Should I back off on buying?

[Dangerous-Boy]

Originally Posted by 718girl

I am a young woman who has lived in the Bronx all of my life. As a woman with a steady (and rising salary) and career, I am in the process of looking for an apartment to buy. Now I can handle a little "urban" elements (key word a little) but I came across something that is troubling.

I was seriously considering buying an apartment in "desired" building around Pelham Parkway. In fact, this building as been discussed here on more than one occasion. I already started the process. Upon further research however, I discovered that permits were filed for a new building the next block over that is over double the height of current co-ops in the area. Parking is already borderline so it would likely become even harder. The most troubling information is the following:

"building with cellar and on grade parking. First floor will be community facility space and residential lobby

Most of you know that this is usually code for supportive housing. I hate to sound like a snob, but the idea of buying right next to a HUGE proposed supportive housing complex doesn't exactly excite me. As a lifelong Bronxite, I'm tired of seeing so many supportive housing developments in my borough. How are we supposed to grow when we concentrate the less fortunate to one area or placing them in a working/middle class area that is struggling to get higher income individuals? I lived on the some block as a men's supportive housing place and it was a NIGHTMARE.

What should I do here? Is it possible to look up building plans or should I just back off now and save the trouble?

hm..I would buy somewhere else in the bronx. At the end of the day, you're the one who is going to be living there. You want peace of my mind and this also be an investment since all new york poperty will go up. A community facility space will mean other people who don't live there will visit your property. They may not respect it.

[high iron]

Nice apartments in that area aren't going to be affordable forever,

[goodlife36]

Originally Posted by sickofnewyorkcity

I would as we are reaching the top of the economic cycle and when it starts to dip, then people will be desperate to sell if they have lost their jobs.

I owned in NYC for 6 years and was glad I got out. I found out about issues after I purchased the apartment. People in NYC tend to lie alot especially if they are originally from NYC, you never know what you are getting. I grew up in another state and have been looking to get out of NYC. I have been successful and actually got an offer for a position elsewhere.

I fixed up the apartment and got out. One key point is make sure there is soundproofing in the place. In the place I bought, I could hear people walking above me and could hear people yelling. I was in a nice neighborhood: Bay Ridge in Brooklyn.

Buying is a good thing as you will be building equity versus just paying rent.

I do not think we lie. Perception is reality. However, you make some valid points. I do hope to purchase real estate in the near future and what you get for the money is depressing. A single family house is simply of the question. I would not mind a condo but I am worried about noise. I get anxious every time I think about this. You just never know what your neighbors are going to be like.