Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Someone on this thread mentioned that once you get the letter asking you to view apartments, you have one week to respond. I'm planning to be away for at least 2 consecutive weeks this summer. What if a letter comes during that time? Does anyone know what happens if you can't view the apartments during that window?
Also, the mail delivery in my neighborhood is terrible. I regularly get mail for people who live in other buildings or on other streets. So far I've been lucky with Penn South but what happens if you don't respond to a letter to view apartments because you didn't receive it in time or at all? Does that count as a reason to remove you from the list?
Someone on this thread mentioned that once you get the letter asking you to view apartments, you have one week to respond. I'm planning to be away for at least 2 consecutive weeks this summer. What if a letter comes during that time? Does anyone know what happens if you can't view the apartments during that window?
Also, the mail delivery in my neighborhood is terrible. I regularly get mail for people who live in other buildings or on other streets. So far I've been lucky with Penn South but what happens if you don't respond to a letter to view apartments because you didn't receive it in time or at all? Does that count as a reason to remove you from the list?
You could try calling or writing a letter to PS to let them know you'll be gone. I would also recommend signing up for the USPS Informed Delivery Service. They send you an email every day with pictures of each piece of mail (except for large items like magazines) and USPS packages you should expect to receive that day.
These are all good questions, and everyone here will learn a lot from what you find out!
Regarding when you'll be called: On the 2014 thread, which has now been subsumed into the master lottery thread, there were calculations of how many apartments turn over each year. I took note of only the one-bedrooms. There were about 70 one-bedroom vacancies in one year, maybe 2016. If I have time later I can try to search that thread, although it's hard!
There are fewer studios than one-bedrooms, but to me it's likely you will be called within a year. I'm hoping the PS 2014 people will weigh in.
Wait to see where you are actually located on the waiting list. That info will go out in February, and will take into account the people on the internal waiting list and the people who have frozen their applications.
I'm on the 2014 studio list. The last update on the website said that in 2017, 23 studios without balconies and 6 studios with balconies became available. I had asked for a balcony on my original application and got a letter in November saying that balconies were no longer being offered to external applicants and that I had to resubmit my application for a studio/no balcony preference. The only preference that was allowed was for floors 1-3.
I don't know how many other applicants asked for balconies. From what I could tell, it seems to be around 50 people. Assuming everyone sent the application back, that would add about 50 people to the external studio/no preference list, along with the other external and internal applicants. Hopefully they will update the list in a few weeks, after the January 31 deadline for the 2019 applications.
Yes. They’re are coop rules and regs you’ll have to follow. But they do.
Actually Penn South doesn't allow Balcony Enclosure anymore. I asked Carmen at the management office last year at closing and was told they were actually planning to remove the existing one :'(
Actually Penn South doesn't allow Balcony Enclosure anymore. I asked Carmen at the management office last year at closing and was told they were actually planning to remove the existing one :'(
Some old enclosures may have been removed, but there is now a process for installing new enclosures. The last mention I could find is in the notes from the September board meeting: "Balcony Enclosures: Penn South is in the process of preparing to file permits for balcony enclosures that meet new Depart of Buildings (DOB) policies. The co-op is going to file these permits for entire buildings, one at a time." The same email indicates that new enclosures that meet DOB requirements will be allowed.
I'm looking at Homebridge Financial Services and People's Alliance Federal Credit Union for lending alternatives to the Penn South Credit Union. Has anyone had luck with any alternatives to PSFCU?
Try the American Broadcast Employees FCU. There are a couple hoops to jump through in order to join but they have much better mortgage terms than PSFCU (longer terms and lower rates), and the PS office is familiar with them. www.abefcu.org
Some old enclosures may have been removed, but there is now a process for installing new enclosures. The last mention I could find is in the notes from the September board meeting: "Balcony Enclosures: Penn South is in the process of preparing to file permits for balcony enclosures that meet new Depart of Buildings (DOB) policies. The co-op is going to file these permits for entire buildings, one at a time." The same email indicates that new enclosures that meet DOB requirements will be allowed.
Really? That's great news! Thanks for the update Incog.
I want to make extra sure that I can enclose my balcony before doing so; it's quite pricey to put up a nice enclosure.
By the way, how did you get the board meeting emails?
Do I need to sign up for it?
I don't qualify for that credit union. I work in the non-profit sector, not entertainment, unfortunately.
I went to the People's Alliance Federal Credit Union and it seems to have some good options for what I need to do to get my credit up and start building up my down payment. Then later, the mortgage options look pretty appealing. Hoping the $25 to start the two accounts was a good idea (and the extra $45 when I need a loan haha).
When people used other banks, what were closing costs like?
I don't qualify for that credit union. I work in the non-profit sector, not entertainment, unfortunately.
I went to the People's Alliance Federal Credit Union and it seems to have some good options for what I need to do to get my credit up and start building up my down payment. Then later, the mortgage options look pretty appealing. Hoping the $25 to start the two accounts was a good idea (and the extra $45 when I need a loan haha).
When people used other banks, what were closing costs like?
There are other ways to qualify for ABEFCU. You can join the American Consumer Council for $8.00 and that will get you in. But if the rates (https://www.abefcu.org/rates/) are similar at PAFCU then there's no particular reason to go with ABEFCU. IIRC my closing costs with PSFCU were around $1500, which is pretty reasonable. ABEFCU would have been slightly higher, but they allow you to roll them into the mortgage so with a 15+ year term it hardly makes a difference in the monthly payments.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
