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OP this is such a refreshing thread. Some of those apartments are really nice. Who knew? I wish you the best of luck.
Please keep us posted on your progress. I hope to follow in your footsteps in a couple of years. Real estate is so expensive in my neighborhood.
You telling me! I moved to my neighborhood because it was relatively close to my family, safe, family friendly, and cheap. And then.... Bushwick became popular and expensive and pushed the rents up in my neighborhood, Ridgewood. I got used to living here and made a few, but significant roots. Since gentrification happened, the value of his property increases. Every time my landlord's taxes go up, he pushes them onto me in the form of a rent increase. Great deal, for him! He profits, and I pay the taxes on it. Of course the taxes are based on the value of the property, and other apartments rent for more, because they are much higher quality. So my rent is more in line with the value of the neighborhood than the apartment itself. Either way I can't keep paying this much for rent. I might as well throw my money out the window.
You can't even imagine the state of maintenance. My landlord does LESS than the minimal. It's a largish apartment but since the layout is so inefficient, so much of the space is not usable. In order to get to my daughter's bedroom, she has to walk a long narrow hall, turn into the living room, walk through my office, through my ex's bedroom (he won't be moving with me), through my bedroom. Basically you have to walk through rooms to get to other rooms. So it's a lot of space that needs to be clear and to be cleaned, but it isn't all that usable.
The landlord remodeled the place in the early 1980s. There have been no updates since then in any capacity. There is wall paper in half the apartment that would be expensive to take down. It's ugly and I have reason to believe it was put up to cover issues with the wall. The floors haven't been maintained so the wood is coming up in splinters which is a constant physical hazard, especially for my kid who doesn't lift her feet enough when she walks. The rooms that don't have wall paper, I painted at one time or the other. Otherwise it would have been a mottled battleship grey from a wall that was originally painted white. And the garbage situation... OY. I live on a commercial street so there are no cans outside. You literally have to store the garbage in your apartment until garbage day. Grace help you if you miss garbage day, especially on recycling day. Now you have to wait a week to throw your garbage out. The garbage gets picked up usually before 7am so if I am tired or distracted the night before, I can easily forget. I'm not always the most on top of being a domestic goddess. I have a lot on my plate between parenting and work. Often I put the garbage in the hall much to my landlord's chagrin. Sorry dude, I feel you but legally you're supposed to provide me someplace to put this stuff! I don't bother or ask for anything from him. Dealing with him is less than desirable for many reasons. He'll ask me to pay for things that are clearly within his realm of responsibility and does not understand English well enough to have a rational conversation. So I avoid him, pay my rent diligently and keep to myself.
Anyway, even though my neighborhood is well in the land of gentrification, I still don't thing my apartment is worth what I'm paying for it, and it's close to half my salary. Owning if I buy the right place, will lessen my financial burden anywhere between $200-$500 a month. Not only will have more cash on hand to do things inside of the apartment, I won't feel like I'm throwing my money into something that I can't take with me. And this could also be helpful when it's time to apply for college, in about 5 years or so.
Last edited by roseba; 05-07-2017 at 06:11 AM..
Reason: typos, grammar etc.
OP this is such a refreshing thread. Some of those apartments are really nice. Who knew? I wish you the best of luck.
Please keep us posted on your progress. I hope to follow in your footsteps in a couple of years. Real estate is so expensive in my neighborhood.
My father and I went to see an apartment in Parkchester on Thieriot Street because it was an open house and therefore it felt like less commitment. We left later than expected because my father was occupied getting detail about a family health crisis of mortal consequences. There was heavy traffic leading to the Throggs Neck bridge so it took far longer than it should to get there. We didn't get to the open house until 2:45 with it ending at 3:00.
However, the realtor was friendly and open and extremely knowledgeable about the area, the apartment, mortgages, taxes, maintenance, which banks are good lenders for the area, first time home buyers stuff, and even HFCD housing. She thinks I might qualify for that. I think I don't qualify by a hair (the story of my life, making too much, but not really enough!) I don't know if it is a city wide standard or varies from building to building. Anyway, more info for anyone interested here. https://www.brickunderground.com/blo.../05/hdfc_guide
The street was flanked with coops on both sides and beautifully shaded with trees. It's a really pretty block. Each building has an outdoor bench area that's fenced in. Theoretically, I like access to an outdoor area, but without grass, I'm don't see myself sitting on a bench in a sea of asphalt unless there is some great social scene there.
The coops on that street are owned by the same management company and seem to be very well maintained. They also have very stringent application process. I doubt I would get turned down, but I was a little put off that they go as far as do a home inspection in your current residence. It feels a little too invasive to me. There is also a 25% flip fee, no matter how long you live there. I don't know how normal that is, but that seems repressive.
That apartment is three blocks from the subway and there are food markets in the area. Otherwise, it seems to offer little other in retail amenities. Truthfully, I do most of my shopping online. I don't have a lot of time to shop and online, I can get exactly what I want without going to 800 stores to find it. It feels safe enough to me even if some of the surrounding streets could use some aesthetic love. The building itself seems to have a lot of elderly people which means in 10 years or so, the whole demographic of the area will change, and the retail options will likely change with it.
I really liked everything I saw and could easily buy this, but the maintenance is a little high. ($954 maintenance on a property listed at $149,999) I could swing it. I figured out the math a bit because I'm learning how the taxes work. I've been writing down stuff, and it seems that most apartments between Parkchester and Allerton have maintenance at around $800. I prefer a lower maintenance because a) one day I'd like to retire b) unlike a mortgage it could continue to climb.
We agreed that I should definitely look at more apartments, and not jump on the first one I see. I JUST started looking so I haven't done all the other prerequisites that one needs to do.
We didn't have the chance to check out Allerton or Norward. It got late and my dad had things to do. I hope to check it out next week.
You telling me! I moved to my neighborhood because it was relatively close to my family, safe, family friendly, and cheap. And then.... Bushwick became popular and expensive and pushed the rents up in my neighborhood, Ridgewood. I got used to living here and made a few, but significant roots. Since gentrification happened, the value of his property increases. Every time my landlord's taxes go up, he pushes them onto me in the form of a rent increase. Great deal, for him! He profits, and I pay the taxes on it. Of course the taxes are based on the value of the property, and other apartments rent for more, because they are much higher quality. So my rent is more in line with the value of the neighborhood than the apartment itself. Either way I can't keep paying this much for rent. I might as well throw my money out the window.
You can't even imagine the state of maintenance. My landlord does LESS than the minimal. It's a largish apartment but since the layout is so inefficient, so much of the space is not usable. In order to get to my daughter's bedroom, she has to walk a long narrow hall, turn into the living room, walk through my office, through my ex's bedroom (he won't be moving with me), through my bedroom. Basically you have to walk through rooms to get to other rooms. So it's a lot of space that needs to be clear and to be cleaned, but it isn't all that usable.
The landlord remodeled the place in the early 1980s. There have been no updates since then in any capacity. There is wall paper in half the apartment that would be expensive to take down. It's ugly and I have reason to believe it was put up to cover issues with the wall. The floors haven't been maintained so the wood is coming up in splinters which is a constant physical hazard, especially for my kid who doesn't lift her feet enough when she walks. The rooms that don't have wall paper, I painted at one time or the other. Otherwise it would have been a mottled battleship grey from a wall that was originally painted white. And the garbage situation... OY. I live on a commercial street so there are no cans outside. You literally have to store the garbage in your apartment until garbage day. Grace help you if you miss garbage day, especially on recycling day. Now you have to wait a week to throw your garbage out. The garbage gets picked up usually before 7am so if I am tired or distracted the night before, I can easily forget. I'm not always the most on top of being a domestic goddess. I have a lot on my plate between parenting and work. Often I put the garbage in the hall much to my landlord's chagrin. Sorry dude, I feel you but legally you're supposed to provide me someplace to put this stuff! I don't bother or ask for anything from him. Dealing with him is less than desirable for many reasons. He'll ask me to pay for things that are clearly within his realm of responsibility and does not understand English well enough to have a rational conversation. So I avoid him, pay my rent diligently and keep to myself.
Anyway, even though my neighborhood is well in the land of gentrification, I still don't thing my apartment is worth what I'm paying for it, and it's close to half my salary. Owning if I buy the right place, will lessen my financial burden anywhere between $200-$500 a month. Not only will have more cash on hand to do things inside of the apartment, I won't feel like I'm throwing my money into something that I can't take with me. And this could also be helpful when it's time to apply for college, in about 5 years or so.
Wow! I am sorry about that. You definitely need to get out of there. I am glad that you are in a position to make a significant change that will positively impact your future. I still have some work to do before I get to that point. Who knows? It certainly will be interesting.
roseba, glad you looked into Parkchester. Just want to point out to you that Parkchester is a CONDO association, not a co-op, so your long-term maintenance costs will be lower than those of a co-op. Not sure which part of Thieriot St you are looking into, but I believe northern part of it has had some crime in recent years. Generally, the best and safest Parkchester condos are around the Oval, and there are generally A LOT of units on the market at any time, particularly including near-foreclosures (just check on Zillow or Trulia). Study everything available for a while before you buy. While I have to admit I am not a native New Yorker and have never lived in NYC for extended time, Parkchester seems to me like unquestionably the best deal in NYC (unless you have enough $ for a penthouse on Park Av :-). We can make it even better if we have more and more solid neighbors like you moving there.
My father and I went to see an apartment in Parkchester on Thieriot Street because it was an open house and therefore it felt like less commitment. We left later than expected because my father was occupied getting detail about a family health crisis of mortal consequences. There was heavy traffic leading to the Throggs Neck bridge so it took far longer than it should to get there. We didn't get to the open house until 2:45 with it ending at 3:00.
However, the realtor was friendly and open and extremely knowledgeable about the area, the apartment, mortgages, taxes, maintenance, which banks are good lenders for the area, first time home buyers stuff, and even HFCD housing. She thinks I might qualify for that. I think I don't qualify by a hair (the story of my life, making too much, but not really enough!) I don't know if it is a city wide standard or varies from building to building. Anyway, more info for anyone interested here. https://www.brickunderground.com/blo.../05/hdfc_guide
The street was flanked with coops on both sides and beautifully shaded with trees. It's a really pretty block. Each building has an outdoor bench area that's fenced in. Theoretically, I like access to an outdoor area, but without grass, I'm don't see myself sitting on a bench in a sea of asphalt unless there is some great social scene there.
The coops on that street are owned by the same management company and seem to be very well maintained. They also have very stringent application process. I doubt I would get turned down, but I was a little put off that they go as far as do a home inspection in your current residence. It feels a little too invasive to me. There is also a 25% flip fee, no matter how long you live there. I don't know how normal that is, but that seems repressive.
That apartment is three blocks from the subway and there are food markets in the area. Otherwise, it seems to offer little other in retail amenities. Truthfully, I do most of my shopping online. I don't have a lot of time to shop and online, I can get exactly what I want without going to 800 stores to find it. It feels safe enough to me even if some of the surrounding streets could use some aesthetic love. The building itself seems to have a lot of elderly people which means in 10 years or so, the whole demographic of the area will change, and the retail options will likely change with it.
I really liked everything I saw and could easily buy this, but the maintenance is a little high. ($954 maintenance on a property listed at $149,999) I could swing it. I figured out the math a bit because I'm learning how the taxes work. I've been writing down stuff, and it seems that most apartments between Parkchester and Allerton have maintenance at around $800. I prefer a lower maintenance because a) one day I'd like to retire b) unlike a mortgage it could continue to climb.
We agreed that I should definitely look at more apartments, and not jump on the first one I see. I JUST started looking so I haven't done all the other prerequisites that one needs to do.
We didn't have the chance to check out Allerton or Norward. It got late and my dad had things to do. I hope to check it out next week.
HFCD co-ops are geared towards people with generational wealth. Nice apartments.
Keep looking. I think you should find a realtor. I would also be weary of places with low mortgages and high maintenance fees. There may be issues with the co-op's financial health. I would also steer clear of any building requiring you to pay more than a mortgage and maintenance fee.
I do not know what a 25% flip fee is. It sounds like a one time fee that should be paid at closing not on a monthly basis. The fee is also supposed to keep maintenance fees low. A maintenance of $954 is not low. I believe something is wrong.
A good realtor should be able to help you out with this. You have work to do. Happy hunting!
Re high-ish maintenance fees in Parkchester, there is no mystery or issue with financial health: most of the units in Parkchester have a complete tax abatement that will still be in place for many future years, meaning that there are no NYC property taxes to pay. The reason for tax abatement is to enable the condo association to have higher maintenance fees that go towards urban renewal of the condo complex. I think that is a great situation, ie, you don't have to pay taxes, while there is at the same time a mandatory improvement of the area. This was actually one of the reasons why I bought my studio in Parkchester.
roseba, glad you looked into Parkchester. Just want to point out to you that Parkchester is a CONDO association, not a co-op, so your long-term maintenance costs will be lower than those of a co-op. Not sure which part of Thieriot St you are looking into, but I believe northern part of it has had some crime in recent years. Generally, the best and safest Parkchester condos are around the Oval, and there are generally A LOT of units on the market at any time, particularly including near-foreclosures (just check on Zillow or Trulia). Study everything available for a while before you buy. While I have to admit I am not a native New Yorker and have never lived in NYC for extended time, Parkchester seems to me like unquestionably the best deal in NYC (unless you have enough $ for a penthouse on Park Av :-). We can make it even better if we have more and more solid neighbors like you moving there.
This is about three blocks from the train station. This is most definitely a coop. The maintenance did give me pause because it is high. I will keep looking.
Quote:
Originally Posted by elnrgby
Re high-ish maintenance fees in Parkchester, there is no mystery or issue with financial health: most of the units in Parkchester have a complete tax abatement that will still be in place for many future years, meaning that there are no NYC property taxes to pay. The reason for tax abatement is to enable the condo association to have higher maintenance fees that go towards urban renewal of the condo complex. I think that is a great situation, ie, you don't have to pay taxes, while there is at the same time a mandatory improvement of the area. This was actually one of the reasons why I bought my studio in Parkchester.
The realtor claimed the building has solid financials. It is extremely well kept. Perhaps the management company is expensive? I dunno. I still don't like the idea of a home inspection at my present residence. It feels intrusive and big brothery, especially when I need to submit a 40 page application, 4 character references, 3 years of tax returns etc etc and submit to a federal criminal record check. They want to see if you are desirable and so they check on your current living situation. In my case, my ex-husband lives under my roof. He won't be coming with me, but that made me nervous as a reason to reject me.
HFCD co-ops are geared towards people with generational wealth. Nice apartments.
Keep looking. I think you should find a realtor. I would also be weary of places with low mortgages and high maintenance fees. There may be issues with the co-op's financial health. I would also steer clear of any building requiring you to pay more than a mortgage and maintenance fee.
I do not know what a 25% flip fee is. It sounds like a one time fee that should be paid at closing not on a monthly basis. The fee is also supposed to keep maintenance fees low. A maintenance of $954 is not low. I believe something is wrong.
A good realtor should be able to help you out with this. You have work to do. Happy hunting!
I don't have generational wealth. My father happens to have retired recently and because he's a boomer and worked in a union for his whole career, his pension + 401K leaves him wealthier than when he was working. And he made decent money before he retired. So he feels he can help me with the 20% down. (That will keep my mortgage payment in check.) I will have to pay him back, but only if I sell and make a profit on it.
The flip fee is that you have to pay 25% of the sale price (or maybe the appreciation price) upon selling the unit, no matter HOW long you live there. I think it's reasonable for 5-10 years, but if you live there longer, I think that's insane. They say it's to ensure stability of the demographic in the building.
I have continued to look around. I see maintenance as low as $600 and as high as $1,000 so I agree, $954 is really high.
Edited to add this: For the record, I'm 48 years old. My father has finally realized that if he doesn't try to help me, I'm never going to get out of the rent merry-go-round. I've been paying crazy market rent for more than 20 years, it's about time that I got some help. (Also, it's been years that I've been telling him that I don't know anyone in my demographic that didn't have a little help with the down=payment to get them started, abeit most of them were in their early 30's when they got help. On the other hand, my socio-demographic has more money than my actual family, buy a large amount. It's one of those things about perceived privilege that can go terribly wrong. I look rich, but I'm not. I live very lean, always have. My parents didn't have financial comfort until a decade after my brother and I finished college. Before that, it was a lot of spaghetti and deferred expenses.)
Roseba, to make a long story a bit shorter, just look up the history of Parkchester online. For a combination of reasons, the former apartment complex fell upon hard times after condo conversion in the late 70s-early 80s, and for about 25 years was in horrible condition of crime and disrepair, where you would never consider to live with your child. Around year 2000, Parkchester was bought by a company, I think they are called Parkchester Preservation Trust or similar, and they also serve as the management company for the condo association. As I mentioned, you pay condo fees that are relatively high relative to the condo purchase price, as a trade-off for not paying property taxes (which taxes are abated so the management company can charge higher condo fees for urban renewal and restoration of the complex). Parkchester Preservation has sold a number of units to individual owners (eg, I bought my studio from them in 2008), but still owns more than half of Parchester, and understandably exerts a strong control over the condo association (actually, two separate condo associations, Parkchester South and North). They do run Parkchester on a short leash, and they will be a constant presence in your life if you buy a Parkchester condo, but I think that has been far more positive than negative, because without that control Parkchester would not be as good as it has become in only 15 years or so. They (as well as all the owner-occupants in Parkchester) are very concerned about who is moving in, and the association does perform a detailed screening. I can't see how, though, how they would reject you on account of your ex-husband. You are divorced, and you are the sole buyer of your future condo, so your ex should not in any way be a factor in the transaction.
Roseba, to make a long story a bit shorter, just look up the history of Parkchester online. For a combination of reasons, the former apartment complex fell upon hard times after condo conversion in the late 70s-early 80s, and for about 25 years was in horrible condition of crime and disrepair, where you would never consider to live with your child. Around year 2000, Parkchester was bought by a company, I think they are called Parkchester Preservation Trust or similar, and they also serve as the management company for the condo association. As I mentioned, you pay condo fees that are relatively high relative to the condo purchase price, as a trade-off for not paying property taxes (which taxes are abated so the management company can charge higher condo fees for urban renewal and restoration of the complex). Parkchester Preservation has sold a number of units to individual owners (eg, I bought my studio from them in 2008), but still owns more than half of Parchester, and understandably exerts a strong control over the condo association (actually, two separate condo associations, Parkchester South and North). They do run Parkchester on a short leash, and they will be a constant presence in your life if you buy a Parkchester condo, but I think that has been far more positive than negative, because without that control Parkchester would not be as good as it has become in only 15 years or so. They (as well as all the owner-occupants in Parkchester) are very concerned about who is moving in, and the association does perform a detailed screening. I can't see how, though, how they would reject you on account of your ex-husband. You are divorced, and you are the sole buyer of your future condo, so your ex should not in any way be a factor in the transaction.
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Update: Saw my first apartment
Nice apartments.
