Kew Gardens Co-Ops Add Options to the Local Real Estate Market
Some people refer to Kew Gardens as an urban village. After you stroll the neighborhood’s quiet streets, you’ll understand why! In Kew Gardens, single-family homes coexist alongside condominiums and multi-family housing. Kew Gardens co-ops are taking the local real estate market by storm, so let’s shed some light on this urban housing option.
Types of Co-ops
Kew Gardens co-ops look just like other forms of urban housing. You won’t necessarily know if you are standing in front of a co-op unless you see a sign stating that fact. Many co-ops are mid-rise apartment buildings, but this isn’t always the case. Co-ops also come in these housing styles:
- High-rise apartment buildings
- Townhomes
- Duplexes, triplexes and multiplexes
- Senior and special needs housing
A Different Type of Ownership
Co-ops act as a corporation. When you purchase Kew Gardens co-ops, you are buying shares in the corporation. Your purchase gives you the right to occupy space in the building. If this sounds a little unorthodox, don’t worry. It is a common practice in New York City and other urban centers.
Co-op financing is different than a traditional home mortgage. A co-op loan is a loan to purchase shares. These loans typically require a higher down payment than a mortgage.
Are Kew Gardens Co-ops Budget-Friendly?
Co-ops have a reputation as a more affordable way to break into the real estate market in New York City. Like any property, co-op prices vary. You will also need to factor maintenance fees into your housing budget.
Here are a few examples of Kew Gardens co-ops that are currently on the market:
- A two-bedroom/two-bathroom unit in a mid-rise building with on-site parking is listed at $399,000.
- A renovated two-bedroom/two-bathroom unit is listed at $558,000.
- A studio unit with on-site laundry facilities is listed at $130,000.
Want to Know More?
Kew Gardens Realty agents are experts in co-op real estate. Contact us today to learn more about Kew Gardens co-ops!
