Posted on: November 25, 2024 05:41 PM

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1225000 or 7323 for a home in Bellerose

The average home price has skyrocketed due to mortgage approval at 6% for first time home buyers nationwide.

Could it be desperate, peer pressure or affordable which remains a mystery for those buyers.

On November 22, that's last week, a home on Commonwealth Blvd near 82nd Avenue was sold after being listed at $1.225,000, that's $225,000 over a cool million. The estimated mortgage is $7323.00 a month, plus utilities, insurance and taxes.

Beside down payment, the estimated closing cost is $124,386.

It's a single family zoned in Bellerose and many are wondering how people can afford it so easily.

According to several realtors, the plan is simple. The buyer consists of a large family, each pooling, renting the basement and attic to cover the mortgage leaving barely enough for food and recreation to relax. Also, privacy instead of living in a busy or congested area is another choice.

So far, according to the NYC Comptroller's Office, Brooklyn is the most expensive place for homes due to the property tax ratio listed with the Dept of Finance exceeding over $50,000 in several locations annually. For Queens, Forest Hills remains the most expensive residential zone.