Bayside - Real Estate Questions & Answers

Ask a Question

cancel or

Jolie Muss-LREB & Brokerage- 212 721-3301 answered:

What are the top 5 concerns for new Buyer?

1. Will I be able to afford to buy this home, make the payments, maintain it and pay the insurance and taxes now and in the future (as taxes, insurance and expenses can go up) 2. Do I ... more

1 vote • Flag • Wed Mar 7, 2012 • Home Buying in Bayside

2 answers

Answer

Maria Koljev…, Real Estate Pro in Douglaston, NY

Maria Koljevina answered:

Bay Terrace (11360) vs. Little Neck (11362) - Queens, NY

Both are great comunites, Bayside has a lot more multi-family properties, than Little Neck and Douglaston. Since the zoning in Little Neck and Douglaston are mostly 1 fam. and only a f ... more

0 votes • Flag • Thu Apr 14, 2011 • Home Buying in Bayside

5 answers

Answer

Diallo J. St…, Real Estate Pro in Elmhurst, NY

Diallo J. Stevens, CRS, SRES, GRI, RECS, e-PRO answered:

Buyers rights after sale

Geir, Your best recourse is to discuss with an attorney. Keep in mind, however, that if you looked at the property, you did not rely solely on the listing information (which may be c ... more

0 votes • Flag • Fri Feb 4, 2011 • Home Buying in Bayside

3 answers

Answer

Barreto Molly, Real Estate Pro in Queens, NY

Barreto Molly answered:

Do condos located in Bayside priced around $350k or less exist? I have only seen co-ops time and time again.

I can think of maybe 5 condo complex's in all of Bayside. 3 of them ar in North Bayside, which is prime. If you are lucky, you may be able to purchase a 1bed that may need some TL ... more

0 votes • Flag • Mon Jan 10, 2011 • Home Buying in Bayside

3 answers

Answer

Diallo J. Stevens, CRS, SRES, GRI, RECS, e-PRO answered:

We found a co-op and went to see it through the listing agent, want to put in offer but should we hire an agent to represent us?

Hi Ferheen, Agents sometimes use the wrong terminology when discussing this issue. I won't get too deep into that in this answer (unless I change my mind), but here are the basics: The agent that showed you the property should have disclosed the agency relationship s/he is operating under. If it's was the listing agent, then it's seller's agency. This disclosure should have been done in writing, so that you could read exactly what that means (there's a NY State-required disclosure form). Normally, you would be his/her CUSTOMER rather than CLIENT. In NY, that means they are required to deal honestly and fairly with you, but owe fiduciary obligations to the seller (including full disclosure, undivided loyalty, obedience, confidentiality, accountability, and reasonable skill/care/diligence). They are supposed to negotiate on behalf of their client, as they are working FOR the client and WITH you. This is the normal scenario in the situation you described - this is NOT DUAL AGENCY. In dual agency, the broker would have DIVIDED LOYALTY and NO LONGER PROVIDE FULL disclosure. This would have to be disclosed in writing and be agreed to by both parties, and would generally come up where you are a buyer-CLIENT (not customer) of the broker (meaning you hired them as a BUYER'S BROKER) AND are interested in buying one of their listings. But wait, there's more! Since you saw the unit with the listing agent, things may get complicated if you now engage another agent to present your offer. The listing agent may take the position that they are the "procuring cause of sale" and resist compensating the agent you've involved. There are several ways that could play out, and it should be handled carefully. So, here's my advice (assuming this hasn't been resolved already): First decide whether you feel comfortable negotiating for yourself. If you do, you can present your offer through the listing agent. This may be the path of least resistence. If you don't feel comfortable, speak with another agent about assisting you (be open and clear about the situation). Make sure they understand agency well, or you may just complicate matters. Also, decide with them whether you want them to act as buyer's broker (most readers would assume you would, but it may not be that simple depending on the details). Feel free to reach out to me directly if you'd like to discuss further. Good luck! ... more

0 votes • Flag • Sun Jan 9, 2011 • Home Buying in Bayside

13 answers

Answer

Thomas Tolbe…, Real Estate Pro in Savannah, GA

Thomas Tolbert answered:

Own a condo, found a house we'd like to buy. Need to sell our condo first, but can we put an offer on the

Joanne, You can make an offer that is contingent on the sale of your condo. If you can show that your condo is priced to sell then the seller will probably consider your offer more ser ... more

0 votes • Flag • Sat Sep 25, 2010 • Home Selling in Bayside

9 answers

Answer

Carey Cantag…, Real Estate Pro in Middle Village, Queens...

Carey Cantagallo answered:

What area of Queens, NY should I look to purchase an investment property? Are there areas that have great?

Glendale! Call me so I can explain. Thanks, Carey

0 votes • Flag • Sat Sep 25, 2010 • Home Buying in Bayside

1 answer

Answer

Bengrahamist…, Other/Just Looking in Whitestone, Queens, NY

Bengrahamistheman answered:

We are looking to buy a Garden Apartment in Bayside.

Just wanted to leave a few thoughts here...many things need to be considered (schools, unit size, yes or no to a pet, etc.) when buying. Please have optimising the protection/preservati ... more

0 votes • Flag • Sun Jul 4, 2010 • Home Buying in Bayside

4 answers

Answer

Anna Brocco, Real Estate Pro in Nassau County, NY

Anna Brocco answered:

Looking for 2/3 Bed Apt in Bayside or Bowne Park in the $1800 Range with good parking and pet friendly.

Any agent can help you--or you can check out www.mlsli.com under rentals, then search by area.

0 votes • Flag • Thu Jul 1, 2010 • Rentals in Bayside

2 answers

Answer

Antolin Du B…, Real Estate Pro in East Flushing, Queens,...

Antolin Du Bois answered:

Looking for an investment property in Queens, NY

Lap, let's run the numbers here. I will be conservative all the way. You will purchase this place for 900k. It will really cost you about 945k with closing costs. Income: Your rents should be around 1800 for the 3 bedrooms, and around 1500 for the two. God bless you if you get more, and you probably will, but lets be conservative here. That totals 5100/month. More than likely, you can get at least 150/month for each garage, maybe more. But figure 150. We only ask 125 for our extra garage in nearby North Flushing, and we have had it full for years. But I have seen Bayside ads on Craiglist go for 200+, so you might be able to get that much, but lets be conservative with 150 for each. That is 150 *2 *12 = 3600/yr for the garages. 5100*12= 61200, assuming that your properties are fully rented and everyone pays always on time, (HAH!) + 3600 for the garages yield 64,800 pre-depreciation income. Expenses: Your real estate taxes on that will be what? around 4800? That too might be a bit high, but probably not by much. And your insurance will be at least 100/month, unless you choose not to insure since you are self financing. But I am assuming that you would be not willing to risk 900k on the hope that no-one ever smokes in your property. Repairs? Don't know, but I am assuming that this is not new construction, which means maybe 200/mo set aside??? So figure 2400/yr,and if nothing happens, hallelujia. Is there a common electric bill? Doubtfully in a 3 family, nor is there communal heat, but you probably will foot the water bill- probably at least 100/month. This means your water expenses will be around 1200/yr. Taxes + Insurance + Repair fund + Water = 4800+1200+2400 + 1200 = 9600 Pre Depreciation Income - Preinterest Expenses: 64800-9600= 55200 Before looking at depreciation, your immediate return is 55,200/945,000 or about 5.841%. Not bad, but not terribly exciting either. Assuming that you can depreciate the property as an active investor at 80% land value over a 33 year period means that your depreciation is based on 720,000. I am assuming that you are in around a 35% tax bracket, which means that you get to depreciate100/33 or 3.03030303% per year, which amounts to $21818. At a 35% marginal tax rate, this would amount to $7637 in tax savings, effectively increasing the return from 6.1% to a newer return. Lets figure that one out: Income - Expenses: 64800+ 7637-9600= 62836. This gives a better yield, because 62836/945,000 is 6.64%. That is at least respectable, but remember if you sell, you will pay a 'recapture tax' on this depreciation, and can only avoid it by rolling your gain into a bigger deal, or dying, and leaving the property to your heirs. However..... We haven't figured in the cost of the borrowed money that you intend to put into this deal. I am assuming that you are doing a standard 80% down deal, in order to avoid PMI, and put the rest of the money in yourself. This means that essentially you will need to come to the table with around 225k, and you will borrow the rest. Of the 225k, about 45k will go to closing costs, leaving 180 as a down payment, and thus a mortgage of 720k. You will be borrowing this against your own house, and assuming you have the income to support it, AND leaving aside closing fees for the moment, this will cost you $4985/month at a jumbo rate of 7.4% (Bankrate). 4985/mo * 12 = 59820, which of course is an expense. Granted, you will be able to deduct the interest, or about 53000, which means that you will save about 18567 in taxes the first year, but it also means that you will lose about 59820 - 18567 = $41253 in the after tax benefit scenario on this home mortage deal. Ok, lets do the final income and expenses: Income: Rents + Garage Rents + Depreciation: 61200 +3600+7637= 72437 Expenses: Taxes + Insurance + Repair fund + Water + Home Mortgage: 4800+1200+2400 + 1200 +59820 =69420. Income - Expenses: +3017. A positive cash flow of about 250/month, assuming everything goes right. I guess the only question really is are you willing to spend 225k for a return of 3017? That is a 1.34% rate, around what the banks offer now anyways. However, you get the power of leverage, and if you have a high income, you get needed tax breaks. Also, you get the inflation protection that a house offers, but a savings account does not. Another last consideration is if you have paid off your current primary home mortgage, are you willing to risk it all to create residual long term income. Honestly, I have risked my own home now a few times to fund big bet investments, and by and large they have/are working out, but I don't think that I will do it again, and furthermore, I was, and still am, fortunately lucky. So before you make this move, you have to decide what the answer to these questions are for yourself. Good Luck, Antolin ... more

0 votes • Flag • Sat Aug 23, 2008 • Home Buying in Bayside

5 answers

Answer

Paul Tarrats…, Real Estate Pro in Westchester County, NY

Paul Tarrats Jr. answered:

i need to know why sellers dont want to understand todays market value

Rising markets are easy for them to accept. Declining markets are always hard because of regrets and I should have.

0 votes • Flag • Tue Jun 10, 2008 • Market Conditions in Bayside

10 answers

Answer

Questions & Answers in Bayside

Change your location

Popular Queens neighborhoods

Recent locations

Followers of All Activity

Q&A

Popular Guide Categories »

Home Buying »

Home Selling »

Financing »

Home Buying »

Market Conditions »

Home Selling »

Rentals »

Residential Real Estate

Explore Trulia

For Professionals

Corporate

Douglaston, NY North New Hyde Park, NY Garden City Park, NY New Hyde Park, NY Herricks, NY Bellerose Village, NY Floral Park, NY South Floral Park, NY University Gardens, NY Great Neck, NY Lake Success, NY Hollis Hills, NY Queens Village, NY Oakland Gardens, NY