Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My full retirement is, I think, 12.5 years away (at 70), but time goes by very fast after 50. I have had the Parkchester studio for 9 years already, and it is hard to tell whether there has been an upward trend in anything except the rents (although I personally don't charge much rent for my studio, barely $100 more than I was charging in 2008 - I am basically just grateful to the tenant for paying the rent and not tearing down the place :-). As I said, I am totally happy with Parkchester as it is now, except for continued occasional reports of crime (and the fact that some people say these reports are the tip of the iceberg and most of the crime goes unreported - don't know what to make out of that, so am trying to collect informed opinions here).
My full retirement is, I think, 12.5 years away (at 70), but time goes by very fast after 50. I have had the Parkchester studio for 9 years already, and it is hard to tell whether there has been an upward trend in anything except the rents (although I personally don't charge much rent for my studio, barely $100 more than I was charging in 2008 - I am basically just grateful to the tenant for paying the rent and not tearing down the place :-). As I said, I am totally happy with Parkchester as it is now, except for continued occasional reports of crime (and the fact that some people say these reports are the tip of the iceberg and most of the crime goes unreported - don't know what to make out of that, so am trying to collect informed opinions here).
With that timeline, you have a pretty decent chance the below will be in place when you get there which is good as more transit options usually drive up the value and attracts additional amenities.
My full retirement is, I think, 12.5 years away (at 70), but time goes by very fast after 50. I have had the Parkchester studio for 9 years already, and it is hard to tell whether there has been an upward trend in anything except the rents (although I personally don't charge much rent for my studio, barely $100 more than I was charging in 2008 - I am basically just grateful to the tenant for paying the rent and not tearing down the place :-). As I said, I am totally happy with Parkchester as it is now, except for continued occasional reports of crime (and the fact that some people say these reports are the tip of the iceberg and most of the crime goes unreported - don't know what to make out of that, so am trying to collect informed opinions here).
The Parkchester complex has always been and always will be an underperforming area in terms of rents and sale prices. The reason is simple and it has little to do with the issue you seem to unnecessarily obsess about (crime or rumors of crime).It is because there are 171 more or less identical buildings containing over 12,000 more or less identical apartments.There is nothing unique. If you want to buy or rent an apartment in Parkchester at any given moment you will always have a very wide choice of apartments. The demand cannot keep up with the supply. Supply gluts always suppress prices. It is virtually always a buyers market there.This was the primary reason why I decided not to buy in Parkchester when I was looking. I saw a constant struggle for price appreciation because of the never ending glut. I bought elsewhere in The bronx in 2008 and my apartment has appreciated by about 50 % in that time while prices in Parkchester have more or less stayed the same. It has nothing to do with crime or lack of amenities(obviously) or any of those external factors. It is intrinsic.
Nothing wrong with Parkchester other than that.
There will always be "occasional reports of crime" and whatever is reported will always be 'the tip of the iceberg" because these things apply to virtually every neighborhood in NYC.
The Parkchester complex has always been and always will be an underperforming area in terms of rents and sale prices. The reason is simple and it has little to do with the issue you seem to unnecessarily obsess about (crime or rumors of crime).It is because there are 171 more or less identical buildings containing over 12,000 more or less identical apartments.There is nothing unique. If you want to buy or rent an apartment in Parkchester at any given moment you will always have a very wide choice of apartments. The demand cannot keep up with the supply. Supply gluts always suppress prices. It is virtually always a buyers market there.This was the primary reason why I decided not to buy in Parkchester when I was looking. I saw a constant struggle for price appreciation because of the never ending glut. I bought elsewhere in The bronx in 2008 and my apartment has appreciated by about 50 % in that time while prices in Parkchester have more or less stayed the same. It has nothing to do with crime or lack of amenities(obviously) or any of those external factors. It is intrinsic.
There will always be "occasional reports of crime" and whatever is reported will always be 'the tip of the iceberg" because these things apply to virtually every neighborhood in NYC.
Why are you comparing your area of the Bronx to a complex that was built as affordable housing for working class people? You can't compare the two. You're comparing a planned community to Pelham Parkway. Of course the units are relatively identical given their purpose.
Are those units even market rate anyway (even the ones that are owned?) I believe there is some condition with those units anyway.
Why are you comparing your area of the Bronx to a complex that was built as affordable housing for working class people? You can't compare the two. You're comparing a planned community to Pelham Parkway. Of course the units are relatively identical given their purpose.
Are those units even market rate anyway (even the ones that are owned?) I believe there is some condition with those units anyway.
Because if you follow all the various Parkchester discussions on here over the years people seem to be frequently mystified about the slowness or lack of price appreciation there. Look at the post I was responding to in which the poster, who is a Parkchester owner, comment "It's hard to tell whether there has been an upward trend" in 9 years. The answer is no.
There are no restrictions on prices in Parkchester. I actively looked in there 9 years ago. Yes, it was planned as working class rental community but that has nothing to do with today.Leona Helmsley changed all of that when she owned it and converted it. It is a free and open market .If you buy an apartment and choose to pump money into it you are free to ask whatever you want but you will only get what the market will bear. There are also no income or any other restrictions on purchase. Even someone as rich as you could buy and trade freely in Parkchester if you chose. You could buy and trade "bundles" of the apartments as many individuals and corporations do. In fact it is a condominium, not a co operative so in theory there are even less restrictions than in co ops anywhere. I have more restrictions on selling my co op than anyone selling in Parkchester. My co op board requires 25% down, no pets,no "investors", no renting,primary residents only and on and on.
I was responding directly to a comment by another poster and Pelham Parkway has nothing to do with it. I mentioned my apartment only as an example but in fact it applies to virtually all of The Bronx. Prices of co ops and condos in The Bronx have appreciated considerably in the last 8 or 9 years more or less across the board except for Parkchester and I gave a simple economic, market based reason for it.
Because if you follow all the various Parkchester discussions on here over the years people seem to be frequently mystified about the slowness or lack of price appreciation there. Look at the post I was responding to in which the poster, who is a Parkchester owner, comment "It's hard to tell whether there has been an upward trend" in 9 years. The answer is no.
There are no restrictions on prices in Parkchester. I actively looked in there 9 years ago. Yes, it was planned as working class rental community but that has nothing to do with today.Leona Helmsley changed all of that when she owned it. It is a free and open market .If you buy an apartment and choose to pump money into it you are free to ask whatever you want but you will only get what the market will bear. There are also no income or any other restrictions on purchase. Even someone as rich as you could buy and trade freely in Parkchester if you chose. In fact it is a condominium, not a co operative so in theory there are even less restrictions than in co ops anywhere.
I was responding directly to a comment by another poster and Pelham Parkway has nothing to do with it. I mentioned my apartment only as an example but in fact it applies to virtually all of The Bronx. Prices of co ops and condos in The Bronx have appreciated considerably in the last 8 or 9 years more or less across the board except for Parkchester and I gave a simple economic, market based reason for it.
Well, this is less of a concern than it'd normally be for the elnrgby's situation since the plan isn't to flip it, but instead to retire in it wearing the face that she keeps in the jar by the door.
Well, this is less of a concern than it'd normally be for the elnrgby's situation since the plan isn't to flip it, but instead to retire in it wearing the face that she keeps in the jar by the door.
I agree absolutely but she is the one ...and there have been many others before her in other threads.... who brought up the issue. I simply responded.
Because if you follow all the various Parkchester discussions on here over the years people seem to be frequently mystified about the slowness or lack of price appreciation there. Look at the post I was responding to in which the poster, who is a Parkchester owner, comment "It's hard to tell whether there has been an upward trend" in 9 years. The answer is no.
There are no restrictions on prices in Parkchester. I actively looked in there 9 years ago. Yes, it was planned as working class rental community but that has nothing to do with today.Leona Helmsley changed all of that when she owned it and converted it. It is a free and open market .If you buy an apartment and choose to pump money into it you are free to ask whatever you want but you will only get what the market will bear. There are also no income or any other restrictions on purchase. Even someone as rich as you could buy and trade freely in Parkchester if you chose. You could buy and trade "bundles" of the apartments as many individuals and corporations do. In fact it is a condominium, not a co operative so in theory there are even less restrictions than in co ops anywhere. I have more restrictions on selling my co op than anyone selling in Parkchester. My co op board requires 25% down, no pets,no "investors", no renting,primary residents only and on and on.
I was responding directly to a comment by another poster and Pelham Parkway has nothing to do with it. I mentioned my apartment only as an example but in fact it applies to virtually all of The Bronx. Prices of co ops and condos in The Bronx have appreciated considerably in the last 8 or 9 years more or less across the board except for Parkchester and I gave a simple economic, market based reason for it.
If they're market rate then that makes it even worse. Quite frankly, I can think of two reasons they aren't appreciating that fast. For all of the hype about how great the area is in terms in amenities, the eating options suck. I'm sorry, but unless you think Starbucks is upscale (it isn't) most of the options are just chains with subpar preservative laden food. These aren't options for true middle to upper class people, but rather working class people. Aside from that the buildings themselves in that complex are stuck in a time warp. Nice façades but that's it. The whole complex should be gutted (new elevators, vestibules and hallways are needed). Everything looks dated and is. And who does laundry at a laundromat? That's something generally relegated to poor people. I heard you can have a washer in your apartment if you own the unit but still. Outdated living environment entirely. If they re-did some things it could help prices rise, but you would need massive improvements. The only thing that area has going for it is good transit options. BxM6 and 6 train to Manhattan in good time. From a safety standpoint, Pelham Parkway wins by a while. Parkchester has too many ghetto types lurking. Have never had an issue but definitely do not feel at ease. Something about that area doesn't quite sit with me. It's like a mix of your every day working people mixed with a handful of ghetto people that somehow haven't been pushed out just yet.
There are no restrictions on prices in Parkchester. I actively looked in there 9 years ago. Yes, it was planned as working class rental community but that has nothing to do with today.Leona Helmsley changed all of that when she owned it and converted it. It is a free and open market .If you buy an apartment and choose to pump money into it you are free to ask whatever you want but you will only get what the market will bear. There are also no income or any other restrictions on purchase. Even someone as rich as you could buy and trade freely in Parkchester if you chose. You could buy and trade "bundles" of the apartments as many individuals and corporations do. In fact it is a condominium, not a co operative so in theory there are even less restrictions than in co ops anywhere. I have more restrictions on selling my co op than anyone selling in Parkchester. My co op board requires 25% down, no pets,no "investors", no renting,primary residents only and on and on.
Yes Archer is also pretty strict. You must have four references, a criminal background check, a landlord reference, submit Tax returns, and a bunch of other things. No subletting allowed. It's very strict.
Quote:
Originally Posted by bluedog2
I was responding directly to a comment by another poster and Pelham Parkway has nothing to do with it. I mentioned my apartment only as an example but in fact it applies to virtually all of The Bronx. Prices of co ops and condos in The Bronx have appreciated considerably in the last 8 or 9 years more or less across the board except for Parkchester and I gave a simple economic, market based reason for it.
I noticed that the Parckchester complex prices are around $20,000 more than where I bought, which is only three blocks away. I feel either I got a bargain, or the complex is overpriced.
If they're market rate then that makes it even worse. Quite frankly, I can think of two reasons they aren't appreciating that fast. For all of the hype about how great the area is in terms in amenities, the eating options suck. I'm sorry, but unless you think Starbucks is upscale (it isn't) most of the options are just chains with subpar preservative laden food. These aren't options for true middle to upper class people, but rather working class people
Well I hope over time that changes. I understand a great deal of the population is older people. They don't eat out as much as younger people; including young families. If you are working, you don't want to cook every night. I will be on my personal crusade to invite young restaraunteers to give it a try. Bunker did extremely well and it's in the middle of a scrap metal zone. If your food is good, it will be eaten.
Quote:
Originally Posted by pierrepont7731
From a safety standpoint, Pelham Parkway wins by a while. Parkchester has too many ghetto types lurking. Have never had an issue but definitely do not feel at ease. Something about that area doesn't quite sit with me. It's like a mix of your every day working people mixed with a handful of ghetto people that somehow haven't been pushed out just yet.
I hope you are wrong about this, or it's something that is by-gone.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
