Parkchester purchase (real estate, apartments, rental)

[Paul Walter]

I am thinking of purchasing a condo in Parkchester, I would like apinions on which street is the most desireable. Basicly, which is the very best area to live in Parkchester ??

[bluedog2]

I see you are from Australia.Have you ever been to Parkchester ?

General opinion is(and resale prices seem to confirm) that the southern most section,closest to the Parkchester subway stop and all the shops and restaurants,is the most desirable.It is also in those buildings that the management company has invested most in the more expensive rental units which may mean something.

[Paul Walter]

No never been, just reserching for maybe an investment property. I looked some 18 months ago and prices dont seem to have appreciated at all. I would have to look into monthly taxes or fees charged by the board for maintainance, security and ground keeping etc . Do you know if these costs are passed onto the tennant or is it included in monthly rent, I guess I would think anything facing the park or oval would command a premium price. I would come and inspect, It just that they seem quite reasonably priced to me.
I read once that it is getting better all the time but I dont know if this is the case.

[Paul Walter]

Again, as not a native of the Bronx - would someone please forward me a name of Realtor that they believe to be honest and someone that I can confidently deal with when buying a Parkchester apartment.

[Kefir King]

I cannot imagine a co-op in the Bronx being considered as an "investment property."

[Paul Walter]

Another question on Parkchester.

Hypotheticly, if you were to own 2 - two bedroom aparments in one of the Parkchester complexes - outright and these two apartments were side by side.
As the owner are you permitted or is it possible to convert or renovate these apartments into one bigger apartment ?.
Obviously you would need to comply structually but do the board allow such a construction renovation ?

[NooYowkur81]

Originally Posted by Kefir King

I cannot imagine a co-op in the Bronx being considered as an "investment property."

Riverdale?

With Pchester yeah I get your point even though its a condo not a co-op. The prices there are pretty stagnant historically.

[NooYowkur81]

Originally Posted by Paul Walter

Another question on Parkchester.

Hypotheticly, if you were to own 2 - two bedroom aparments in one of the Parkchester complexes - outright and these two apartments were side by side.
As the owner are you permitted or is it possible to convert or renovate these apartments into one bigger apartment ?.
Obviously you would need to comply structually but do the board allow such a construction renovation ?

Scatman would be best to answer your question. Hes a regular poster who owns there. My guess would prob be that they don't allow it.

[bluedog2]

Originally Posted by Kefir King

I cannot imagine a co-op in the Bronx being considered as an "investment property."

Real Estate is usually a pretty good long term investment.Yes,even in The Bx.People in my building are still selling at pretty hefty profits over what they paid even 7 or 8 years ago,double for the most part,despite the fact that the market has been stagnant for the last 3 years.

One could easily make the argument that because prices in The Bx are often still substantially lower than in similar neighborhoods in other parts of the city and because the prices are actually affordable to those in the 75,000 to 100,000 income range ,there is the potential for substantial returns.

The biggest problem with Parkchester as an investment is that it is so huge and there are thousands of virtual duplicates of every unit that are still held by non residents.They keep coming on the market constantly so the market is always flooded.In many cases they are apartments that people paid $17,000 for ,so if you want to sell an apartment that you paid $125,000 for they have plenty of room to undersell you ! It will take years for all the inventory to clear out and for the Parkchester market to establish a more normal rhythm.It will happen though.The good thing about Parkchester as an investment is that with a little skill you could purchase an apartment for $100,000 or so and immediately rent it out for 1,100/mo ! Not too many places in NYC where that is possible.

[TheBoros]

I recently purchased a unit in Parkchester, PM me for serious details.