@@barbechivo yep! Typically the only thing you pay on the side is internet, maybe electric, and of course you gotta get insurance for the interior of the apt, which is cheap :)
@@fcan222 Mine is just over $2000 (a little expensive) My in-laws 2 bedroom is around $1100. My mom’s 1 bedroom is under $900. And there are many places where a 1 bed is $700. I’ve even seen a 1 bed with $450 maintenance! (Of course they’ll get you in other ways. There’s no free lunch) Shop around :)
Nice crib and spacious too.👍 1,500 sf is a massive footprint for an apartment dwelling in NYC. A lower maintenance alternative to home ownership without the proverbial ball and chain so to speak. Except maintenance fee hikes (like property tax rates) at least for condo units are governed by various factors outside the homeowner's control. Has such fees increased within reason since occupying this coop unit? Also, I would not consider this move as much of a downsize either given the functional space. 525k includes secure/underground parking space?
@@hz240 thanks yeah it’s not much of a downsize lol. My old house was exactly 1500 sf between the first and second floors. We just have no storage or garage. We have an outdoor parking spot for $40/ month. Cheap.
@@hz240 yeah the maintenance has increased by quite a bit the last couple years. In line with inflation. But, if we were in a house, my monthly gas for winter heating would’ve been even more. So many home owners complaining about utility hikes recently. Overall, monthly bills are a bit lower than the old house. And yeah with no manual labor on my part :) And any increase in maintenance will just be paid for by the money I saved by downsizing :)
@@byron9630 absolutely not lol. The money has grown FAR faster in an index. And without the headaches of a rental :) Trust me, owning rentals is not easy, and few people make money. On my list is a video for buy vs rent, amongst other videos to do about how to find investment properties. You’ll see it usually makes no sense ;)
@@RetireearlyNYC yeah I told my uncle that I don’t intend to really buy a house or get a rental income from it due to the headache. He strongly disagreed that there’s headache for him. He rents out a floor for $2k, so a two story building is about $4k. This is in Brooklyn and he usually rents out to immigrants .
He finds Hispanic / Chinese speaking agents who help him rent out the few houses he has. He is handy so he helps out with the maintenance / repairs. Hasn’t had issues with collecting rent. But for me , I think I’ll just invest in the market lol
@@byron9630 so let’s do some calculations and see how much money he’s making and whether it beats the S and P average. Do you know how much the building is worth? Is it a legal 2 family?
That's a beautiful place. Obviously, you have great taste in real estate and beer. I'm trying to figure out why coops sell for 2-3x discount compared to condos, though. I think you're onto something. The differences between coops and condos that I identified: 1. the ownership structure is different: owning a "share" vs owning the property, really just the interior walls, 2. a prospective tenant needs to be approved by the coop board, 3. some restrictions on use of the property, e.g., no AirBnB, 4. they are taxed differently on sale that I don't understand ("flip tax"). Maybe 2/3 limit the supply of potential buyers, thus driving down the cost?. 4. could be substantial as married couples are excluded from taxation of $500k of potential gains, again limiting buyers. In all, I don't see why they trade at 2 - 3x discount.
@@Jmpaz2010 thanks haha . Yes great taste in beer. Definitely. Yeah I don’t know exactly why they’re so much cheaper than condos. Some of the reasons you listed are likely valid. As for proximity to subway, that makes any property more expensive. But even in downtown Flushing, where the 7 line is, the coops are still 2-3 times cheaper than equivalent condos.
@@Jmpaz2010 #4: the flip tax is just something that each building or complex charges . It’s not a real tax. It’s a fee paid to the building. And that differs building to building. Could be anywhere from a few hundred bucks to as high as 40% of your gains! That’s the most that I’ve heard of.
@@Jmpaz2010 I think #1 is likely the biggest reason. You don’t technically own the unit as you stated. But who cares when in practice it’s the same as any property lol. And as for the rules, they can make it a pain to get in and a pain to sell. (My sister couldn’t sell her place for 7 years during the last downturn!! The board didn’t even have to give a reason for not entertaining any buy offers.) BUT once you’re in, the rules are great! They keep out any riffraff lol. And I don’t care about selling. This is more than likely our last property hahaha. The kids can deal with the sale of it. Just don’t sell during a downturn in the economy ;)
@@gnewt75 We used to go to open houses all the time just for fun lol. We loved looking at real estate. And I also subscribed to realtor and Redfin so when new listings pop up I can see them right away. I found this place within an hour of the listing. Made an apptment through my agent and saw it asap. Made an offer asap. No contingencies. So they accepted right away :) Normally though, we never used a buyer agent. We bought everything ourselves, preferring to deal directly with listing agent. But in this case, we had used an agent who lived in the area and knew the buildings well. Today’s real estate situation is different though. You’ll have to hire your own buyer agent if you don’t know what you’re doing.
@@prematureoptimism7125 Completely off topic. Lol. But, Why? And how would it work? even socialist China has private property. And very strong property laws to protect home owners too (have you seen those videos with the old houses still standing in the middle of a highway? The govt can’t force them to sell)
@@prematureoptimism7125 Actually that sounds like China, pre 1978, before it realized communism doesn’t work. Lol. I don’t think it’ll work here either.
Wow!! Didn't know property taxes included in Co-op maintenance. You are a wealth of information and got me thinking.
@@barbechivo yep! Typically the only thing you pay on the side is internet, maybe electric, and of course you gotta get insurance for the interior of the apt, which is cheap :)
Yes...taxes is included. But don't forget monthly maintenance is probably $1.5k??
@@fcan222
Mine is just over $2000 (a little expensive)
My in-laws 2 bedroom is around $1100. My mom’s 1 bedroom is under $900. And there are many places where a 1 bed is $700. I’ve even seen a 1 bed with $450 maintenance! (Of course they’ll get you in other ways. There’s no free lunch)
Shop around :)
I like your approach to retirement, well thought out
@@Winterbiker333 thanks :)
Nice crib and spacious too.👍 1,500 sf is a massive footprint for an apartment dwelling in NYC.
A lower maintenance alternative to home ownership without the proverbial ball and chain so to speak. Except maintenance fee hikes (like property tax rates) at least for condo units are governed by various factors outside the homeowner's control. Has such fees increased within reason since occupying this coop unit?
Also, I would not consider this move as much of a downsize either given the functional space. 525k includes secure/underground parking space?
@@hz240 thanks yeah it’s not much of a downsize lol. My old house was exactly 1500 sf between the first and second floors. We just have no storage or garage.
We have an outdoor parking spot for $40/ month. Cheap.
@@hz240 yeah the maintenance has increased by quite a bit the last couple years. In line with inflation. But, if we were in a house, my monthly gas for winter heating would’ve been even more. So many home owners complaining about utility hikes recently.
Overall, monthly bills are a bit lower than the old house. And yeah with no manual labor on my part :)
And any increase in maintenance will just be paid for by the money I saved by downsizing :)
Hey Johnny, do you regret selling the house in terms of price appreciation or rental income ?
@@byron9630 absolutely not lol. The money has grown FAR faster in an index. And without the headaches of a rental :)
Trust me, owning rentals is not easy, and few people make money. On my list is a video for buy vs rent, amongst other videos to do about how to find investment properties. You’ll see it usually makes no sense ;)
@@RetireearlyNYC yeah I told my uncle that I don’t intend to really buy a house or get a rental income from it due to the headache. He strongly disagreed that there’s headache for him. He rents out a floor for $2k, so a two story building is about $4k.
This is in Brooklyn and he usually rents out to immigrants .
He finds Hispanic / Chinese speaking agents who help him rent out the few houses he has. He is handy so he helps out with the maintenance / repairs. Hasn’t had issues with collecting rent. But for me , I think I’ll just invest in the market lol
@@byron9630 so let’s do some calculations and see how much money he’s making and whether it beats the S and P average.
Do you know how much the building is worth? Is it a legal 2 family?
@@RetireearlyNYC $1M, rent $4200 / month
What area of queens?
@@SouthFist NE Queens: Flushing, Whitestone, Bayside, Little Neck, Douglaston. Etc. All pretty similar prices.
That's a beautiful place. Obviously, you have great taste in real estate and beer.
I'm trying to figure out why coops sell for 2-3x discount compared to condos, though. I think you're onto something. The differences between coops and condos that I identified:
1. the ownership structure is different: owning a "share" vs owning the property, really just the interior walls,
2. a prospective tenant needs to be approved by the coop board,
3. some restrictions on use of the property, e.g., no AirBnB,
4. they are taxed differently on sale that I don't understand ("flip tax").
Maybe 2/3 limit the supply of potential buyers, thus driving down the cost?. 4. could be substantial as married couples are excluded from taxation of $500k of potential gains, again limiting buyers. In all, I don't see why they trade at 2 - 3x discount.
Ah, saw in another comment that this particular property isn't close to the subway. Maybe that explains part of it.
@@Jmpaz2010 thanks haha . Yes great taste in beer. Definitely.
Yeah I don’t know exactly why they’re so much cheaper than condos. Some of the reasons you listed are likely valid.
As for proximity to subway, that makes any property more expensive. But even in downtown Flushing, where the 7 line is, the coops are still 2-3 times cheaper than equivalent condos.
@@Jmpaz2010 #4: the flip tax is just something that each building or complex charges . It’s not a real tax. It’s a fee paid to the building. And that differs building to building. Could be anywhere from a few hundred bucks to as high as 40% of your gains! That’s the most that I’ve heard of.
@@Jmpaz2010 I think #1 is likely the biggest reason. You don’t technically own the unit as you stated. But who cares when in practice it’s the same as any property lol.
And as for the rules, they can make it a pain to get in and a pain to sell. (My sister couldn’t sell her place for 7 years during the last downturn!! The board didn’t even have to give a reason for not entertaining any buy offers.)
BUT once you’re in, the rules are great! They keep out any riffraff lol. And I don’t care about selling. This is more than likely our last property hahaha. The kids can deal with the sale of it. Just don’t sell during a downturn in the economy ;)
@@RetireearlyNYC Thanks for the thorough answers as always!
Is this in Forest Hills by any chance?
@@_PhysicallyFit no. It would probably be 50% more expensive if it was there ;)
Would that qualify for a 1031 exchange or no?
@@Myraisins1 no. Not for primary residence only for investments
NICE! Did you say 3 BEDROOMS?????
Nice pickup. Great decision
Any views of The city ?
@@familylifetoo9541 what?? No, lol. Not for 550 and this far away ;)
@@familylifetoo9541 I’m lucky I don’t face a brick wall lol
@@RetireearlyNYC true lol that's what my apt did, it faced q brick wall yet in the back it had trees !
@@RetireearlyNYC ok 8m bot familiar with Queens lol..
Is your water included in maintenance??
@@gnewt75 everything except Fios :)
@@RetireearlyNYC Wow!! Impressive! Where did you find the listing for these co-ops?! Did you go through an agent or did you go to "open houses"?!
@@gnewt75
We used to go to open houses all the time just for fun lol. We loved looking at real estate. And I also subscribed to realtor and Redfin so when new listings pop up I can see them right away.
I found this place within an hour of the listing. Made an apptment through my agent and saw it asap. Made an offer asap. No contingencies. So they accepted right away :)
Normally though, we never used a buyer agent. We bought everything ourselves, preferring to deal directly with listing agent. But in this case, we had used an agent who lived in the area and knew the buildings well.
Today’s real estate situation is different though. You’ll have to hire your own buyer agent if you don’t know what you’re doing.
Thank you for the wisdom . Very nice place.
@@RetireearlyNYC How long ago did you purchase this? It seems like you struck when the market was a bit more favorable towards the buyer.
Here's a crazy idea. Maybe ownership of private property should not be allowed. ( re-thinking the future )
@@prematureoptimism7125
Completely off topic. Lol. But, Why? And how would it work?
even socialist China has private property. And very strong property laws to protect home owners too (have you seen those videos with the old houses still standing in the middle of a highway? The govt can’t force them to sell)
@@prematureoptimism7125
Actually that sounds like China, pre 1978, before it realized communism doesn’t work. Lol. I don’t think it’ll work here either.
Youre retired, stop spending
@@plupyduplupydu1369 haha. Stop spending? We’re just STARTING to. 😉
@@RetireearlyNYC my limited math skills keep yelling at me-its never enough!
@@plupyduplupydu1369 haha . That is a problem too lol.
Less is more!! Just saying
@@tonyn9522 less stuff/house, more $$ :)