Has anyone recently closed on a 1-3 br condo in this market? How much down payment was required? When did you start saving up for it?

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Not sure if this helps at all but I recently closed on my studio in a coop building. $62K was the down payment, closing costs were an additional $10-$15K when all was said and done. Coop wanted 18 months in post close liquidity. My grandmother died last year and I used my inheritance to purchase.

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Chose co-op bc it was the building I had been living in for 5 years and I didn’t want to move 😅

It took an UNGODLY amount of time to close (2 months lol but it felt like forever). Underwriting took forever bc my lender wanted to state my inheritance as a gift from parents bc it was “more simple to do so” 🙃

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I purchased my studio coop in Queens November 2019 so pre pandemic and needed at least 20% down. The coop board did ask 2 years worth of your maintenance in savings. Or maybe 1 year? I don’t remember.

I worked at restaurants in college which helped me save. I also lived at home in Queens until I was 27. Culturally, I wasn’t “allowed” to move out but I guess it worked out. Now I’m 31, back at home temporarily and renting my place out 😊

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I’m not sure about larger but I bet it’s cheaper! I did put an additional $5k in closing costs and another $5k in minor updates (kitchen updates mostly)

I think if you go the coop route I highly recommend one where you can rent out your space! Or if you can find one with low maintenance fees otherwise, the board is a headache..

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