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Old 11-23-2015, 10:15 AM
 
25 posts, read 34,660 times
Reputation: 16

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Quote:
Originally Posted by hkcg View Post
Hi rgdave,

Take a look at page 19 of this forum. Blanchie1227 was number 2 on the 2014 studio list and 340 on the overall studio list. She was called and in within 5 months. It seems to me that there are many people who are on the old lists who are either "frozen" or do not have the financial means or maybe the interest in the apartments.

I would love to hear more about the residents who are downsizing. I wonder how it works with the existing equity. Many older residents paid about a tenth of what the apts. are going for now. Can they sell their apts for the current price or do they just get the credit for what they paid originally? I would think that this would have an impact on whether they would want to move. I know someone who moved in in the early 60s as an original resident with his parents. He has the same 2 bedroom apt. with a balcony and lives alone. I guess there are many different situations.

Anyway, I am waiting for a studio, so I too would love to hear from more studio wait-listers.

hkcg



Based on the contract that I signed (not sure if its the same case for people who got the apartments decades ago, but I'm going to make an educated guess that this still holds true), if you do decide to sell the Co-op you are only allowed to receive back the equity that you initially put in excluding any upgrades or renovations that you did on your own. So if any of the current residents do decide to downsize to a smaller apartment, I would imagine they will only be able to sell it for the equity they put in to it when they first got it.


Which means, a lot of these current owners might not have the financial means to even afford the price of a studio in todays value if they were to switch over since it has had such a drastic increase in equity requirement.


Hope this helps! And of course if I'm wrong please do correct me.
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Old 11-23-2015, 10:19 AM
 
25 posts, read 34,660 times
Reputation: 16
Quote:
Originally Posted by weapon007 View Post
out of curiosity, does any know if you can get into the penn south apartments if you already own real estate?

for example, i live far in queens and I own the coop. if I am offered an apartment, do i have to sell the place i'm living in?

thanks much appreciated

From what I was told when I first signed and moved in -
I believe that as long as your income meets their requirements (neither above or below) and that you will be making the Co-op your main residence then you should be okay.
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Old 11-29-2015, 07:12 AM
 
144 posts, read 204,326 times
Reputation: 23
Thanks, lstacy22! So it would seem that not too many people would downsize if it meant spending more money. Thanks!
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Old 11-29-2015, 07:42 PM
 
131 posts, read 89,175 times
Reputation: 94
How and who do I contact to make changes to the members I listed on my initial application. I want to add my new born and remove a family member that moved away.

Thanks in advance
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Old 12-01-2015, 07:01 AM
 
111 posts, read 141,120 times
Reputation: 20
You have to put that in writing. The address is on the letter head of any correspondence you've had from them. Send a letter stating your changes and it may take a little while but they will respond with a letter letting you know they made the change. I had a similar situation.
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Old 12-03-2015, 11:50 AM
 
89 posts, read 192,026 times
Reputation: 14
Is anyone else worried about your monthly carrying charges (i.e. maintenence) getting really high if you earn more money? I read that they can raise them 200% depending on what you earn. So if a family of three earns say $180K or 190K one year, they could pay very high maintenence, up to $3000/month.

Does Penn South really check income every single year? And how do they determine the carrying charges if you are over the baseline? Anyone know?
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Old 12-03-2015, 12:31 PM
 
35 posts, read 54,992 times
Reputation: 11
Default HI Istacy22

Hi Istacy22,


I was giving a very short time to came up with the money, and all the banks seem uninterested as the cooperative is not registered in their pre-approved records.


I sent you a direct message yesterday, I am wondering which bank you used and even better if there is a contact person there that is familiar with dealing with Penn South.


Thanks a lot !!! - I will ask you about later on your decision on the L shaped curtains :-)




Eduronyc






Quote:
Originally Posted by lstacy22 View Post
Based on the contract that I signed (not sure if its the same case for people who got the apartments decades ago, but I'm going to make an educated guess that this still holds true), if you do decide to sell the Co-op you are only allowed to receive back the equity that you initially put in excluding any upgrades or renovations that you did on your own. So if any of the current residents do decide to downsize to a smaller apartment, I would imagine they will only be able to sell it for the equity they put in to it when they first got it.


Which means, a lot of these current owners might not have the financial means to even afford the price of a studio in todays value if they were to switch over since it has had such a drastic increase in equity requirement.


Hope this helps! And of course if I'm wrong please do correct me.
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Old 12-03-2015, 12:45 PM
 
25 posts, read 34,660 times
Reputation: 16
Quote:
Originally Posted by eduronyc View Post
Hi Istacy22,


I was giving a very short time to came up with the money, and all the banks seem uninterested as the cooperative is not registered in their pre-approved records.


I sent you a direct message yesterday, I am wondering which bank you used and even better if there is a contact person there that is familiar with dealing with Penn South.


Thanks a lot !!! - I will ask you about later on your decision on the L shaped curtains :-)




Eduronyc



I replied to your message. In case, anyone else was interested, yes Penn South gives you about 2 weeks for closing and most banks would need minimum of 30 days to go through the proper channels to pre-approve the mortgage. My advice is to reach out to the Penn South Management Office and let them know the situation and see if they can accommodate with an extension on the closing date of the apartment.


Another route I explored was with Penn South's own Credit Union. It's a bit easier through them because they can reach out to Management themselves to let them know how much of an extension will be needed before you can get your mortgage in place and if your paperwork is all in good status that extension will usually be granted.


I'm sure Penn South has received requests to extend the closing date because 2 weeks is definitely not the norm to get a mortgage pre-approved especially since Penn South Co-ops is not on most pre-approved lists.


Personally in the end I decided to just pay everything up front instead of going through with a mortgage just because I felt it wasn't worth the interest, fees and hassle.


Hope this helps!
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Old 12-04-2015, 10:10 AM
 
25 posts, read 38,484 times
Reputation: 13
Quote:
Originally Posted by mollybloom View Post
Is anyone else worried about your monthly carrying charges (i.e. maintenence) getting really high if you earn more money? I read that they can raise them 200% depending on what you earn. So if a family of three earns say $180K or 190K one year, they could pay very high maintenence, up to $3000/month.

Does Penn South really check income every single year? And how do they determine the carrying charges if you are over the baseline? Anyone know?
Hello,
I can answer the first part of your question. Each April you are required to complete a notarized Income Affadavit form, which can be audited: "All income affidavits are subject to audit. HPD cross-checks all income affidavits with the New York State tax returns, and requires that we perform audits to
verify that incomes have been accurately reported."

One thing that might help you, see below.
Secondary Wage Earner Deduction: If there is more than one income earner in the
household, a deduction will be made by the Management Office before calculating a
potential surcharge. Additional income-earning household members (including minors)
will have their incomes deducted, up to $20,000 per person, when calculating the net
income for the household. Do not claim this deduction yourself.

I don't have a schedule of surcharges for earning over the baseline (which is higher for a 2 bedroom apartment than a 1 bedroom). BUT you might have to earn a bit more over 180k with 2 income earners in the household in order to be subject to a 200% surcharge. I know it is a sliding scale and doesn't immediately enter 200% territory.

Chris
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Old 12-04-2015, 02:46 PM
 
89 posts, read 192,026 times
Reputation: 14
Thanks so much, Chris! This is great to know. I wonder how much they deduct for the secondary income. It must only be a 200% increase when you earn the max of $225K, which I suppose means that if you earn as a household around $187K, or half of the range between 150K and 225K, you might pay a 100% surcharge, or $2K for the carrying charges, which isn't really so awful.
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