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They will give you a set of keys to look at a few apartments within a certain time frame and then you go back and exchange those set of keys for another set of keys for a few more apartments and so on and so forth. You can take pictures and you will be looking at these apartments on your own which is good because you can take your time and take down notes/pictures.
Thanks, lstacy22. That seems like a stress-free way to look at the apartments. I appreciate your helpful responses!
I called the office last week and the young lady who answered the phone said they always update the list in July but they were having computer problems so maybe that's why nothing has changed yet. I don't know who she was or what her function is. And yes, our letters stated the list would be updated quarterly which would have meant an update in June so I don't know how reliable this information is. I guess we just have to hang in there and wait. Easier said then done, I know.
I just checked the wait list, and they have finally updated it! I moved up 17 places on the studio list. Not as many places as I had hoped, but I'm just glad they updated it. I think the list will move more slowly now that the 25% down payment has been implemented.
I just checked and we moved up 44 places on the 2-bedroom waiting list! I can't believe it, especially since last quarter we only moved up 9 places. So for all of you who didn't see huge movement, it seems it can vary a lot quarter by quarter. I'm now at 476 on the waiting list. Is it crazy to think we might get a call when we're below the 200's? If so, an estimate of 60 spots a year of movement (not sure if this is too liberal a guess, I suppose we will only have the full picture after we go through all four quarters) would mean less than a five year wait. Exciting!
Can anyone who has gotten selected comment on income? If you earn a bit over the maximum, does the apartment simply cost more?
I just realized I'm not clear on what the "monthly carrying charges" are. Does that mean the monthly maintenance, or the cost of paying off the mortgage? I assume it's the former.
I just realized I'm not clear on what the "monthly carrying charges" are. Does that mean the monthly maintenance, or the cost of paying off the mortgage? I assume it's the former.
The carrying charges are billed separately from any *individual* mortgage you have. They cover maintenance, salaries, and the overall mortgage of the complex itself. Carrying charges are based upon how big the apartment is. You'll hear some people refer to it as "rent" but that is not correct.
Thanks, barkomatic. Do you know (or does anyone know) if these maintenance fees go up periodically? It seems to me that they must.
Occasionally they do -- though they don't rise nearly as much or in proportion to area rents. This is kinda complicated.
The HVAC project required an additional contribution from each cooperator that is on the same bill as carrying charges. My understanding is that this charge will appear for 10 years only and all payments will be added to our equity. I believe you may not see this charge as you will be paying the additional equity up front. Since it was a charge after the fact for current residents, they set up these payments.
The real carrying charge increase happened last July I believe and it was a flat 10% increase that I think was also due to the massively expensive HVAC project.
Despite these increases, when I add my mortgage, carrying charges and additional equity payment the total still comes in well below what a person would pay for the same size apartment in rent. It's about 1/3 to 1/4 the amount someone pays to rent a market rate apartment.
I know a guy a few blocks away in a market rate one bedroom *coop* paying $7,200 a month for his mortgage and $1,500 for carrying charges.
I just checked and we moved up 44 places on the 2-bedroom waiting list! I can't believe it, especially since last quarter we only moved up 9 places. So for all of you who didn't see huge movement, it seems it can vary a lot quarter by quarter. I'm now at 476 on the waiting list. Is it crazy to think we might get a call when we're below the 200's? If so, an estimate of 60 spots a year of movement (not sure if this is too liberal a guess, I suppose we will only have the full picture after we go through all four quarters) would mean less than a five year wait. Exciting!
I was selected in or about lstacy's group and called at, like, 350, for 1-bdrs without terraces. (I had gotten on the list at something like 375.) I think the reason I got called so early is because the 349 or so applications/households beneath me, were from that bedrock of un-findable contenders who have moved, frozen their applications, shuffled off this mortal coil, or what-have-you.
So theoretically, I would say they could call you at almost any time, pay no attention to how close you are or aren't to "1".
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