Important Facts

 

The Clearview Gardens Development consists of 1788 garden- style apartments on over 88 acres.

There are four different sized apartments – 3½ rooms (1 bedroom), 4½ rooms (two bedrooms), 5 rooms (two bedrooms) and 5½ rooms (3 bedrooms).

There are garages and outdoor parking spots available on the premises. There are laundry room facilities, storage rooms and children’s play areas situated throughout the community.


Requirements For Board Approval


Maximum Number of People Allowed per Unit:


3½ room apartment 1 bedroom 3 People Maximum
4½ room apartment 2 bedrooms 4 People Maximum
5 room apartment 2 bedrooms 5 People Maximum
5½ room apartment 3 bedrooms 6 People Maximum

 

Buyer Requirements

Income requirements for Cash Purchasers:
3½ room apartment $36,000
4½ room apartment $44,800
5 room apartment $47,200
5½ room apartment $50,800

Income requirements for Purchasers with a Mortgage:
(Up to 80% financing)

3½ room apartment $36,000 + 1 year’s Mortgage Payments
4½ room apartment $44,800 + 1 year’s Mortgage Payment
5 room apartment $47,200 + 1 year’s Mortgage Payment
5½ room apartment $50,800 + 1 year’s Mortgage Payment

Co-op’s Minimum Selling Price:
(for contracts submitted to co-op on or after Jan 1, 2018)

3½ room apartment $140,000
4½ room apartment $175,000
5 room apartment$200,000
5½ room apartment $250,000

• Co-op also adds the annual minimum monthly debt to the income requirement and their income must then exceed it by at least $1,500

Prospective buyers who do not meet income minimums as outlined above can provide documentation of available assets to supplement the minimum requirements. Ten percent (10%) of all cash or cash equivalents will be counted as income after down payment or purchase price (if cash purchase) is deducted.

You may also apply ten percent (10%) of the projected net proceeds of the sale of your house. Net proceeds is defined as the sale price, minus the mortgage balance as well as any amount used to purchase the Clearview apartment.

 

Maintenance:

Base Maintenance Carrying Charges: (effective Oct 15, 2018)

Apartment Base Amount
3½ Rooms $831.44
4½ Rooms $973.98
5 Rooms $1,028.63
5½ Rooms $1,086.84


The base maintenance does not include:

Gas Dryer $6.25
Washing Machine $6.50
Dishwasher $7.50
Freezer $8.25
Bedroom A/C $13.50
Parking Spot $20.00
Living Room A/C $21.50
Unheated Garage $37.00
Heated Garage $51.00
Commercial Parking $92.69

*No Electric Dryers or Portable Air Conditioners

 

Pet Policy:

  • No Dogs allowed
  • 2 Cats allowed per unit


Amenities:

    • Outdoor parking spaces available – waitlist
    • Garages – waitlist
    • Storage Room available, at no cost, for those ground floor units that reside above it
    • Laundry room facilities (washer / dryer are also allowed in unit)
    • Children’s play area situated throughout the community
    • Private security – 24 hours a day, 7 days a week


Nearby Conveniences Include:

    • Bay Terrace shopping centers
    • Whitestone shopping centers
    • Bell Boulevard restaurants


Closing Costs:

Closing Costs for Purchasers:
  • $650 Application Fee (non-refundable)
  • $100 per person Credit / Criminal Check (non-refundable) for anyone residing in apartment over 18
  • Reserve Fund Fee of $2,000 payable to Clearview Gardens Corporation (as of 2018)
  • Purchasers will need to obtain an insurance policy with a minimum of $100,000 liability and present proof at closing
  • $350 if obtaining a mortgage payable to Geoffrey R. Mazel, Esq.


Closing Costs for Sellers:

  • Co-op’s legal fee of $750 payable to Geoffrey R. Mazel, Esq.
  • Security Fee of $2,000 reimbursed 60 days after vacating provided that there are no damages
  • Waiver Fee / Flip Tax


Resale Waiver Fee / Flip Tax Schedule:

Apartment Waiver Fee
3½ Rooms $4,000
4½ Rooms $5,000
5 Rooms $6,000
5½ Rooms $7,000