Bronx coop/condo market humming along (Rockland: for sale, real estate market, 2009)

[bluedog2]

Intersting story in The Daily News last Friday about the real estate market in The Bronx.Seems like it is humming along despite all the doom and gloom because the prices are so low compared to the rest of the city.

1 bedrooms for $120K, and more!

[scatman]

I'm seeing 1brs in Parkchester now listed in the 150s. Time to get my spot reappraised, so I can take off my PMI!

Even if the market is NOT in the 150s, it is obvious that the Bronx may weather this storm, due to the fact that it may have been UNDERVALUED. And the undervalue may have been due to the Bronx's rep, as opposed to its reality.

[bluedog2]

Scatman,the prices in Parkchester just continue their upward trend month after month.Look at the transactions at the NYC Dept of Finance site.I see some 1 br's selling in the 180's.I Don't live in Parkchester so I don't know one building from the other or how renovated the might be.Some apts have been selling in the 220's but they must be big 2 br's ...

A lot of people who were looking at more expensive apts in other areas and even looking at houses in The Bronx are now in the Bronx Apartment market because of the new realities.The Bronx is the only place left for affordable living.

[scatman]

Originally Posted by bluedog2

Scatman,the prices in Parkchester just continue their upward trend month after month.Look at the transactions at the NYC Dept of Finance site.I see some 1 br's selling in the 180's.I Don't live in Parkchester so I don't know one building from the other or how renovated the might be.Some apts have been selling in the 220's but they must be big 2 br's ...

A lot of people who were looking at more expensive apts in other areas and even looking at houses in The Bronx are now in the Bronx Apartment market because of the new realities.The Bronx is the only place left for affordable living.

I bought my 1br in 2007. It's the best investment I ever made. Tons of amenities, plus 6 express and express bus to work. I recently married, and am living with my wife in her house in Rockland (Rockland's very expensive!). We do want to buy something together, and she loves Parkchester, but she wants a house instead of an apartment (we're gonna need at least a 2br). She wants her garage and washing machine, which Parkchester does NOT have. I'm gonna have to convince her that getting an apartment in this economy is the way to go; otherwise, we may have to sell our properties and relocate to a place that has affordable homes.

[bluedog2]

When I was looking to buy I saw a couple of apartments in Parkchester with washers and dryers even though they say " No washer/Dryer" I don't know whether they did it themselves or paid off the super or what. Same as all the buildings that say "no pets" and then you see the cats and dogs up in the windows!

[scatman]

Originally Posted by bluedog2

When I was looking to buy I saw a couple of apartments in Parkchester with washers and dryers even though they say " No washer/Dryer" I don't know whether they did it themselves or paid off the super or what. Same as all the buildings that say "no pets" and then you see the cats and dogs up in the windows!

I wouldn't take a chance on washer/dryer in an apartment. And parking in that neighborhood is one big hell!

[Viralmd]

If people have had washers and dryers prior to the institution of bylaws prohibiting them, they're usually grandfathered.

[SeventhFloor]

Originally Posted by scatman

I bought my 1br in 2007. It's the best investment I ever made. Tons of amenities, plus 6 express and express bus to work. I recently married, and am living with my wife in her house in Rockland (Rockland's very expensive!). We do want to buy something together, and she loves Parkchester, but she wants a house instead of an apartment (we're gonna need at least a 2br). She wants her garage and washing machine, which Parkchester does NOT have. I'm gonna have to convince her that getting an apartment in this economy is the way to go; otherwise, we may have to sell our properties and relocate to a place that has affordable homes.

sorry if i'm prying, but you're living in rockland county now? so what are you doing with the 1 bdrm? DM me if you dont want to put your business out there.

[Riverdog]

Hmm. . .I wish this were true for the slightly higher priced Riverdale section. I've been trying to sell my co-op since October and no serious bites yet. Can't lower the price too much because the board would never approve it. . .

[bmwguydc]

That's true about Riverdale. I have noticed inventory building, especially in a couple of the newer buildings. One didn't sell enough units, so it was canceled for sale to the public and it was sold to Columbia for graduate housing.