3 condos that sold for less than $400,000 on Long Island

Limited inventory has long narrowed the options for homebuyers on Long Island, where even a condo purchase for less than $400,000 is challenging.

"At that price point, what's available?" said listing agent Jo Ann Boettcher. "Not a lot."

Data on condo sales is skewed by a relatively small sample size compared to single-family home sales. In February, the median sales price for a condo in Suffolk County was $520,000, according to OneKey MLS data. There were 79 closed condo sales that month, the report showed.

In Nassau County, where there were 41 closed condo sales in February, OneKey reported the median sales price for the same month was $920,000 — a jump from the twelve-month median of $815,000.

Newsday spoke with listing agents about condos they had sold for less than $400,000 in recent weeks.

Community:

Middle Island

Sale price:

$385,000

In late March, Douglas Elliman agent Jo Ann Boettcher sold a two-bedroom, two-bathroom condo in a guard-gated Middle Island community for $385,000.

"They have a lot going on in there," Boettcher said of the neighborhood. "They have the clubhouse, they have the pools, they have the golf course."

Residents pay a monthly fee of $567 for snow removal, landscaping and use of the amenities, which include indoor and outdoor pools, Boettcher said.

Listed for $395,000, the condo sold for $385,000, Boettcher said. The one-level home could do with some updating inside and does not have a garage, she said.

"When you find something for that price range, usually it's not updated," Boettcher said.

But the unit has laundry, located in the same room as the heating system, and sliding glass doors that lead to a back patio, she said. There are central air conditioning and natural gas heating systems, as well as a kitchen with a dining area.

"If it were updated, it would sell for a little bit more, of course," she said.

Community:

Hempstead

Closing price:

$355,000

A first-floor unit with a sunken living room and a bedroom steps below sold in March for $355,000 — a price negotiated down from an asking price of $359,000, said listing agent Matthew Levin.

"This unit is unique because it's technically bi-level," said Levin, of Keller Williams Realty Elite.

Levin described the one-bedroom, one-bathroom condo as "semi-renovated" and clean, with a galley-like kitchen at the entry point.

"I can even say I haven't seen many like that in my day," he said of the condo, which has a unit above it.

The building has a parking garage, central air conditioning and in-unit washing machine and dryer, according to the listing. Common charges total $210 monthly, Levin said, and cover conveniences like snow and garbage removal.

"It's really in a non-amenity building, so their common charges are just taking care of their grounds," Levin said. "It's not like you have pools and tennis courts and all those things in let's say a luxury building."

Community:

Middle Island

Closing price:

$324,900

Listed for $324,900, a two-bedroom, two-bathroom unit in the Artist Lake Condominiums complex sold for the same in March.

"It's not as luxurious as others because this building was built in 1974," said listing agent Jennifer Lenzo, of Island Advantage Realty. "But…it's a great, middle-of-the-road kind of condo, it has everything you need."

The second-floor unit has central air conditioning and natural gas heating, according to the listing. A recent remodel included updates to the kitchen, bathrooms, carpeting and paint, Lenzo said.

"Everything is updated," she said.

In the complex, homeowner's association fees range from $560 and $700 depending on the unit, Lenzo said. In addition to snow removal and exterior improvements, the HOA fee covers use of a gym, outdoor pool, tennis courts, playroom, dog park and walking trails, Lenzo said.

"It's an affordable option for many people, and I think it provides a lot of amenities," she said.

According to Lenzo, the closing price for this unit was on the higher end of the price range for the Artist Lake community. Most two-bedrooms in the complex sell for between $285,000 and $325,000, Lenzo said.

"This particular condo was more renovated than most," she said. "I think it's one of the highest sales we had in Artist Lake, definitely in the past six months."