SHOCKED thus far at closing costs for studio coop

sounds about right. And when you go to sell, you will be paying 8% of the price since you will have a realtor commission to pay.

Don't worry... you'll make it all up on the back-side.... lay low.... pretend not to be lemming... go find bigger lemming... thatz how wez roll in manhattan... LMAO... you're like the big SUV buyer... SHOCKED at $80 gas bills....

Eastside: there is nothing out of the ordinary in your transaction costs. 2% is the rule of thumb. You want to really bleed from the ears (and wallet), then try buying a new condo. Closing costs can be 10% +/- of purchase price!!!Makes 2% seem like a bargain.

This is a good page that has everything:

http://www.corcoran.com/guides/index.aspx?page=ClosingCosts

Because it's a coop, you're missing out on title insurance (0.5-0.8%) and the mortgage tax (1.8-1.925%). Also, because it's under $1M, you're missing out on the mansion tax (1.0%).

In other words, you got off easy ;).

yeah.. but the f'king tax credit... and the home mortgage deductions... thatz gotta make up for buying 2 yrs post tulip bubble, no?

"Closing costs can be 10% +/- of purchase price!!!Makes 2% seem like a bargain."

Oh, I think you get get away with a "mere" 5-6%.

glad im not buying a condo!!!1 thanks guys/gals

I'm suddenly grateful that the co-op I'm buying into only charges a $350 application fee! $1,500, wow!

The closing costs for a sub-$1mm co-op in New York seem very cheap to me. I paid substantially (200%+) more in closing costs for properties in the $150k-$300k range in other cities than for an $800k apartment in New York.

The only bad thing is that, by the time you appear in front of the co-op board, you generally already have $4k-$5k in sunk costs that are completely lost if the board rejects you on a whim.

you got off easy with 350.....i have to pay 1500 to coop and 450 to managing agent....thats 2k already....NOT CHEAP.....

wonder what the average app fee is for coop and managing agent?