Which section in Co-Op City would you consider the best to live and why?
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I didn't move there I passed it up. I came to the conclusion that it didn't make sense for me to live there and put down a deposit on the place when there's no equity earned. Its basically like renting but you have to buy your own appliances. The cost for me to be there outweighed Parkchester for liking.
Also my wife dislikes it she's feels more safe and comfortable with our kids in Parkchester than Co-Op. We both know what goes on in Co-Op with the kids.
Parkchester to co-op is not that big of change difference. Parkchester is more dense and scenic though in my opinion and apartments are smaller. How long did you wait start to finish and for what size unit?
Biggest difference is Parkchester is Condo so I have gained some equity for me to Sell my apartment or rent to whomever I choose for the most part at a price I want to charge.
Parkchester in terms of community feels better. Its more walkable with stores and activities and the location is closer to Manhattan. I tried for a 3 bedroom with no balcony on a higher floor in Section 5 it took about a year and many 2 months for me to see two apartments which I didn't care for the floor plans much. Their apartments are bigger than Parkchester and they have more closet space, plus laundry in the buildings.
The units I viewed had windows facing directly into other peoples apartments. To close for my comfort.
Biggest difference is Parkchester is Condo so I have gained some equity for me to Sell my apartment or rent to whomever I choose for the most part at a price I want to charge.
Parkchester in terms of community feels better. Its more walkable with stores and activities and the location is closer to Manhattan. I tried for a 3 bedroom with no balcony on a higher floor in Section 5 it took about a year and many 2 months for me to see two apartments which I didn't care for the floor plans much. Their apartments are bigger than Parkchester and they have more closet space, plus laundry in the buildings.
The units I viewed had windows facing directly into other peoples apartments. To close for my comfort.
Section 5 is kinda the crappy side and a bit remote in my opinion as well. Still nice a scenic though with the water near by and the big lawns. But definitely missing the immediate shopping options you have in section 1-4 or in Parkchester. Parkchester does have a more organic commercial layout with the stores being on main corridors attached the bottom floors of the building. I've seen some very small apartments in Parkchester working as a case worker visiting clients there. Also it doesn't feel like towers in a park feel like co-op does it's more like " let's see how many towers we can cram together in one space"
If you own in Parkchester that is good most of the people I know there these days rent. I don't imagine property values Bronxwide increasing drastically like in Manhattan or Brooklyn but hey we never know. Also Parkchester condos are much, much more expensive. But I guess it's better plan for you especially if you don't plan on always living in Theron's. If you buy in co-op you are not allowed to sublet to a renter you can get evicted for that because the complex is federally subsidized and Parkchester is not.
On the otherhand there are a lot of people who bought Mitchell lama apartments in the 1970s- 1990s and paid 3 or 4000. Now their same unit would sell for 18000. I imagine in 10 or 20 years the people trying to get in to co-op city will be paying 100,000 or so. At which point you point and laugh. Yes, you don't get that kind of money when you move out the housing company collects it, but in theory it's this practice that keeps you maintenance ultra-low. Most people I know in market co-ops/condos have an average maintenance of like 800 but then pay an additional mortgage of 500 at least and so it's similar cost wise to renting. What I like about the limited equity model of Mitchell lamas is that you can very easily pay out of pocket or quickly pay off a small loan and then own the place free and clear and enjoy JUST paying a low maintenance without the burden of a mortgage. Mitchell lama is definitely for people who want to live somewhere as a primary residence and don't really intend to sell for profit
Biggest difference is Parkchester is Condo so I have gained some equity for me to Sell my apartment or rent to whomever I choose for the most part at a price I want to charge.
Parkchester in terms of community feels better. Its more walkable with stores and activities and the location is closer to Manhattan. I tried for a 3 bedroom with no balcony on a higher floor in Section 5 it took about a year and many 2 months for me to see two apartments which I didn't care for the floor plans much. Their apartments are bigger than Parkchester and they have more closet space, plus laundry in the buildings.
The units I viewed had windows facing directly into other peoples apartments. To close for my comfort.
I like Parkchester but Co-Op city apartments are much nicer overall. Co-Op also has those duplex apartments you can apply to after you've lived there a couple of years. Co-OP city doesn't makes sense for everyone but I think it is a better overall value than Parkchester.
Section 5 is kinda the crappy side and a bit remote in my opinion as well. Still nice a scenic though with the water near by and the big lawns. But definitely missing the immediate shopping options you have in section 1-4 or in Parkchester. Parkchester does have a more organic commercial layout with the stores being on main corridors attached the bottom floors of the building. I've seen some very small apartments in Parkchester working as a case worker visiting clients there. Also it doesn't feel like towers in a park feel like co-op does it's more like " let's see how many towers we can cram together in one space"
If you own in Parkchester that is good most of the people I know there these days rent. I don't imagine property values Bronxwide increasing drastically like in Manhattan or Brooklyn but hey we never know. Also Parkchester condos are much, much more expensive. But I guess it's better plan for you especially if you don't plan on always living in Theron's. If you buy in co-op you are not allowed to sublet to a renter you can get evicted for that because the complex is federally subsidized and Parkchester is not.
On the otherhand there are a lot of people who bought Mitchell lama apartments in the 1970s- 1990s and paid 3 or 4000. Now their same unit would sell for 18000. I imagine in 10 or 20 years the people trying to get in to co-op city will be paying 100,000 or so. At which point you point and laugh. Yes, you don't get that kind of money when you move out the housing company collects it, but in theory it's this practice that keeps you maintenance ultra-low. Most people I know in market co-ops/condos have an average maintenance of like 800 but then pay an additional mortgage of 500 at least and so it's similar cost wise to renting. What I like about the limited equity model of Mitchell lamas is that you can very easily pay out of pocket or quickly pay off a small loan and then own the place free and clear and enjoy JUST paying a low maintenance without the burden of a mortgage. Mitchell lama is definitely for people who want to live somewhere as a primary residence and don't really intend to sell for profit
In fact I've noticed and heard that section 5 is a lot quieter and more peaceful than the other sections because its secluded, has less people and isn't as accessible as the other sections. This is the assumption over that last 15 years. My wife lived in both Section 4 and 5 and noticed the stark difference but she still prefers Parkchester as I do to.
Yes I own in Parkchester and am now renting out my apartment to a family. I bought in 2011 and the going price for my unit is roughly $30,000 more than what I paid so that prompted me to make an easier decision to not go forth with Co-op and pay the down payment because I would have only wanted to move there to save more money order to save and buy something else. The costs for me personally would not have saved me much of a difference in monthly cost. Plus I don't qualify for the special financing being that I'm not a first time home buyer.
If it was in Mitchell Lama in Manhattan I would've took it.
I like Parkchester but Co-Op city apartments are much nicer overall. Co-Op also has those duplex apartments you can apply to after you've lived there a couple of years. Co-OP city doesn't makes sense for everyone but I think it is a better overall value than Parkchester.
The apartments are better in co-op. They do have the duplex apartments which I think is the better goal to obtain. Super long waiting list though. You have to reside in Co-Op for like 3 or 5 years before requesting a transfer I think so thata basically being on a wait list for a year and half or more then residing there to get on another wait list.
I still like the set up of Parkchester more with its walkability and location. Commuting to Co-Op is a bish, 2 fare zone! That would have caused an extra half an hour on my commute midtown during rush hour. LOL I wasn't ready for that change. It will be much better once the Metro North rolls through.
Allamshield, did you only apply for section 5 or all sections. If multiple sections, after you rejected the first apartment, did they offer to let you see one in another section?
Oh quick question, after you saw the first apartment, did they give you the option to see another one in a different section?
It's based off of availability. SO if you chose say any section they would should you what they have available currently that fits what your choice of apartment is. All depends on what your interest are, I had specifics listed on my application.
Section 5 is the best lol. Section 4 if you want maximum convenience to every shopping center and garage possible.
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