals and is in a reasonably safe area where i won't die buying groceries when i visit.

Is the above possible or is getting something for that price just out of the question?

Thanks very much

Rudi

Steven Greenhill · Answer

No way unfortunately. Co-ops also you wouldn't qualify for -- you need 2 years of maintenance and mortgage LIQUID after you close in your account and need to live there full time. Condos are MUCH more expensive.

Christopher Settipani · Answer

You probably won't find anything in unsafe neighborhoods for that price. There is just too little supply and far too much demand.

Jeffery Goode · Answer

Account Closed

The thing to remember for Coop is that even to rent it out the renter must in MOST circumstances go through the same board review process as when someone buys one. Typical time for package submittal to approval for renting is about 45 days and your renter has to agree to give up EVERYTHING on themselves, their finances, their relationships etc......... If you are going to be here part time and rent it out the rest of the time I would recommend condo or SFR and find a good local friendly salesperson that is willing to work with you on managing it for a small fee. Trust me, you don't want to have a short term rental without someone being here.

Also, if you are talking short term, make sure you realize, then it must be furnished so that will have to go in on top of your desire to purchase at $50K. Personally, I don't feel you will get anything within an hour of the city in a safe neighborhood for $50K. I will look and ask some of my whisper listing contacts but it is doubtful.

Account Closed · Answer

Thank you kindly. Does sound like it will be out of my 50k price range from the comments above... Is that right?

Account Closed · Answer

That's fair folks - I understand.  It's really not something critical - I just have an idea in my head and it might just not be possible.  I do appreciate the info and help.

Thank you!

Account Closed · Answer

Thanks Daniel. I would prefer a condo so I could control it more.

As my situation is a bit different to most I would have a problem having the place vacant for a few months of the year as i'd be buying cash so other than maintenance fees and taxes it won't cost me anything to hold.

Account Closed · Answer

Hey Derrick!

Thanks for that I don't even know where Yonkers is! Gotta investigate!

So I can be 30 mins from Grand Central for 50k?

Would that be a condo or coop?

Appreciate the reply!

Account Closed · Answer

OK thanks Phil!  I know it's a long shot. It's really just to have a bolt hole I can visit from time to time.

Can I buy into a coop and rent it out or do I have to live in it?

Nick Harvey · Answer

Yea you would have to get a coop in that price range but that would limit you in terms of subletting with the rules.

Selton Shakes Jr · Answer

Yonkers is next city right boarding the Bronx. Yonkers  has condos and lofts by the waterfront in downtown yonkers and it's a good area alot of development going on so it might turn into a decent investment also. Like someone already stated the metro north train runs right by the waterfront so that location would be very convenient for you.