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Location: Read the Marketing Handbook, and Income a Guide.
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Quote:
Originally Posted by Denellis
This was exactly what I wanted to know I thought you would have own the apartment
If you take it, you will have a Mortgage. Doesn’t that seem like owning the apartment to you?
The downpayment here is tiny, like $2500 or something. In most other cases your need many tens of thousands of dollars for a downpayment.
You would have many rights as a resident. You and the other residents make decisions for the building.
If you purchase, you will likely be required to use a lawyer who will answer all your questions. And even before that you will likely be required to be taught what a co-op is, and what it’s is not. This is all likely part of process.
A friend was pursuing a unit at another Habitat for Humanity new building but didn’t like the location and other opportunities appeared to be on the horizon. He liked the people, and the quality and size of the unit he had picked out.
To me, owning a property is about building equity and (hopefully) appreciation in the value of the property. You need to check the details/restrictions pertaining to selling the unit. Because it's part of a special program, it almost certainly won't be the typical process.
My daughter & her mom used live right across from this! Not Impressed! Right around the corner from the precinct & and across from that is the juvenile jail, that’s exactly what the setup is! At the foot of Eastern parkway! Ghetto!!!! Even having pitkin Ave there don’t make me wanna buy into this!
Thank you for stating the obvious…. While continuing to discourage homeownership in one of the most expensive cities in the world. You have done a great service.
Owning shares in the building = collective ownership over the PHYSICAL building. Meaning you can’t be rendered homeless because again you OWN it. Same as with a single family home or condo. Pay your mortgage and pay your taxes(carrying fee), and you can live in the physical building for generations.
For those who need clarity please read this blog post:
Got a request for documents today log# 1xx... I've gotten a few request before so I usually go check them out in person before submitting and wow. Having a place at this price is amazing but the area is a definite deal breaker. The 73rd precient is across the street followed by crossroads juvenile detention center. Marcus Garvey houses at the end of one corner and another nycha development at the other end. Needles to say when I got back home I withdrew.
This is an opportunity. It is a huge discount over market rate. You have this opportunity because you were lucky. You might not be lucky again. I urge you to pursue this opportunity. No one can make you buy it if you don’t like it. Take a tour at least!
Learn the facts of this specific case yourself. You will gain practical knowledge about what co-ops are and are not. Even if this affordable housing co-op does not suit you another co-op might.
When you see rich and famous people in the media in their fancy NYC apartments huge numbers of them are co-ops. Park Ave and SoHo are full of co-ops. There are many thousands of co-ops in NYC. Some entire blocks are co-ops. It’s not some kind of time-share ripoff.
Maybe you have a favorite building on a nice street you dream of living in. There is an excellent chance that building is a co-op.
Both being a tenant who pays rent, and being a co-op owner are BOTH FORMS OF OWNERSHIP. It’s true that owning car or a pair or shoes, or a condo, is a more powerful form of ownership than a co-op apt.
When you leave a co-op you can sell your shares to someone else. Because this is an affordable housing situation there might be rules on how much profit you are allowed when you sell.
A friend was lucky enough to get chosen for three different affordable housing co-ops, one was a Mitchell-Lama, the others new construction. Their co-op is new large and awesome. It costs them just a bit more per month for everything for a larger and brand new place than their cramped old Rent Controlled apt. It’s an incredible value for the money, it would cost many times more if it were market rate, and many thousands a month as a rental.
The fact that people will wait DECADES on a wait list to get into a Mitchell-Lama co-op speaks volumes about how much people want them.
Yes, not every co-op is nice or a good value. But to reject co-ops as a category is a mistake.
This might be the opportunity to end your waiting in affordable housing lotteries. DM if you like.
Got requested for documents today only 2 of the 4 units remaining
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