Fisherman's Wharf Coops in West Babylon NY are located on Millard Avenue
Directly across the street from the West Babylon High School.
Fisherman's Wharf Coops has 144 units.
There are upper units and lower units. No duplexes. The units that
surround the lake are only 1 bedroom units. Throughout the rest of
Fisherman's Wharf the units are either 1 or 2 bedrooms.
Fisherman's Wharf is also in the Babylon School District 1.
In-ground pool with a pool-side grill, 1 tennis court, 1 half-court
basketball, Shuffle board and bocce ball. Clubhouse with an exercise
room and a meeting room upstairs. Shareholders can rent that room for a nominal fee for parties. The clubhouse is also accessible via an
electronic pass card. There are laundry facilities on the premises.
There is also 2 parking spaces allotted per coop unit.
Fisherman's Wharf is managed by Barrier Beach Management located in Long Beach, NY.
With a co-op you get shares of stock and a proprietary lease. Each unit
has a certain amount of shares. There is also a stock certificate that
becomes the lien which is held by your bank who granted you your
mortgage. If you pay cash for your unit, then you get the share
certificate. Hold onto that because when you sell your unit, that has to
be passed on to the new owner. If you lose it, then it will cost you
around $200+ to replace it.
Fisherman's Wharf Maintenance Fees: Includes
your share of property taxes, part of the underlying mortgage on the
property, heat, water, waste removal, landscaping, snow removal, pool,
tennis courts, clubhouse, parking, exterior repairs and some interior
repairs like the electric and plumbing that are inside of the walls of
your unit. The maintenance fees can be up to 65% deductible. Please
consult with your tax professional regarding this.
You are allowed to sublet your unit upon board approval. You will be charged $1.25 per share sublet fee each year. Your tenant also has to meet the Board's financial requirements.
Fisherman's Wharf Income/Credit Requirements:
If you are taking a mortgage, your Gross Income must be 5-1/2 times or
more the maintenance fee. If paying all cash, then it's 4-1/2 times the
maintenance fee. Your Debt To Income Ratio must be at least 3 to 1.
Before being approved by the Board, you must furnish me with your credit
report, mortgage pre-approval letter, last years tax return and 2 weeks
of paystubs. A minimum of 15% down is required by the Fisherman's Wharf
Getting approved by the Fisherman's Wharf Board is the last step before going to closing.
From the time your offer is accepted from the homeowner right through
the interview with the Board, it will take 60 to 90 days to close. There
are Board application fees as well. If you get declined by the Board,
they have to furnish a reason why in writing within 45 days. This is THE
LAW that was put into place last year in Suffolk and Nassau Counties.
Do not let anyone tell you otherwise.
I have found that the Fisherman's Wharf Board
is nice to deal with. They also like to keep up with property
improvements and that keeps the values stable. The Board works
diligently to keep everyone informed and they even have a monthly
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