Condos in Mott Haven....... (mortgages, how much, houses)

[SeventhFloor]

Originally Posted by cyrusjul

I think investing in Mott Heaven is way better than investing in Far Rockaway (which is an area of NYC that actually scares me.) Yeah, Mott Heaven if full of poor and working people, but I have never been intimidated when I stroll along in that area. I have even walk by gang of kids on a corner. I never got bothered on the plenty of my trips there. I even did a photo tour of the area. I see good potential in the future here. But the two times I went to Far Rockway, oh I was bothered. I will never set foot over there ever again. So I dont think that people who invest in Mott haven are suckers, I think they are smart. In the future it will be worth it in the end. Just look at what happen and is happening in Harlem. Anything closer to Manhattan in always going to be gold. Believe me.

lol how were u bothered around my way? im curious as to what happened to you.

and like i said 6 months from now you follow up on the building and find out how many of the units are sold, or going into contract. ever heard of 99 gold street in brooklyn? right across the street from farragut houses (1 stop away from manhattan on the F train) and sales were so bad there that the developers eventually had to do the building as rentals instead of condos. and thats only across the street from 1 project. with no additional subsidized housing nearby. you tell me what makes you think these condos in the bronx are going to sell? my point is if you're gonna build condos in mott haven, cool. build as much as you want. but for those prices? they're not worth it. tell me why you can get a 1 bdrm co-op in riverdale (an already established neighborhood) for 200K and the lowest price here is 395K. u dont see a rip-off here? if i lived in mott haven, i might feel the same way you guys felt. but guess what - if i couldnt get the price i wanted for 1 of these places then **** it im out. i work hard for my money and im not about to get screwed just over loyalty to a neighborhood.

[Guywithacause]

7thfloor..I cannot look into the future anymore than you. 7 years ago I would not have thought that houses in Mott Haven would be selling for $600,000+ in 2005, 2006, or 2007.....did you? Furthermore I certianly did not think anyone in their right mind would be building $750,000 condos in Mott Haven in 2007,2008, or 2009..did you?

I don't have any of the answers, but what I have learned is that there are values to be had and I was not old enough, wise enough, or experienced enough to recognize them 7 years ago, however I have a better grasp now and I would not be surprised if they all sold out. As of now, I know of 2 in contract.

[SeventhFloor]

Originally Posted by Guywithacause

7th floor again you ridicule those that choose to buy as "suckers." The economics may not make sense to you...and you may not understand why those that buy do...but why are they suckers? Maybe they see value where you don't.....or is it your way and that's it?

I don't need to wait 6 months to tell you whats going on in Mott Haven now...those houses that are $600,000 are being sold..and the prices keep increasing. Those parking lots in the area are increasing rates, retailers moving in are mainstream like Target, Bed-Bath and Beyond...etc. The condos are just the continuation of the demand that the area has seen...and continues to see. Those houses that were selling for $100,000 just 7 years ago are now selling for $500,000+...looking back there were few that RECOGNIZED THE VALUE but many NOW wish they purchased, or changed their perception as "they were a steal" or "so cheap."

So is it illogical to think the condos that you see as overpriced NOW...7 years from now you too will be wishing you bought or saying "they were cheap." I say yes...and others are buying for that reason as well.

OGPLIFE...using your logic...I would suggest only paying .50 for a gallon of gas or not ever driving..or $1 for milk....or using candles instead of electricity......because there are too many people paying MARKET RATE for these commodities and driving up the prices. The same applies to housing...there are people paying $800,000 for a house just as much as there are people paying $3.00 for a gallon of gas and $5 for a gallon of milk....all market rates now. So now we all have to pay more for everything...such is life...housing is no different.

ok fine.....mott haven in 10 years the whole place is condos cool.....you still have how many public housing projects in the area that are still pockets of high crime. i live in far rockaway but i dont even live within walking distance of any housing project.

and you're justifying these housing prices on the market.....**** the market....whatever people tell you you'll just bend over and do. you're the type that will go to chinatown and just pay whatever the guy tells you instead of trying to negotiate a deal. when people come on this board and ask for an affordable place, you just tell them, "everything's market rate. just pay what they tell you to." this is ridiculous.

[SeventhFloor]

Originally Posted by Guywithacause

7thfloor..I cannot look into the future anymore than you. 7 years ago I would not have thought that houses in Mott Haven would be selling for $600,000+ in 2005, 2006, or 2007.....did you? Furthermore I certianly did not think anyone in their right mind would be building $750,000 condos in Mott Haven in 2007,2008, or 2009..did you?

I don't have any of the answers, but what I have learned is that there are values to be had and I was not old enough, wise enough, or experienced enough to recognize them 7 years ago, however I have a better grasp now and I would not be surprised if they all sold out. As of now, I know of 2 in contract.

just because they're building it means what exactly??? you think these developers are building these places and charging market rate out of the goodness of their hearts.....you think they give a **** about mott haven? all they think about is bread! i bet you the meeting went like this....."hey this area's close to manhattan, and we can get this building and renovate it for cheap and come out in the red." how naive of you to think that the developer cares about improving your neighborhood.

[cyrusjul]

Originally Posted by SeventhFloor

lol how were u bothered around my way? im curious as to what happened to you.

The first time I went with a friend in the middle of the afternoon, like three years ago, these group of black kids call us fags and that these streets were no place for whites. Although I am hispanic, but my friend is white.

The second time (a year ago) I went by myself and again in the afternoon and this one guy (who was also black) push me with his shoulder and call me 'mother****er'. I did not confront him cause I did not want to be shot I guess.

In Mott Heaven nothing like that has ever happened to me. I have been in the area like more than 20 times already in the morning and in the afternoon. And maybe like 6 times at nightime. But not very late at night ofcourse. Nobody has ever bother me or say anything mean to me.

[NooYowkur81]

Some parts of the Bronx will gentrify. I don't think that's totally a good thing as people will be displaced. But give it its due time. It will happen.

[SeventhFloor]

Originally Posted by cyrusjul

The first time I went with a friend in the middle of the afternoon, like three years ago, these group of black kids call us fags and that these streets were no place for whites. Although I am hispanic, but my friend is white.

The second time (a year ago) I went by myself and again in the afternoon and this one guy (who was also black) push me with his shoulder and call me 'mother****er'. I did not confront him cause I did not want to be shot I guess.

In Mott Heaven nothing like that has ever happened to me. I have been in the area like more than 20 times already in the morning and in the afternoon. And maybe like 6 times at nightime. But not very late at night ofcourse. Nobody has ever bother me or say anything mean to me.

what part of far rockaway were u in?

[SeventhFloor]

Originally Posted by cyrusjul

In Mott Heaven nothing like that has ever happened to me. I have been in the area like more than 20 times already in the morning and in the afternoon. And maybe like 6 times at nightime. But not very late at night ofcourse. Nobody has ever bother me or say anything mean to me.

lmao mott heaven
i know that has to be a typo

[cyrusjul]

Originally Posted by SeventhFloor

what part of far rockaway were u in?

Well a part that looks like a real Ghetto. The first time walking along the beach. There were housing project buildings close by. Although we try no to wonder in those things. It was in the 90's or 100's streets, can't remember.

The second time I got off the train stop at 67th street. I wanted to wonder in the area again. But after that guy push me, I went right back to Manhattan. Did not have the time to wonder.

[cyrusjul]

Originally Posted by SeventhFloor

lmao mott heaven
i know that has to be a typo

Yes ofcourse. Mott Haven. Not Heaven quite yet. But neither is it Hell.