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Hell yea! Are you saving up so far? Have you looked into some of the home buyer's assistance programs? You might already be good to go.
I need to get better at saving money. But now that I have this in mind, I will make more of an effort to put money into my savings account.
Before I take out a loan even for an affordable condo in Parkchester, I still need to get a better job first so I can make the payments more comfortably.
Although I have started a separate Parkchester-oriented thread (with subject line "Priced out of Manhattan"), I'll briefly revive this one too, because of the frequently asked question: why are the condos in Parkchester so cheap (and rents as well, although rents have gone up a lot for renovated rental units) relative to the rest of NYC? The most frequent reply tends to be that there are a lot of condos on the market in Parkchester at all times, ie, the high inventory keeps the property prices cheap. Other concerns are safety (considering that the condo complex is in the Bronx) and lack of amenities (incl lack of internal amenities, such as washers/dryers, which are allowed for condo owners who reside in their own units, but not for renters).
Here is an alternative explanation. In 1998, the present Parkchester management bought 6,382 condos, 5 parking garages, and 88 stores in Parkchester (including the Macy's) for only $4 million. This shockingly low purchase price reflected the fact that the condo complex was on the skids in the 1980s and 1990s due to total neglect and mismanagement by the previous owner (the real estate investor Harry Helmsley, or by 1998 maybe his estate - not sure whether he was dead already, but at any rate, either him or his estate was extremely eager to get rid of Parkchester at any price, considering their completely failed venture of converting Parkchester into a luxury condo complex). The present management at that time (in 1998) obtained a $178 million loan, and proceeded with rehabilitating the buildings/units in Parkchester over the subsequent 20 years. If you divide $182 million (ie, the purchase + rehabilitation price) by the number of properties bought, that ends up being an average of about $20,000 per unit. Even if you double this (to account for inflation and the interest on the loan - which is repaid through rent from the condo renters, and HOA fees from private condo owners, anyway), it is still only an average of about $40,000 per unit. Even the cheapest units in Parkchester are being sold for 2.5 to 3 times that (and even the cheapest rental units rented directly by Parkchester management will return $40k in rent in less than 2 years). Obviously, Parkchester management can afford to rent or sell the units very cheaply (for NYC) and still realize a huge profit. Seems to me that this might be the most likely reason for low property prices in Parkchester.
For everybody else, here's the short answer.
The reason why Parkchester is so cheap is because it is in the Bronx. You pick up the entire complex, and put it in any other borough, the prices would be doubled, except Manhattan lol
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Although I have started a separate Parkchester-oriented thread (with subject line "Priced out of Manhattan"), I'll briefly revive this one too, because of the frequently asked question: why are the condos in Parkchester so cheap (and rents as well, although rents have gone up a lot for renovated rental units) relative to the rest of NYC? The most frequent reply tends to be that there are a lot of condos on the market in Parkchester at all times, ie, the high inventory keeps the property prices cheap. Other concerns are safety (considering that the condo complex is in the Bronx) and lack of amenities (incl lack of internal amenities, such as washers/dryers, which are allowed for condo owners who reside in their own units, but not for renters).
Here is an alternative explanation. In 1998, the present Parkchester management bought 6,382 condos, 5 parking garages, and 88 stores in Parkchester (including the Macy's) for only $4 million. This shockingly low purchase price reflected the fact that the condo complex was on the skids in the 1980s and 1990s due to total neglect and mismanagement by the previous owner (the real estate investor Harry Helmsley, or by 1998 maybe his estate - not sure whether he was dead already, but at any rate, either him or his estate was extremely eager to get rid of Parkchester at any price, considering their completely failed venture of converting Parkchester into a luxury condo complex). The present management at that time (in 1998) obtained a $178 million loan, and proceeded with rehabilitating the buildings/units in Parkchester over the subsequent 20 years. If you divide $182 million (ie, the purchase + rehabilitation price) by the number of properties bought, that ends up being an average of about $20,000 per unit. Even if you double this (to account for inflation and the interest on the loan - which is repaid through rent from the condo renters, and HOA fees from private condo owners, anyway), it is still only an average of about $40,000 per unit. Even the cheapest units in Parkchester are being sold for 2.5 to 3 times that (and even the cheapest rental units rented directly by Parkchester management will return $40k in rent in less than 2 years). Obviously, Parkchester management can afford to rent or sell the units very cheaply (for NYC) and still realize a huge profit. Seems to me that this might be the most likely reason for low property prices in Parkchester.
Just two minor factual corrections: the number of units that the new Parkchester management bought in 1998 was actually 6,362 (plus 5 garages and 88 stores), and since the lowest rent that Parkchester charges for the smallest apartments is $1,350 to my knowledge, that returns about $40k in about 3.5 years (not in 2 years). Still a tremendously good deal for the management, whether they rent out or sell a small percent of the units. I agree that buying is better than renting (as it generally always is if you are younger than 70+, and plan to stay in the area long term). Buying for resale/appreciation is not a good deal in Parkchester (because property values go up very little), but buying to live there is an excellent deal (if you like Parkchester, of course).
Location wise it fits best so far. With BF working nights having a train and bus near by is important. Especially the 6 train.
We still have Riverdale and some parts of Westchester on our list.
I also like Queens but I can’t narrow down a neighborhood.
Riverdale is much much different than Parkchester though. Parkchester is urban. Riverdale is the quintessential urban-suburban upper middle class neighborhood. No direct subway access in most of the area unless you live near Broadway, which is not nice fancy part of Riverdale that most refer to when describing the neighborhood.
I remember 6-7 years ago I was considering Parkchester. Income minimum was around $37,000. Took a look now, and the minimum is now $50,000. Has Parkchester seen much in the way of amenities since let's say, 2010? Or is it solely the fact that most apartments are now "renovated?"
I remember 6-7 years ago I was considering Parkchester. Income minimum was around $37,000. Took a look now, and the minimum is now $50,000. Has Parkchester seen much in the way of amenities since let's say, 2010? Or is it solely the fact that most apartments are now "renovated?"
I've looked at a lot of Parkchester apartments, and even the so called "renovated" ones aren't that great. If they are rentals, all they usually do is a little upgrading of the kitchen, but the bathrooms can look like a time warp. The common areas and the elevators are extremely dated, and if you rent, there's NO laundry on-site! In 2018?!?!?? No thank you.
I remember 6-7 years ago I was considering Parkchester. Income minimum was around $37,000. Took a look now, and the minimum is now $50,000. Has Parkchester seen much in the way of amenities since let's say, 2010? Or is it solely the fact that most apartments are now "renovated?"
Wow. You need to earn at least $50,000 to live in Parkchester? That is crazy!
Wow. You need to earn at least $50,000 to live in Parkchester? That is crazy!
Yep... Most of the one bedrooms there are now $1450 to 1500, so it's more like $60,000.
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