La celia coops/lottery e 111th st (Madison, Hope: sales, real estate market)

[harlemchick26]

I also received the same letter. When I dropped off my application information they said they want to have people moving in this Fall - definitely before the end of the year. I gave my money order at the time I dropped off the application, but they said it wasn't required at that time (although the letter said it was). She said it would be returned to me if I was not selected.

[marshland]

jerrynolan, I think the area is fine, in fact the UES boundary has moved up into east harlem and it will only get better. I am not concerned at all.

There should not be any new construction taxes, there wasnt for the Kalahari that my friends who bought there told me about. As far as tax abatement, the residents of this type of housing usually do not see the actual savings compared to a new condo. The savings are there but its sometimes prorated so you are basically paying average taxes now and wont get smacked with taxes in 25 years. BofA and Chase are approved lenders. Its a co-op so only a few banks do these mortgages. HSBC, Citibank, Wells Fargo and I think Soverign Bank also do co-op mortgages. Credit Unions do not....If you google you will find financing has been set aside by sonyma for qualified applicants. The sonyma mortgages only require 5% down where conventional "BofA, Chase" can require 10-20% down based on your credit. The building only requires 10% down (unless its a sonyma) but someone's credit history can dictate 20%. If you need closing cost assistance you can go to nyc.gov and under the residents section.... then housing.... will find the info for first time home buyers. You can go to a seminar on an approved list and they will ask you for all of your financial info and help walk you thru the process. At the conclusion you will get a certificate for up to $8,000 to use for closing cost/down payment assistance. Its good for 6 months and can be done now....They are not for profit organizations that are paid to do this so they can make you jump thru their hoops (so to speak) but it gets the job done...many banks also offer first time homebuyer assistance with closing cost. If you go to their mortgage sections it may say something about it...I believe HSBS and Wells Fargo are 2 that offer some assistance. You may also be able to get assistance thru various organization for qualifying people.

disclaimer....the info above comes from past lottery seminars, my own personal mortgage research, my time as an nyc realtor and from friends who have been 100% successful getting in a unit. Some info could be out of date or not pertain to the La Celia. If you google each topic you may find up to date info. Usually forums like this do not offer true facts so no one come back to me and say this dudes all wrong. However most of the info believed to be accurate and current...hope it helps

[jerrynolan]

Marshland. great info. I am not qualified for Sonyma. I am not concerned with the area since I work nearby (but my wife is). I am part of the preferred group so I hope I have a shot.

I thought with the Kalahari that the city tax was waived but not the state (perhaps I'm wrong). My lottery number was way too high.

[harlemchick26]

Thanks for the info! I am wondering about financing options myself and how much I would need for a down payment. I guess it all depends on what's available if/when they get to me and whether I can afford it. We shall see...

[mg8215]

I was just found the below online. Someone claims to have been chosen to buy an apartment and is posting questions on a real estate site.

From Trulia.com

Deciding on buying a New Development Coop in East Harlem - need help.

Asked by Bronx, Upper East Side, New York, NY • A few hours ago
Hi, I was chosen by lottery to buy a HDC sponsored New Coop Development in East Harlem (La Celia La Celia - Residences). It is an affordable development. I have some concerns and need some imput by professional agents who have worked with
1. As new debelopment, the sponsor has a goal of selling 50% of the building before end of summer. Certificate of occupancy will be available after that and move in is estimated by Feb 2013. What happens if the sponsor cannot sell the target 50% of the building by then (aprox 110 units)? Will closings be posponed?
2. Will I have to pay any of the closing costs of the sponsor (NYS transfer tax etc) Can those be negotiated?
3. The sale price quoted is 260K for a 650sq. foot one bedroom (in a new building). Income restrictions apply - upper limit is 102K for 2 people. If I resell can I get a higher price for it? Same unit on a higher floor is 290K.
Anything else I should be wary about?

[Thaddeus Maximus]

That's real interesting. Thanks for the post mg! So they must be moving faster than expected.

I wonder if the person had a good choice of apartments to choose from. I also wonder how they were contacted. But none the less, encouraging.

[marshland]

interesting post....C&C must sell 50% to get C of O...without a doubt....closing cost///resale...they should ask C&C mgmt as its part of the stipulations on the purchase....and yes "closings" can be postponed if they dont have 50% sold. C&C Mgmt really isnt a sponsor they are a mgmt company...but not 100% sure if they have a bigger role in the project but I dont not believe so...if the person who posted that on Trulia finds there way here...here's some advice from an ex-realtor...BUY! You are not paying any more on closing cost because of this project, and you are getting a better deal and more bang for your buck in this building...the $290K units are more market value but you get this building with some amenities. contact your lender about closing cost, they will give you a full detailed breakdown...(online they only give percentages)...the Feb 2013 move in date answered my question from a post a few days ago as I doubted the fall 2012 date. oh well....

[hope2bblessed]

Mg8215...that post was VERY helpful. Thank you!

[hope2bblessed]

Marshland since you have some knowledge about real estate, can I ask:
I am noticing that there are some fairly new buildings in east harlem with the same amenities as the La Celia with one bedroom apts at the same competitive rate. What would be the advantage of buying an apt through this lottery? The competitive properties which I am speaking of are are Madison Court and Madison Plaza.

[HarlemUsa]

Be aware of Madison Court and Plaza those coops are having major financial problems.