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Only have time to read up to page 7 of this thread...
I'm currently looking to buy a home in Trump Towers, Coney Island, they privatized in 2006. From everything I gathered, the maintenance stayed low and within reason of the market rising. However, they started doing some work with the building, and now the monthly assessment is $65 a month until 2027, at this point I'm just plugging the assessment into the monthly maintenance, because I'm sure they will be doing more work over the years, and adding on top of the current assessment. The prices at the trump towers are really high, for something that used to be subsidized, 1 bedrooms go for about $300-350k.
The neighborhood listed is elderly to mostly lower middle class for nearly everything from West 37th St (not including Sea Gate) to West 1st St. What part of Coney Island do you think is upper middle class?
Check the housing prices and come back to me. I used to spend a lot of time around there in my college days, people around there got it
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Only have time to read up to page 7 of this thread...
I'm currently looking to buy a home in Trump Towers, Coney Island, they privatized in 2006. From everything I gathered, the maintenance stayed low and within reason of the market rising. However, they started doing some work with the building, and now the monthly assessment is $65 a month until 2027, at this point I'm just plugging the assessment into the monthly maintenance, because I'm sure they will be doing more work over the years, and adding on top of the current assessment. The prices at the trump towers are really high, for something that used to be subsidized, 1 bedrooms go for about $300-350k.
Go for the 2-bedrooms without any renovations and the purchase price will be lower.
The flip tax paid by the seller keeps the maintenance cost within reason. Maintenance: Around $800/month (including ALL utilities : heat, hot water, gas and electric) + fees (assessments (AC, Dishwasher,construction, parking spot (none are included with apartment) + misc. agents and lawyer + mortgage.
A quick look at Craigslist yielded the following for $400k for a 2 bedroom:
Looking at the photos this is 2915 W 5 St facing the school and not the street. The only update is the kitchen with a minimal renovation. Floor looks to linoleum. Can be bargained down.
How can you gentrify a neighborhood that was already middle to upper-middle class?
I don't know that neighborhood, but the point there is Mitchell Lamas can go private in any NYC neighborhood. It's really up to the people in the building.
His point was it had nothing to do with gentrification and regardless of whether the area was middle to upper middle class, it did not gentrify.
I have no stats though on Mitchell Lama privatizations.
Thats what is reported....the neighborhood certainly does not look impoverished; it has any amenity one could need.
11224 has nearly none (Trump Village shopping center no longer exists). 11235 is what has the amenities (depending on what calls amenities on BB Ave). Never said it looked impoverished. You'd have to go to the start of Mermaid Ave and work west from there. That area is slowly being gentrified by bulldozing entire blocks.
Go for the 2-bedrooms without any renovations and the purchase price will be lower.
The flip tax paid by the seller keeps the maintenance cost within reason. Maintenance: Around $800/month (including ALL utilities : heat, hot water, gas and electric) + fees (assessments (AC, Dishwasher,construction, parking spot (none are included with apartment) + misc. agents and lawyer + mortgage.
A quick look at Craigslist yielded the following for $400k for a 2 bedroom:
Looking at the photos this is 2915 W 5 St facing the school and not the street. The only update is the kitchen with a minimal renovation. Floor looks to linoleum. Can be bargained down.
There are two bedrooms going for 350k without a terrace, descent move-in condition.
I don't need a 2 bedroom, and I'll be pushing my limits trying to afford the extra costs in maintenance, and renovation costs.
I would consider a two bedroom, if they would allow to sublet freely after 2 years, the current policy allows you to rent out for 3 years out of a 5 year period, I would love to airbnb the 2nd bedroom, or let alone rent the entire place in several years when I'm ready to upgrade.
Everyday is a learning experience when looking for a first home. Thank for the info....
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