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!
