Housing lottery discussions (#1) (rich, town, households)

[mollybloom]

Now that I understand the 2-bedroom list will take at least 15 years, we need to consider our housing options and are thinking about buying an apartment in the distant reaches of Brooklyn. If Penn South calls us, can we sell our apartment and buy at Penn South afterward? Does anyone know the rules about previous property ownership as it pertains to Penn South?

[mrspeel77]

Owning property doesn't affect your eligibility, its based on the income of all who will be living in the apartment. But keep in mind, when you are called, you need to be ready to go so selling your apartment in a timely manner may be difficult. As the list gets close to your number, you may want to put your app on hold to sell your place and have your finances set up and ready to go.(just my opinion).

[brooklynmom2]

Originally Posted by mollybloom

Now that I understand the 2-bedroom list will take at least 15 years, we need to consider our housing options and are thinking about buying an apartment in the distant reaches of Brooklyn. If Penn South calls us, can we sell our apartment and buy at Penn South afterward? Does anyone know the rules about previous property ownership as it pertains to Penn South?

Hi Molly, May I ask what number you are at on the 2 bedroom list, as I am thinking that it won't really be 15 years for you--and would like to compare it to my number on the list? I am on the 2 bedroom list around #100 and from various threads on this list I heard that they start calling people around 100 sometimes. I had the feeling that the list was going fairly quickly--I jumped from around 400 to 100 in around 1 year. I think a lot of people are on the list but when they call them they are no longer interested. Just my opinion--but I don't think you can really go by the number you are at and then divide by how many 2 BR apartments become available each year to calculate how long it will be until you are called. I think there are a lot of other factors that make it go more quickly.

Also if others on this list have input on when people are called, or how long they have been or were on the 2 bedroom list I wold love to hear your experience.

Thanks!

[mollybloom]

Thanks MrsPeel77! Yes, i was thinking we'd sell when we got called, or just before we got called, and rent/wait out the remaining amount of time in a rental. Though of course it's hard to predict when we will be called. Do you know if we could put ourselves on hold the first time we get called, then sell and then take ourselves off the hold? Seems complicated and probably not the best idea I've ever had

Brooklynmom2, we are currently number 138, down from 520 a few years ago in 2014. I used to believe we were in great shape to be called in 1 to 5 years, but now that they have included so much transparency in the list, I no longer believe this to be true. I think people typically get in quickly (around #100 as you say) in the studio and 1-bedroom lists, then get married/have kids and apply for the 2-bedrooms that way, making those of us on the external 2-bedroom list wait much longer. Right now there are 24 (ish? can't quite recall and the list isn't loading for me right now) from the internal list waiting for 2-bedroom apartments, and they will always get priority over the outside list. So that's most of the 30 units each year going to internal transfers, in theory. And of course you can see there are people on the 2-bedroom list who have been there since 1998, which is a VERY long time. I have two other data points that lead me to believe those of us on the 2-bedroom waiting list will wait approximately 15-20 years for a spot: one is that I know someone who sold her 2-bedroom in PS to move to a 3-bedroom in PS (she was on the internal list for it for a while). She said the family who bought her 2-bedroom was literally at #1 on the external list and had been waiting close to 20 years. This is far different from the 1-bedroom people, who are called in to buy at #135 or whatever. My final data point comes from a commenter on this board a few pages back. S/he was just called in to look at apartments, and she waited 18 years on the external 2-bedroom waiting list.

My biggest worry now when it comes to PS is that we currently have a 9-year-old. If we wait more than 14 years and he is no longer living with us, we will not be eligible for the 2-bedroom at all and would have to start over on the 1-bed list.

I hope I'm wrong about the 15-20 year timeline for the external 2-bed list, but I don't have much confidence in it after seeing the newly transparent list and how long many have been on it, and how many internal transfers there are. But if you have other data points, do let me know. Good luck on your wait -- I am keeping fingers and toes crossed that it's faster than I now anticipate!

[Dabronxgal]

I wish I knew how the numbers work and when you get to be called. I posted previously about seeing an apartment, which I loved, but someone who was before me accepted it ��. I have been on the list for a 2-bedroom for 18 years. I went from double digits to single digits, back to double digits! I got another certified letter today. When the mail carrier came, I was so excited, I told her I could have hugged her! My heart sank when it said I was 20-something on the list to view it. That seems to me like a lot of people who can potentially accept it. But I have read on this board that people were 70-something on the list and they were called to view apartments. So I am not giving up hope! ��

[mrspeel77]

Unfortunately you can't go on hold after you've been called. Once you do go on hold though, you can stay on hold for up to 5 years so that is something to consider in your planning.

[weapon007]

If you're able to come up with the money to pay in full for the apartment, does Penn South still look at your credit score or debts, ratios, etc.? Or is this only something the credit union looks at if you decide get a mortgage? does anyone know?

of course, they will still do the proper background check (income, etc.)

also, does anyone know how the internal transfer list work? for example, if i get a 1 bedroom, later on, can I get on the internal list to get a 1 bedroom with balcony? Or does it have to be some life changing event (new addition, etc)?

thanks!

[mrspeel77]

I asked about the credit score, debt, etc. in a letter to PS and was told "those questions are answered when you come in to sign up for the apartment". My guess is they check it all but it may not have any effect if you're paying cash.
You have to be in your apartment 3 year before going on any internal list.

[eduronyc]

I came back to this thread after a year I think - Just fyi, I attended the new neighbor workshop (like 2 years ago) and they told us that we don't really need to sell our other property. The only requirement is that you keep your PS residence as your primary residence. I don't think that has changed. (I don't owe anything else, but it opens possibilities to purchase a retirement condo in FLA or anything else)

Originally Posted by mollybloom

Thanks MrsPeel77! Yes, i was thinking we'd sell when we got called, or just before we got called, and rent/wait out the remaining amount of time in a rental. Though of course it's hard to predict when we will be called. Do you know if we could put ourselves on hold the first time we get called, then sell and then take ourselves off the hold? Seems complicated and probably not the best idea I've ever had

Brooklynmom2, we are currently number 138, down from 520 a few years ago in 2014. I used to believe we were in great shape to be called in 1 to 5 years, but now that they have included so much transparency in the list, I no longer believe this to be true. I think people typically get in quickly (around #100 as you say) in the studio and 1-bedroom lists, then get married/have kids and apply for the 2-bedrooms that way, making those of us on the external 2-bedroom list wait much longer. Right now there are 24 (ish? can't quite recall and the list isn't loading for me right now) from the internal list waiting for 2-bedroom apartments, and they will always get priority over the outside list. So that's most of the 30 units each year going to internal transfers, in theory. And of course you can see there are people on the 2-bedroom list who have been there since 1998, which is a VERY long time. I have two other data points that lead me to believe those of us on the 2-bedroom waiting list will wait approximately 15-20 years for a spot: one is that I know someone who sold her 2-bedroom in PS to move to a 3-bedroom in PS (she was on the internal list for it for a while). She said the family who bought her 2-bedroom was literally at #1 on the external list and had been waiting close to 20 years. This is far different from the 1-bedroom people, who are called in to buy at #135 or whatever. My final data point comes from a commenter on this board a few pages back. S/he was just called in to look at apartments, and she waited 18 years on the external 2-bedroom waiting list.

My biggest worry now when it comes to PS is that we currently have a 9-year-old. If we wait more than 14 years and he is no longer living with us, we will not be eligible for the 2-bedroom at all and would have to start over on the 1-bed list.

I hope I'm wrong about the 15-20 year timeline for the external 2-bed list, but I don't have much confidence in it after seeing the newly transparent list and how long many have been on it, and how many internal transfers there are. But if you have other data points, do let me know. Good luck on your wait -- I am keeping fingers and toes crossed that it's faster than I now anticipate!

[latinoman818]

I am sure many individuals will be applying to the 605 W. 42nd street complex... Let the Apartment Hunger Games Begin....