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My question was based on a hypothetical situation because the numbers were simple. I am not on the studio list. My daughter is on the 2023 one bedroom list. People on this board are always saying that you can upgrade to a larger unit after three years. I understand that it might take longer than three years. I'd really like to hear from someone who has firsthand knowledge of the repair costs when you leave an apartment. Can the repair costs vary? A poster recently said that after living in a studio for 10 years, a shareholder can expect a $30k-$40k repair bill. That's a lot of money to lose and then if you upgrade to a larger apartment, you can lose that much again if you ultimately decide to move out of PS.
Unfortunatly, you're likely not going to hear from someone with firsthand experience on this board. What tends to happen is that once someone moves into PS --- they stop posting. That said, I would suggest read 2014 thread (there's a link somewhere in the 2023 thread) and ask someone who in 2014 said they won a studio or 1 br unit. By this point, they would have likely upgraded if they had the composition and finanes to. If they're still kinda active on this board - they might be able to answer your questions.
Also, I wouldn't worry about expecting a 30K - 40K bill. It's likely the person who said it doesn't have PS experience to base it on. In all my reading of this board, a now defunct community blog called Click You Block Chelsea, family who live in ML co-ops, and random lawsuits (I like research) - people who are charged rediculously high repair costs are because something was done that they didn't have permission to do. Maybe they had work done without getting permission first (something all every co-ops and condo require), maybe they used someone unlicensed, or maybe they did something so outlandish (like removing a wall between the bathroom and hallway - that it had to be repaired.
Unfortunatly, you're likely not going to hear from someone with firsthand experience on this board. What tends to happen is that once someone moves into PS --- they stop posting. That said, I would suggest read 2014 thread (there's a link somewhere in the 2023 thread) and ask someone who in 2014 said they won a studio or 1 br unit. By this point, they would have likely upgraded if they had the composition and finanes to. If they're still kinda active on this board - they might be able to answer your questions.
Also, I wouldn't worry about expecting a 30K - 40K bill. It's likely the person who said it doesn't have PS experience to base it on. In all my reading of this board, a now defunct community blog called Click You Block Chelsea, family who live in ML co-ops, and random lawsuits (I like research) - people who are charged rediculously high repair costs are because something was done that they didn't have permission to do. Maybe they had work done without getting permission first (something all every co-ops and condo require), maybe they used someone unlicensed, or maybe they did something so outlandish (like removing a wall between the bathroom and hallway - that it had to be repaired.
Thanks for posting this. It's really helpful. The link to the 2014 thread is also on page 18 of this thread.
(I am glad to know your daughter is on the 2023 studio wait list. If it was you that was on the wait list at PS it might not be such an attractive choice if your housing circumstances are already affordable and predictable. PS may still be a good affordable housing choice for many even if costs there are higher than many places. It’s not exempt from increases. It is well insulated against market rate increases.)
Oh, I agree. I still think PS is a great option, especially if you want to live downtown and plan on staying for awhile.
My question was based on a hypothetical situation because the numbers were simple. I am not on the studio list. My daughter is on the 2023 one bedroom list. People on this board are always saying that you can upgrade to a larger unit after three years. I understand that it might take longer than three years. I'd really like to hear from someone who has firsthand knowledge of the repair costs when you leave an apartment. Can the repair costs vary? A poster recently said that after living in a studio for 10 years, a shareholder can expect a $30k-$40k repair bill. That's a lot of money to lose and then if you upgrade to a larger apartment, you can lose that much again if you ultimately decide to move out of PS.
Congrats to your daughter for making it onto the list!
I don't know where that $30k-$40k repair bill came from, so I don't know if it's valid or not. It seems high to me.
May I say, with all due respect: It's good to be prepared, and I understand you are trying to help your daughter. HOWEVER, you are letting speculation get the better of you. Depending on your daughter's log number, she may be looking at a wait time of anywhere from two to six years. Lots of things can happen over the years.
Also, if she is on the one-bedroom list, how do you even know she would want to transfer? You are trying to get answers to questions that may not even arise.
My advice is to relax. Read about Penn South if you enjoy it. Don't worry about all possible eventualities. Everything will work out!!!
My question was based on a hypothetical situation because the numbers were simple. I am not on the studio list. My daughter is on the 2023 one bedroom list. People on this board are always saying that you can upgrade to a larger unit after three years. I understand that it might take longer than three years. I'd really like to hear from someone who has firsthand knowledge of the repair costs when you leave an apartment. Can the repair costs vary? A poster recently said that after living in a studio for 10 years, a shareholder can expect a $30k-$40k repair bill. That's a lot of money to lose and then if you upgrade to a larger apartment, you can lose that much again if you ultimately decide to move out of PS.
That person was talking about some random ML, not Penn South, charging $30K bill for repair. We have an internal discussion group about the restoration charges where people can discuss and compare the restoration charges from the PS management office. The highest amount given has been in the high 4 digits.
Congrats to your daughter for making it onto the list!
I don't know where that $30k-$40k repair bill came from, so I don't know if it's valid or not. It seems high to me.
May I say, with all due respect: It's good to be prepared, and I understand you are trying to help your daughter. HOWEVER, you are letting speculation get the better of you. Depending on your daughter's log number, she may be looking at a wait time of anywhere from two to six years. Lots of things can happen over the years.
Also, if she is on the one-bedroom list, how do you even know she would want to transfer? You are trying to get answers to questions that may not even arise.
My advice is to relax. Read about Penn South if you enjoy it. Don't worry about all possible eventualities. Everything will work out!!!
Lol... My daughter's log number is in the low 500s. So yeah. I can take a minute to breathe. It's just that she's been thinking about buying a very small market rate apartment and I think waiting for PS is still probably a better option. I just wanted to know all the facts.
That person was talking about some random ML, not Penn South, charging $30K bill for repair. We have an internal discussion group about the restoration charges where people can discuss and compare the restoration charges from the PS management office. The highest amount given has been in the high 4 digits.
Location: Read the Marketing Handbook, and Income a Guide.
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Originally Posted by tigermoon
Lol... My daughter's log number is in the low 500s. So yeah. I can take a minute to breathe. It's just that she's been thinking about buying a very small market rate apartment and I think waiting for PS is still probably a better option. I just wanted to know all the facts.
Please check official sources, but I don’t think owning a small market rate apartment would disqualify her from the waitlist or from buying at PS when that eventually comes up. She has to qualify on income at PS and household size, and be able to finance the purchase. PS has to be her ‘primary’ residence.
Even if she got ‘up side down’ with her market rate apartment she might still be able to buy at PS.
She should not withdraw because we don’t know what her circumstances will be when she gets near to being called.
That person was talking about some random ML, not Penn South, charging $30K bill for repair. We have an internal discussion group about the restoration charges where people can discuss and compare the restoration charges from the PS management office. The highest amount given has been in the high 4 digits.
Once again, thanks for grounding this discussion in reality and pertinent facts.
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