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Penn South is a great deal, and I'm happy my daughter landed on the list. But with prices going up every month, I don't see how a large number of insiders would want to transfer or could afford to.
Let's say you moved in in 2004 and now want to transfer to a different apartment. In 2004 you paid about $23,000 for a two bedroom and $29,000 for a three bedroom. You would get back what you had paid for your apartment, but you would have to shell out the current price for the transfer.
If you moved in in 2014, a studio started at $64,000 (now $70,409.42), one-bedrooms at $85,000 (now $105,614.13), and two bedrooms at $109,500 (now $158,421.19).
It's still a great deal, but a pandemic is wrecking our economy and putting countless people out of work. How many of them will have trouble coming up with the down payment and/or qualifying for a mortgage unless they have family money? And I bet some insiders think twice before switching.
I'm quite frankly surprised (and annoyed) that the price keeps creeping up. It's not like other developments with very reasonable buy ins (York Hill is $14,000 for a studio, for example). Compared with market rate it's very cheap but given the financial restrictions on income, it's disproportionately high.
Penn South is a great deal, and I'm happy my daughter landed on the list. But with prices going up every month, I don't see how a large number of insiders would want to transfer or could afford to.
Let's say you moved in in 2004 and now want to transfer to a different apartment. In 2004 you paid about $23,000 for a two bedroom and $29,000 for a three bedroom. You would get back what you had paid for your apartment, but you would have to shell out the current price for the transfer.
If you moved in in 2014, a studio started at $64,000 (now $70,409.42), one-bedrooms at $85,000 (now $105,614.13), and two bedrooms at $109,500 (now $158,421.19).
It's still a great deal, but a pandemic is wrecking our economy and putting countless people out of work. How many of them will have trouble coming up with the down payment and/or qualifying for a mortgage unless they have family money? And I bet some insiders think twice before switching.
Quote:
Originally Posted by shadypinesma
I'm quite frankly surprised (and annoyed) that the price keeps creeping up. It's not like other developments with very reasonable buy ins (York Hill is $14,000 for a studio, for example). Compared with market rate it's very cheap but given the financial restrictions on income, it's disproportionately high.
Also even though it still is a deal you basically have to take what your given. So you may not even get what your really want. 100K is a lot of money to accept an apartment you may not be fully happy with just to be in the building.
The more I think about Penn South, the less excited I am to move there. I know I'm sounding very "beggars can't be choosers" right now but I am on the list for a bunch of MLs in neighborhoods I prefer. I thought I would just get into PS and stay forever, but when I really listen to what my heart tells me, it tells me to wait for a better option. It's almost unfair that people got to move into PS not even a decade ago for 10s of thousands less.
The one I really want to be in is York Hill in Yorkville. Now THAT's a deal. And a neighborhood more to my liking than Chelsea.
The more I think about Penn South, the less excited I am to move there. I know I'm sounding very "beggars can't be choosers" right now but I am on the list for a bunch of MLs in neighborhoods I prefer. I thought I would just get into PS and stay forever, but when I really listen to what my heart tells me, it tells me to wait for a better option. It's almost unfair that people got to move into PS not even a decade ago for 10s of thousands less.
The one I really want to be in is York Hill in Yorkville. Now THAT's a deal. And a neighborhood more to my liking than Chelsea.
Yes its a big difference to pay 14k and maybe not be happy with the layout, apartment location, a certain neighbor, or whatever the case may be versus 100K.
I agree that the buy-in for Penn South isn't cheap compared to other limited-equity developments. But I think PS has some real advantages:
1) It's large and the waiting lists actually move. You may be waiting 20 years—or even longer—for some other ML buildings.
2) Once you're in PS, you can go on the insider's wait list for a better or bigger apartment. If you have a baby, you can transfer quicker.
3) PS seems to be professionally managed, with established procedures and (from what I can tell) no hanky-panky. At many other limited-equity developments, managers were caught knocking applicants off the waiting list and giving the apartments to friends, among other wrongdoing.
4) The residents at PS have made a commitment to keeping their development affordable, or at least relatively affordable. Other limited-equity buildings have either sold out or are thinking of selling out. Obviously, if they go market-rate while you're still waiting to get in, you're out of luck.
It all depends on your personal situation, of course. If you get called by PS, and it's not your first choice, you can decline. But if you really need a place to live, you can buy an apartment at PS and then move out when something better comes along.
Last edited by macnyc2003; 12-01-2020 at 02:03 PM..
Hi All, I am on the 2014 waiting list for a 1 bedroom. I just got called in to view 7 apartments, now 30th on the list. Very exciting! I would guess all who posted previously on this thread have already moved in .
Wondering how quickly I'll move up since I need time to transition from current home which I'll be selling. Has anyone been moving up on the list in recent months?
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