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Old 09-14-2015, 01:58 PM
 
12 posts, read 21,543 times
Reputation: 10

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Soontobehomeowner,
So, did you not buy the Condo at La Celia? I had the impression you had.
Are you selected for Condos at Navy Green, then? I am looking to speak with others who have been as we go through this process.
I have my appointment tomorrow and would love to speak tonight! Let me know.
By the way, I passed on this link to the Condos at Navy Green to pass on to Mike Reed, as you suggested.
Apparently, I will be meeting him tomorrow.
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Old 09-14-2015, 02:17 PM
 
131 posts, read 293,459 times
Reputation: 27
Quote:
Originally Posted by VandiGoddess View Post
Soontobehomeowner,
So, did you not buy the Condo at La Celia? I had the impression you had.
Are you selected for Condos at Navy Green, then? I am looking to speak with others who have been as we go through this process.
I have my appointment tomorrow and would love to speak tonight! Let me know.
By the way, I passed on this link to the Condos at Navy Green to pass on to Mike Reed, as you suggested.
Apparently, I will be meeting him tomorrow.

yes I did purchase an apartment @ La Celia, Mike and his team are great, at least that was my experience with them.
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Old 09-14-2015, 02:54 PM
 
12 posts, read 21,543 times
Reputation: 10
I have passed on the link to this thread to the Condos at Navy Green to pass on to Mike Reed. Apparently, I will be meeting him tomorrow at the meeting.
If anyone wants to talk on the phone or in person about the process, I would love to connect!
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Old 09-14-2015, 11:15 PM
 
19 posts, read 41,821 times
Reputation: 13
I was offered and selected my apartment today. Based on the conversations they are trying to close by January. The lenders preferred are Wells Fargo and Chase. I selected a 1 Bedrooom. The prices range based on square footage and floor level. The larger 1 BRs are on the corner and have been the first selected. The price of the apartments go up approximately 5k every floor level higher. The range in square footage is 690 to 830. One thing to pay attention to is the closing cost seemed to be higher than the original 5% and are actually closer to 7 percent. Because of two line items 1 which is sponsor attorney fees and the other this transfer fee which was almost 5.5k. That's something that may need more research and explanation on the buyers or attorneys end. It's kind of complicated to explain. All in all a good experience. It seems as though they want the process to move as seamless as possible. The down payment is not do until after approval on HPD and advisement by your attorney. I wish everyone good luck and honestly think if you have not yet received a call or are a backup be patient because I don't believe everyone initially offered will be there at the end based on cost, availability and other factors. So stay hopeful. I still believe this is a great opportunity. Now as for me I gotta go and shake down some more trees to come up with some additional upfront funds for closing since they were higher than expected and the 1 BR was a cost a little more than I had planned but I think it will be worth it for me in the long run all things considered. Mike Reed is well versed in explaining the process and what to expect so definitely make use of your time with him. Good luck. Oh the maintenance is based on square footage so the larger 1 BR common fees are closer to 475 than 400.
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Old 09-15-2015, 10:09 AM
 
8 posts, read 14,298 times
Reputation: 11
Default info about flip tax and etc.

Hi joker1296. Congrats! Wondering if there is any other info about the offering that you can share, such as flip tax? Have all the corner 1 BR apartments been sold? Thanks!

Quote:
Originally Posted by joker1296 View Post
I was offered and selected my apartment today. Based on the conversations they are trying to close by January. The lenders preferred are Wells Fargo and Chase. I selected a 1 Bedrooom. The prices range based on square footage and floor level. The larger 1 BRs are on the corner and have been the first selected. The price of the apartments go up approximately 5k every floor level higher. The range in square footage is 690 to 830. One thing to pay attention to is the closing cost seemed to be higher than the original 5% and are actually closer to 7 percent. Because of two line items 1 which is sponsor attorney fees and the other this transfer fee which was almost 5.5k. That's something that may need more research and explanation on the buyers or attorneys end. It's kind of complicated to explain. All in all a good experience. It seems as though they want the process to move as seamless as possible. The down payment is not do until after approval on HPD and advisement by your attorney. I wish everyone good luck and honestly think if you have not yet received a call or are a backup be patient because I don't believe everyone initially offered will be there at the end based on cost, availability and other factors. So stay hopeful. I still believe this is a great opportunity. Now as for me I gotta go and shake down some more trees to come up with some additional upfront funds for closing since they were higher than expected and the 1 BR was a cost a little more than I had planned but I think it will be worth it for me in the long run all things considered. Mike Reed is well versed in explaining the process and what to expect so definitely make use of your time with him. Good luck. Oh the maintenance is based on square footage so the larger 1 BR common fees are closer to 475 than 400.
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Old 09-15-2015, 10:30 AM
 
88 posts, read 181,751 times
Reputation: 14
Congrats to those of you going through the process, how totally exciting!

I am hoping to be called for a 2-bedroom, no CB preference. Any idea of non-preference folks have been called yet? I would give my right arm to know our log number, just to be able to find out if we have a shot. Sigh.

Following this board with interest!
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Old 09-15-2015, 08:34 PM
 
12 posts, read 21,543 times
Reputation: 10
I chose my apartment today. I found the experience a little nerve wracking ...to have to make a decision without time to study the floor plans and prices. I took a friend to help. But everyone there was very nice and helpful.

Joker1296- looks like we are going to be neighbors!
BlueGreen007- Most upper floor 1BR corners are taken. There are some lower level ones still available. As far as re-selling, you owe the subsidy if you sell within 5 years and a percentage years 6-15 (I think 50%). Not sure about flip-tax.

mollybloom- non-preference folks have not be called yet, but I got the idea they will in Oct.

I wish everyone good luck!
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Old 09-16-2015, 01:42 AM
 
23 posts, read 28,925 times
Reputation: 16
Navy Green'ers,

It's always wonderful to site back at the end of the day and read these postings.

I wont take a lot of time, but I promise to post monthly updates on apt availability and order of the lottery (generally on the 1st).

I have used this forum successfully on 3 previous homeownership developments (Via Verde, The Bronx-La Celia, Spanish Harlem (that's right, I said it!), and Park Clinton, Midtown).

I will not use this forum to dialogue with posters or quell the flow of free info ( either correct or incorrect info). I feel that not my place as your guest.

I do think that basic info on where the heck we are in the process is helpful to most applicants & trolls.

I have been selling public funded home ownership since the mid-80's and I haven't seen it all, but close.

As a human being, I do understand that this is a daunting process for some and a crap shoot for others. I will attempt to give you all some minimal comfort once a month.

__________________________________________________ __________________________________________

Just to give you folks some extra chatter:

1) 5072 lottery applications received
2) 2 of 4 Mobility Impaired (pardon the lack of PC) selected a unit
3) 1 of 2 Visual/Hearing ( yeah, Pardon again!) selected a unit
4) 23 of 37 CB#2 residents have selected a unit. Note: We anticipate completion of CB#2's next week. At this time, we're stopping at Log # 1400ish to allow Appeals to be heard. All CB's with Log #'s higher than 1400 will be used as back ups in case of fall out for many reasons. We maintain the order, so a CB #2 already interviewed (up to 1800) could be contacted. This is not a guarantee, but generally does occur.
5) Muni Employees will start rolling in during the 1st week of October, but there are only 4 units. We'll finis this group quickly.
6) Drummmmmm Rolllllll- Non-Preference interviews should (I said should) commence by 3rd week of October. I tend to hold back a week or two to allow the preferences to all be approved at HPD, before moving on (remember the CB back-ups!).

Thanks for the time. I appreciate the invite, and look forward to assisting all of you through this process.

Michael E. Reed, Selling Agent (Affordable Units)

__________________________________________________ ______________________________________________

This is not an Offer to Sell. An Offer can only be made by the issuance of the Offering Plan, as filed with the Attorney General of New York State.
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Old 09-16-2015, 10:08 AM
 
2 posts, read 4,125 times
Reputation: 10
Hi!
Does anyone who has selected an apartment know what the terms are if you want to rent it out after you purchased?
Thanks!
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Old 09-16-2015, 10:17 AM
 
1 posts, read 1,607 times
Reputation: 10
Thanks for all of the helpful info! I am a non-cb'er so fingers crossed. In what mode are we made aware of interviews? Email or regular mail? Thanks.
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