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Bxt asked a few questions about Parkchester on another thread so I will answer here. About how I like the community - I will be honest to say that if money were no object and if I wasn't trying to build equity, Parkchester would not be my first choice. I would be in my favorite neighborhood - the Upper West Side. However, I refuse to rent at this stage of my life AND I love buying undervalued property (with an eye on long term equity gain). So, after a year of searching, Parkchester was the most obvious place financially for me. And after living here for almost 2 years, I really like it. It is safe, serene and has everything one needs within walking distance (it is truly a self contained city-within-a-city). The only drawbacks are parking (I don't keep a car when I am here in NYC so that is a moot point for me) and the current lack of nightlife (I honestly think that will change as more and more young people from the City move in).
Also, I always have an "exit strategy" with regards to real estate investing and having a condo gives you the ability to sublet (unlike most co-ops). So that is my take on it...
(For more of what Parkchester has to offer, do a search and you will find more in depth comments).
As for what you have been seeing available - I would stay away from the condos on Tremont (not as pleasant as other areas) but most definitely if you can get one on the Oval or close to it - go for it. In Parkchester, that is prime real estate. Very lovely to have those views of the Oval and be right in the heart of the community.
And Scatman, did you happen to see the street fair they had going on in the Oval today? That's two weekends in a row. Again - kudos to the management!
I was thinking about staying close to the train as that is more desirable. My ideal spot would be on Wood Ave but I know trying to get into a particular building will be hard. The only downside for me is that I have a vehicle (which is also why I like being near Wood Ave) so I need someone where I have more parking options. I had saw somewhere else that some units come with deeded parking in the gargage. So I have to look more into that.
I know for the price you can't beat it and I consider it a investment. It's not my first choice either but financially I think I will have to start there and then move into something else and rent it out. But I'm still holding out for my 1st choice or another option, mainly because of the parking.
bxt - regarding parking, I know that each tenant in my building is issued one parking permit for the outside free parking lots if they want it. But, I think the problem is somehow they give out more permits than spaces available. (Don't know anything about deeded parking to the garages, but if that is the case, that would be great). So, if you don't have to use the car everyday (say only on the weekends, for example) and you don't mind having to wait a bit for a space to free up when you come home, then it might not be such a problem. (People do this all the time, although obviously not ideal). Or you can rent a dedicated space in the underground garages (I think the monthly cost is $125-150.) So, you just have to weigh the pros and cons.
Buying a starter place, fixing it up and then renting it out while you move into your next place, etc. (and you continue doing this) is a great wealth builder IF you know what you are doing and don't get yourself overleveraged. If you have patience, are in it for the long term and realize that this isn't a get rich quick type of scenario, it can be very profitable in the years to come.
Good luck. Let me know if and when we become neighbors!!!
I didn't know about the free parking lots that are offered, where are they located? Waiting for a space wouldn't be a problem since I will be leaving early in the morning to get to work (around 4am and returning around 4pm) so I should be able to get a spot. Somewhere I had read that a lot of the underground garages had or were closing. I guess this is not true.
A starter place is definitely a good idea and I had thought about this before. Many of the units I had saw online didn't have a updated kitchen so I figured that would be a good investment. But now I'm not seeing many units available and like I had mentioned before not many for the building that I would like to get into. What I might do is start to drive in the area and get an idea of the buildings that I would consider and see if anyone is advertising one for sale.
I love the idea of being able to get a 2 bedroom for such a great price and will keep my eyes open for something.
bxt - each building has its own dedicated parking lot. However, what I think is the problem is that there are simply not enough spots for each unit. Parkchester was built in the late 1930's (before every household had a car) and it was built as a planned community where one could walk to everything. But I would definitely do a little bit more investigating on that. What I would suggest is that you come to Parkchester and park your car on the street somewhere and just simply walk around. Remember - the South side is where you want to target, so that would be (if you were walking or drving up Metropolitan from the Parkchester stop) everything on your RIGHT side.
And yes, it seems that there aren't a lot available. But there are certainly a few...I also noticed that the top listing prices keeps going up. There are now two 1-beds for sale at $145,000. Not sure what they will actually sell for...And there will always be people desperate you sell, so just keep checking.
If you are ever up in the area after 6:00p.m. (or on the weekend) and want a "tour", I'd be happy to show you around.
Bxt asked a few questions about Parkchester on another thread so I will answer here. About how I like the community - I will be honest to say that if money were no object and if I wasn't trying to build equity, Parkchester would not be my first choice. I would be in my favorite neighborhood - the Upper West Side. However, I refuse to rent at this stage of my life AND I love buying undervalued property (with an eye on long term equity gain). So, after a year of searching, Parkchester was the most obvious place financially for me. And after living here for almost 2 years, I really like it. It is safe, serene and has everything one needs within walking distance (it is truly a self contained city-within-a-city). The only drawbacks are parking (I don't keep a car when I am here in NYC so that is a moot point for me) and the current lack of nightlife (I honestly think that will change as more and more young people from the City move in).
Also, I always have an "exit strategy" with regards to real estate investing and having a condo gives you the ability to sublet (unlike most co-ops). So that is my take on it...
(For more of what Parkchester has to offer, do a search and you will find more in depth comments).
As for what you have been seeing available - I would stay away from the condos on Tremont (not as pleasant as other areas) but most definitely if you can get one on the Oval or close to it - go for it. In Parkchester, that is prime real estate. Very lovely to have those views of the Oval and be right in the heart of the community.
And Scatman, did you happen to see the street fair they had going on in the Oval today? That's two weekends in a row. Again - kudos to the management!
I have to agree with you in the lack of nightlife in Parkchester. But I think it's going to remain that way since there are so many families with children within the complex and in the surrounding areas. As a result, neighborhoods like Parkchester is one of the best family-friendly areas in the Bronx.
As a result, neighborhoods like Parkchester is one of the best family-friendly areas in the Bronx.
Couldn't agree more. BUT, I still think there is room for a little more "action" going on at night. I don't mean crazy bars or clubs - but maybe another restaurant or two other than Chicago Pizzeria Uno's and The Step In (both places that stay open late with nice bar selections).
And many of us would love, love, LOVE to see a bookstore!
bxt - each building has its own dedicated parking lot. However, what I think is the problem is that there are simply not enough spots for each unit. What I would suggest is that you come to Parkchester and park your car on the street somewhere and just simply walk around. Remember - the South side is where you want to target, so that would be (if you were walking or drving up Metropolitan from the Parkchester stop) everything on your RIGHT side.
And yes, it seems that there aren't a lot available. But there are certainly a few...I also noticed that the top listing prices keeps going up. There are now two 1-beds for sale at $145,000. Not sure what they will actually sell for...And there will always be people desperate you sell, so just keep checking.
If you are ever up in the area after 6:00p.m. (or on the weekend) and want a "tour", I'd be happy to show you around.
I actually drive over there once in a while when I go to Macys. The best place I find parking is either on White Plains Rd or one of the side streets on that side. There is definitely not enough parking for all the tenants but that doesn't seem to stop people.
The prices definitely seem to be going up. It's harder for me since I prefer to be on Wood. To find a place on the south side is hard and the prices are going up. By chance I went online and saw a ad for a 1 bedroom for 95K but when I spoke with agent I was told it was no longer available.
The next time I'm in the area I will let you know so I can take you up on the tour offer.
As a result, neighborhoods like Parkchester is one of the best family-friendly areas in the Bronx.
Couldn't agree more. BUT, I still think there is room for a little more "action" going on at night. I don't mean crazy bars or clubs - but maybe another restaurant or two other than Chicago Pizzeria Uno's and The Step In (both places that stay open late with nice bar selections).
And many of us would love, love, LOVE to see a bookstore!
Even if any type of clubs get built in Parkchester, they might result in problems involving neighborhood teenagers and noise/traffic concerns.
I don't think Parkchester is as safe as everyone is making it out to be. Yes, the rental is reasonable and it is very convenient, however, I do not want to live anywhere where I will be afraid to come out at night. Their security sucks and I like coming and going at any time. I wouldn't move in there and it's a shame because the apartments are very nice and management does try hard to maintain the area.
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