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I asked my lawyer to ask the sponsor attorney how many units have a signed contract already. Lets see what he finds out. I have to meet with him to sign the contract on Firday but am getting major cold feet.
Since I am a first time buyer, I am getting super nervous parting with almost all my cash for the deposit and am starting to get scared the market will tank and I wont be able to sell or that interest rates will rise and there wont be any qualified buyers...or that the neighborhood will be gang infested in a few years and I will be stuck with an apartment I cannot rent or sell.
This is a huge decision and it is hitting me all of a sudden ...
Does it ring a bell with anyone?
108th...You are right, it is a huge decision. I guess you are investing and dont plan on staying for long. Looking at the offering plan from a previous thread, I would say that this offering is more beneficial for anyone staying at least 15 years....but Im no professional. However, I dont think you will lose on any investment in the borough of Manhattan. In any event, neighborhoods dont change overnight. You will start to see changes....thats when you flee. You may not turn out a profit but you certainly will not lose much.....but again...Im not a professional.
Last edited by hope2bblessed; 08-28-2012 at 09:54 PM..
I asked my lawyer to ask the sponsor attorney how many units have a signed contract already. Lets see what he finds out. I have to meet with him to sign the contract on Firday but am getting major cold feet.
Since I am a first time buyer, I am getting super nervous parting with almost all my cash for the deposit and am starting to get scared the market will tank and I wont be able to sell or that interest rates will rise and there wont be any qualified buyers...or that the neighborhood will be gang infested in a few years and I will be stuck with an apartment I cannot rent or sell.
This is a huge decision and it is hitting me all of a sudden ...
Does it ring a bell with anyone?
108th st., Man, does it ever ring a bell! I've been going back and forth about what I will do if I get an opportunity to buy (I received on letter back in June telling me my log # and saying they expected to get to my # in late August--they haven't yet). I too would have to use all my savings for the dp--I have been a renter my whole life, I have no debt and I'm afraid of being beholden to a bank. Nevertheless, since I have to make a monthly pmt. anyway, it might as well be towards something that can be mine someday. However, as far as your other concerns go, I seriously doubt the neighborhood will decline or that the market will tank. I went by La Celia a few days ago and while there is a certain grittiness to the neighborhood, I did not feel malevolence or threat. There's a community garden across the street on the corner where an older Puerto Rican man was sweeping the threshold. If you look beyond the fence you can see the effort the community has put into the place. There are still people who care about "El Barrio" and will work hard to defend it. And remember, Fifth Avenue is two blocks away. When your friends come over, you'll be able to walk to the Met! It'll be great 108...Keep the faith and congrats on your new home!
your concerns definitely rings a bell with me, especially as a possible first time homebuyer,
to repeat some other thoughts, 1) this is one of the best lotteries 2) It will only payoff if you have @least 15 years to invest. 3) my 2 cents about the neighborhood, I have seen an improvment in the time I have worked in this area. 4)best interest rates ever. There are areas in bklyn that were worse than this area is, and NOW, I can't not only afford to buy, but even to rent in those areas, fort green, clinton hills, bedsty, Williamsburg,. If you go east of Lacelia, 2nd ave has new construction, there are 3 new condo's, coops from
111 to 110th st that were/is going for over 400,000 for this area. So to possibly get in @the prices that we might be getting in @ is a win already. No one can predict the future, anything can happen, but that is the chance we take in owning. To be honest, one of my main concerns is being stuck next to, or below noisy, inconsiderate neighbors and not being able to move for the next 15years. I hope this helps, but in the end you have to do a pro/con list for yourself and hopefully not have buyers remorse. Whats good for others may not be good for you.
I just read a report that the NYC market is up 7.5% and I feel this is because there is no inventory. First time home buyer jitters are to be expected and yes you will deplete your bank account. The banks have a strong footing nowadays and La Celia will surely sell out of most units pretty fast. If you ever feel is it financial right for me go to a rent vs buy calculator on zillow or thru any bank and you will see with appreciation you will come out ahead in the end especially if you plan to own and be mortgage free by retirement age. the only true wealth will come from being a home buyer...renters will never come out ahead...just keep that in your head...be able to live mortgage free by the time you retire and you will able to enjoy your life! That is wealth!! Go forth and purchase!
I just read a report that the NYC market is up 7.5% and I feel this is because there is no inventory. First time home buyer jitters are to be expected and yes you will deplete your bank account. The banks have a strong footing nowadays and La Celia will surely sell out of most units pretty fast. If you ever feel is it financial right for me go to a rent vs buy calculator on zillow or thru any bank and you will see with appreciation you will come out ahead in the end especially if you plan to own and be mortgage free by retirement age. the only true wealth will come from being a home buyer...renters will never come out ahead...just keep that in your head...be able to live mortgage free by the time you retire and you will able to enjoy your life! That is wealth!! Go forth and purchase!
well said Marshland! My siblings have been trying to get me to buy for years precisely for the reasons you've stated.
Yesterday we went in to choose an apartment and to pick up the offering plan. I was told that currently 25 people have at least chosen apartments and are in the process of finding a lawyer to go over the offering plan. We were given three days to find an attorney, and to give the sales office that attorney's contact information. Once they receive your attorney’s contact information, a purchase agreement will be sent to your attorney. The purchase agreement must be signed and your 10% deposit must be delivered to the escrow agent by 10 business days from your notice date.
Also while we were there at least one other person left having picked up an offering plan, and 2 other people were waiting to be interviewed.
Yesterday we went in to choose an apartment and to pick up the offering plan. I was told that currently 25 people have at least chosen apartments and are in the process of finding a lawyer to go over the offering plan. We were given three days to find an attorney, and to give the sales office that attorney's contact information. Once they receive your attorney’s contact information, a purchase agreement will be sent to your attorney. The purchase agreement must be signed and your 10% deposit must be delivered to the escrow agent by 10 business days from your notice date.
Also while we were there at least one other person left having picked up an offering plan, and 2 other people were waiting to be interviewed.
your concerns definitely rings a bell with me, especially as a possible first time homebuyer,
to repeat some other thoughts, 1) this is one of the best lotteries 2) It will only payoff if you have @least 15 years to invest. 3) my 2 cents about the neighborhood, I have seen an improvment in the time I have worked in this area. 4)best interest rates ever. There are areas in bklyn that were worse than this area is, and NOW, I can't not only afford to buy, but even to rent in those areas, fort green, clinton hills, bedsty, Williamsburg,. If you go east of Lacelia, 2nd ave has new construction, there are 3 new condo's, coops from
111 to 110th st that were/is going for over 400,000 for this area. So to possibly get in @the prices that we might be getting in @ is a win already. No one can predict the future, anything can happen, but that is the chance we take in owning. To be honest, one of my main concerns is being stuck next to, or below noisy, inconsiderate neighbors and not being able to move for the next 15years. I hope this helps, but in the end you have to do a pro/con list for yourself and hopefully not have buyers remorse. Whats good for others may not be good for you.
Soon, why do you think this is one of the best lotteries?
Well, I appreciate everyone's reponse to my quandy. Lets see when my lawyer will call me to review the contact. He is stalling so I would not recommend their firm to anyone here - should have gotten another lawyer but he was more expensive...
I guess there is some risk in buying to not too much because of the below market price...
Could someone recommend a lawyer that they are pleased with so I can get ahead of the process?
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I hope this helps, but in the end you have to do a pro/con list for yourself and hopefully not have buyers remorse. Whats good for others may not be good for you.
