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This is a terrific post and I'm going to put it in my "house buying" archive for reference. That way, when I see a listing, I can cross reference it.
After sleeping on it, I realize I can't let "fear of missing out" drive my decision. It needs to take as long as it takes until I find the right fit, because really and truly, I'm at my next place for at least 10 years.
(I've been at my current apartment for 13 years, when I only intended to be here a few years and that's renting, not owning.)
APRs are rising, but they aren't rising THAT fast. I should be ok. Slow and steady. THANK YOU, THANK YOU.
Yeah don't fall into the trap of thinking that your house is a not a home. Forget the investment stuff. You have a child too, you gotta be able to go outside at any time at night if you need to if your child needs something and not be afraid. You have to feel comfortable around your way. A lot of people are buying places and scared to go to the corner store, believe it or not. Those are the ones that take Uber home late, and all that other stuff. You don't want to live like that. You need to feel comfortable around your way. I live in the hood, but I am comfortable, meaning that if I want to walk to the store at 3 AM, I can without feeling like a prisoner. I don't, but if I need to I can without feeling any type of way. Choose wisely, and good luck.
PS: Bluedog is right, I would be perfectly fine buying up there, my only issues would be schools and parking like I stated before. Even the commute to work would be roughly the same for me. If the building was nice, I personally would have looked twice if I was you. Now Parkside is no Edenwald, but it can look rough. I treat all NYCHA the same anyway, so if you're uncomfortable living close to NYCHA, don't bother. I live across the street from NYCHA but my hood tolerance is way high so it doesn't bother me. I don't get the impression you would feel comfortable living close to NYCHA.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I live in Parkchester, but do jog to 'different parts' of Allerton Avenue, from time to time; The western part would be White Plains Road and Bronx Park East, and an eastern part would be Eastchester Road. Of course, Eastchester Road is considered the 'preferable' spot due to, 1) the quiet, suburban feel, and 2) a lot of traffic on White Plains Road (however, being the next block over, along Bronx Park, isn't bad, at all!).
I would relay the suggestion that you go one Saturday evening, and get a feel for the neighborhood. See how comfortable it is. Another suggestion would be, as you suggested, to see if you can knock down some dollars on the rent, based on an unfurnished kitchen.
It is convenient by transportation. But one issue that would be prevalent would be the constant weekend maintenance on both 2 and 5 lines, both along White Plains and along the Eastchester Dyre Av Lines! (Do you work weekends in Mitdown?). But a good thing is that the BxM 11 Express bus does run every hour to Manhattan.
I live in Parkchester, but do jog to 'different parts' of Allerton Avenue, from time to time; The western part would be White Plains Road and Bronx Park East, and an eastern part would be Eastchester Road. Of course, Eastchester Road is considered the 'preferable' spot due to, 1) the quiet, suburban feel, and 2) a lot of traffic on White Plains Road (however, being the next block over, along Bronx Park, isn't bad, at all!).
I would relay the suggestion that you go one Saturday evening, and get a feel for the neighborhood. See how comfortable it is. Another suggestion would be, as you suggested, to see if you can knock down some dollars on the rent, based on an unfurnished kitchen.
It is convenient by transportation. But one issue that would be prevalent would be the constant weekend maintenance on both 2 and 5 lines, both along White Plains and along the Eastchester Dyre Av Lines! (Do you work weekends in Mitdown?). But a good thing is that the BxM 11 Express bus does run every hour to Manhattan.
Good luck!
This person is looking to purchase, not rent. I don't think going one Saturday is enough for such an important transaction. The current neighborhoods that I live in I either researched thoroughly and/or made numerous visits with thorough walk-throughs. Also checked crime stats, and a bunch of other things. How you could say the area is convenient by transportation is beyond me. Pelham Parkway is much more convenient than that area even though they have more or less the same options, not to mention cleaner in parts. The major difference is Pelham Parkway is further south and also has access to Metro-North. The OP could take the express bus at one of the last stops by the Bronx Zoo, take Metro North or the subway. All would offer fairly competitive commute times, and she would be MUCH safer.
I would also recommend doing some homework on the building's financials.
A Google walk shows it as a pretty grim area, rose.
I concur that Olinville South of Allerton looks a lot better than North.
I live in one of the safest areas of all of Queens even though it's not asethetically super pleasing. Before that, one of the safest areas in all of Brooklyn. So without sounding too messed up, my standards are higher than most places I can afford to live. Sucks being a divorced mom. (I could use a second income or a kid that came with a paycheck. )
So I need others to help me guage what's a real concern, and what's me being a woman with caviar tastes on a tuna fish budget.
I live in one of the safest areas of all of Queens even though it's not asethetically super pleasing. Before that, one of the safest areas in all of Brooklyn. So without sounding to messed up, my standards are higher than most placed I can afford to live. Sucks being a divorced mom. (I could use a second income or a kid that came with a paycheck. )
So I need others to help me guage what's a real concern, and what's me being a woman with caviar tastes on a tuna fish budget.
Whatever happened to the place you were considering in Pelham Parkway?
I live across the street from NYCHA but my hood tolerance is way high so it doesn't bother me. I don't get the impression you would feel comfortable living close to NYCHA.
Let's just say, this once little blonde haired blue eyed girl grew up in Alphabet city, when it was at its worst. (Mid 70's through Early 80's). I had a lot of scary and downright abusive situations happen to me, things that should not have happened to a little girl; some of it was targeted simply because of the way I looked. Even after years living there, many people didn't recognize me as someone who lived in the neigbhorhood and treated me poorly because of it. It left a scar on me. My daughter just turned 12. I don't want her to deal with that. She has enough issues being a tween.
It is convenient by transportation. But one issue that would be prevalent would be the constant weekend maintenance on both 2 and 5 lines, both along White Plains and along the Eastchester Dyre Av Lines! (Do you work weekends in Mitdown?). But a good thing is that the BxM 11 Express bus does run every hour to Manhattan.
LOL. I live on the M line! We never have weekend service, and when we do, it's always three train rides. The line will be going down to shuttle bus status and then shuttle train status for 8 months and all I keep hearing about is the L shutting down, which is not happening for another year.
This person is looking to purchase, not rent. I don't think going one Saturday is enough for such an important transaction. The current neighborhoods that I live in I either researched thoroughly and/or made numerous visits with thorough walk-throughs. Also checked crime stats, and a bunch of other things. How you could say the area is convenient by transportation is beyond me. Pelham Parkway is much more convenient than that area even though they have more or less the same options, not to mention cleaner in parts. The major difference is Pelham Parkway is further south and also has access to Metro-North. The OP could take the express bus at one of the last stops by the Bronx Zoo, take Metro North or the subway. All would offer fairly competitive commute times, and she would be MUCH safer.
I would also recommend doing some homework on the building's financials.
I'll admit, I should've realized that the person wanted to purchase! (yes, I know, big miss!). With that said, I am a big fan of anyone who obtains property in the City of New York, even as an investment! (although I do prefer the person live in the community for 'a minute'!).
If the area is Ollevvile and Allerton, then It IS convenient! That's two blocks away from the Allerton Avenue the train station. And the BxM11, at Boston Road and Pelham Parkway, is only a 5, max 10 minute walk. To me, that's not very 'further south'! Is it a coop or condo?
Yes, I know the issues of Parkside projects! No, it ain't 'perfect'. But some posters, here, post about neighborhoods in the Bronx as if they are all like Soundview, Mott Haven, etc, (now, those are rough!) and, as a result, keep some people from deciding on a good opportunity! With that said, yes, the person should get a look at the neighborhood and get building financials. Good luck to the poster!
Whatever happened to the place you were considering in Pelham Parkway?
The problem with that place was a few things:
1. They wanted to do a home inspection of my current residence. They said it is to see how I live, who I live or don't live with. My ex-h is still living there, but won't be moving in with me in the next place. But outside of that, it's super creepy and intrusive.
2. They had the real estate agent (who was very nice) so wound up about her open house, that I thought she was going to have a nervous breakdown.
3. They have a 40 page application process, on top of all the other stuff necessary for buying an apartment.
Which made me wonder, how intrusive they would be in my day to day. I don't have guests often, but I really do want some privacy.
3. The flip tax. This was a big one. They had a 25% Flip tax on the property whether you hold it a year, or 30 years. I have heard of this on properties that sell at a discounted rate, but this is at market rate.
When I'm ready to sell, it is because I am moving to a place that never sees snow. It also means, I am no longer working because I have decided to retire. I don't want to lose that much of my investment, upon selling. Especially since things come up. The family who is selling got a job in another city which is why they are moving. I could, gasp, get married again and want a bigger place. That flip seems like a strangle hold.
So for example: My dad bought his place in 1989. Then the market crashed. His mortage was upside down for more than a decade where he had to pay prices far exceeding the value of his apartment. Finally, after holding this apartment for nearly 30 years, it's worth nearly double what he paid. So that's $150K profit. With a 25% fip tax, he'd have to pay $37,500 back into the building that already charges a high maintenance and assessments.
I can't stomach the flip tax. It seems overly high. I suspect that keeps buyers away.
4. The maintenance was a little higher than average.
LOL. I live on the M line! We never have weekend service, and when we do, it's always three train rides. The line will be going down to shuttle bus status and then shuttle train status for 8 months and all I keep hearing about is the L shutting down, which is not happening for another year.
Are you in Bushwhick or Ridgewood? I'm sure you know about the little intersection of Myrtle and Broadway, which is THE Ground Zero for the K2 epidemic! And close by that intersection are both Sumner and Roosevelt Houses! Which make Parkside look like a country club on the 'hood meter'! I'm from Tompkins Houses, nearby, so I know...!
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