· The price is very low because it's taking into account the higher maintenance charges and the end result is the same as a much higher purchase price with lower maintenance.
· This is a gorgeous and large apartment with million dollar views and my phone is ringing off the hook with people wanting to see it which says to me that it's priced well.
· This property is for those with vision; LIC is the hottest new neighborhood to invest in !!There you have it. Anybody been to LIC to see this place? Anybody been to LIC? BONUS: After the jump, a reader offers a history and analysis of 4-47 48th St.'s hefty maintenance fees. It was the first building in Queens West, and the developer was worried that there wouldn't be a market. (Which turned out to be true, and if I remember correctly the developer went bankrupt on the project, but I can't remember who the developer was).
Anyway, in a limited equity co-op, the building itself carries a much larger share of the total debt than the individual purchasers do. As a result, purchasers need a much lower downpayment, and slightly less income. Instead, the maintainance is high, and it should be considered part of the mortgage that the buyers should really be paying on their own.
Subsequent sale prices on resales should reflect the nature of the project and remain much lower than the rest of the market. The sellers have no right to complain about this, since they knew they were buying into a limited equity situation. But that doesn't stop them, or their brokers, from trying to find a sucker out their who isnt savvy enough to catch on. The same thing is happening at the Renissance (Lenox Avenue and 116th Street). You see that building all the time in that Sunday Times column about searching before finally buying