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Old 09-07-2018, 02:11 PM
 
34 posts, read 43,056 times
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The outdated looks in some of these Mitchell lama apts can be a eye sore. I redid my floors in my Mitchell lama and not even a year of having the floors, I’m moving up to a 2br but I don’t regret doing them at all. If you plan on staying there for at least 5yrs I would do the renovations, it would make you forget about all the noise around you.
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Old 09-08-2018, 09:20 AM
 
Location: Manhattan
20,144 posts, read 26,425,454 times
Reputation: 9029
A neighbor moved into an awful apartment that we had turned down. It is next to the laundry room. She spent $39,000 making the place really nice and then the leaks started from the laundry room into her apartment. She was near despair wanting to move but feeling stuck by all that money she had spent. Not being an economist she did not about the concept of ignoring sunk costs.




So think twice, thrice and ten times again before dropping too much on a reno that you cannot ever recover.


I would like a higher apartment with a nice view but I am loathe to have to do the TV mounts, faucets, shelving, light switches and lighting again.


I have just talked myself into putting my name on the internal list for another 1 bedroom apt. Anything for a new floor. I can always say no.
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Old 09-08-2018, 09:44 AM
 
430 posts, read 153,113 times
Reputation: 485
You can put your name on an internal list for another apartment in the same bedroom composition? No wonder MLs are in crisis mode and being mismanaged. No offense to you but that should not be allowed. There are people probably waiting to get in, but because a resident wants to be in another apartment with the same family composition, the people who are waiting have to be subject to the whims of residents already there.

I thought internal lists were for smaller or larger transfers, not lateral ones. I don't know you but I would urge you in the sense of fairness to be happy with what you have.
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Old 09-09-2018, 08:51 AM
 
Location: Manhattan
20,144 posts, read 26,425,454 times
Reputation: 9029
Quote:
Originally Posted by shadypinesma View Post
You can put your name on an internal list for another apartment in the same bedroom composition? No wonder MLs are in crisis mode and being mismanaged. No offense to you but that should not be allowed. There are people probably waiting to get in, but because a resident wants to be in another apartment with the same family composition, the people who are waiting have to be subject to the whims of residents already there.

I thought internal lists were for smaller or larger transfers, not lateral ones. I don't know you but I would urge you in the sense of fairness to be happy with what you have.

Wellll, yes and no.


If I have an opportunity to get first shot at an internal list apartment that has a redone kitchen or a new wood floor or a nice view and I take it, I am leaving MY apartment for the next person on the internal or external list, am I not?
And if somebody living here considers MY apartment better than his he has first shot at taking MINE. But ultimately there is a one-bedroom apartment made available to an outsider, just maybe not the nicest one.
I am not depriving someone on the external list of a 1 bedroom apartment in the building by opting for a nicer one than I have.


Nothing entitles a new resident to a penthouse apartment (Incidentally with 12 foot ceilings.) or a remodeled apartment. They get what I got, a new paint job a new stove and fridge, and a polished waxed floor.

Last edited by Kefir King; 09-09-2018 at 09:41 AM..
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Old 09-10-2018, 04:41 AM
 
Location: New York
2,580 posts, read 2,673,510 times
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OP and Kefir King - I'm curious about what motivates you to live in a ML? I always found the lack of being able to build equity a turn off. Not to be impertinent, but if you can't do that, isn't it sort of like renting? What are the advantages other than a stable annual cost?
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Old 09-10-2018, 05:09 AM
 
3,212 posts, read 1,104,294 times
Reputation: 1340
Yes fix her up
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Old 09-10-2018, 05:50 AM
 
Location: Midtown
1,307 posts, read 747,036 times
Reputation: 915
Quote:
Originally Posted by roseba View Post
OP and Kefir King - I'm curious about what motivates you to live in a ML? I always found the lack of being able to build equity a turn off. Not to be impertinent, but if you can't do that, isn't it sort of like renting? What are the advantages other than a stable annual cost?
Being able to own in NYC for $20,000 is somewhat appealing even for the Bronx.

Can someone explain how taxes work on ML, does the occupant pay taxes based on the ML price or the non-subsidized value of the property?
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Old 09-10-2018, 07:53 AM
 
Location: New York
2,580 posts, read 2,673,510 times
Reputation: 736
Quote:
Originally Posted by GoHuskies View Post
Being able to own in NYC for $20,000 is somewhat appealing even for the Bronx.

Can someone explain how taxes work on ML, does the occupant pay taxes based on the ML price or the non-subsidized value of the property?
But one of the values of ownership is real estate appreciation. When you sell a ML, you walk away with nothing. I'm not trying to be weird, just trying to understand the appeal.
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Old 09-10-2018, 08:01 AM
 
Location: Confines of the 101 Precinct
19,149 posts, read 32,681,385 times
Reputation: 7578
Quote:
Originally Posted by GoHuskies View Post
Being able to own in NYC for $20,000 is somewhat appealing even for the Bronx.

Can someone explain how taxes work on ML, does the occupant pay taxes based on the ML price or the non-subsidized value of the property?
We don't pay property taxes, M-Ls are fee exempt because the land is owned by the state or the city (depending).
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Old 09-10-2018, 08:07 AM
 
Location: Confines of the 101 Precinct
19,149 posts, read 32,681,385 times
Reputation: 7578
Quote:
Originally Posted by roseba View Post
But one of the values of ownership is real estate appreciation. When you sell a ML, you walk away with nothing. I'm not trying to be weird, just trying to understand the appeal.
The appeal is that the down payment is much less. Well technically its not even a down payment, it's a one-time payment. The other appeal is that once you get in, you're just paying maintenance and that its, since one does not need to take out a mortgage, or pay property taxes.

I mean nothing is in stone, houses depreciate in value too, it's no guarantee that you will buy and the house is worth more 20 years later either.
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