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I have been living in this city for 35 years and in The Bronx for 10 and I will tell you that people looking to buy apartments in The Bronx, whether co ops or condos , do not want to buy in buildings or complexes that are primarily rental buildings. For exactly this reason, the condos in my neighborhood actually sell for less per sq ft than the co ops even though almost everywhere else in the city it is the opposite. People are sheepish enough about buying in The Bronx at all . If they want to buy they want to have owners as neighbors ,not renters.
You can choose to ignore it or not, I don’t really care but it is the number one reason why Parkchester suffers. It is not because Parkchester is an unknown to NY’ers. As a matter of fact, it was one of the first places I looked at when moving from Brooklyn because it was one of the only places in The Bronx I had heard of.
I know dozens of people who have moved to The Bronx from other boroughs in the last 10 years and they all knew of and looked in Parkchester. Everybody who looks at apartments in The Bronx looks in Parkchester.
The Parkchester rental market has risen dramatically in the last 10 years but the sales prices have remained almost completely static even though prices of most other condos and coops in the borough have risen dramatically as well. I have instinctively known that the number of renters in Parkchester was always an issue. I just didn’t know how much of an issue until you posted the numbers. It’s a problem. Believe it or not.
Everyone looks at Parkchester because it is still somewhat of a deal if you're coming from say Brooklyn where you're priced out, then $1300 for a one bedroom isn't so bad. I personally couldn't live there. It has this hood element that is present that I don't like. If I were going to live in the Bronx it would have to be more upscale.
It's NOT 1300 for a one bedroom anymore. The owners of the apartments can get 1500 for one bedroom via section 8 now. that's the new low ceiling. Guaranteed 1500 dollars versus 1300 market rate? What do you think they pick? I looked into Parkchester many times over the years and the prices keep sky rocketing in tandem with subsidies. Without vouchers, half the neighborhoods in the bronx would NOT be able to get away with charging such ridiculous prices for their apartments.
Everyone looks at Parkchester because it is still somewhat of a deal if you're coming from say Brooklyn where you're priced out, then $1300 for a one bedroom isn't so bad. I personally couldn't live there. It has this hood element that is present that I don't like. If I were going to live in the Bronx it would have to be more upscale.
Hint: the “hood element” you speak of are not owners. They are renters who are on programs renting from absentee owners like the OP. The place is just too massive for there to ever be any meaningful control over what owners are renting out and who they are renting to.I don’t care how much control they say they have or think they have.
You want to laugh even HARDER!? I recently, like last WEEK... looked into Flatbush Gardens... the former Van Der Veer houses... well... now the cheapest studio is 1610 and a one bedroom is 2000 :/ REALLY?
Flatbush Gardens was the same run down complex trying to lure in wealthier tenants just a few years ago with the promise of 900 dollar studios and 1100 dollar one bedrooms. Now it's 1600 and 2000 respectively. These price increases are aggregious and disgusting and do nothing to help the neighborhood to be honest, in fact probably makes it WORSE.
I am acquaintances with someone who moved into Flatbush Gardens into a market rate one bedroom a while back for like 1500 and she said stay far far far far far away, it's not worth it. I was like, of course I will cuz at that rent I don't even qualify for the 40x rent rule even though I have had a professional job for the last 20 years in this city. gross.
I have been living in this city for 35 years and in The Bronx for 10 and I will tell you that people looking to buy apartments in The Bronx, whether co ops or condos , do not want to buy in buildings or complexes that are primarily rental buildings. For exactly this reason, the condos in my neighborhood actually sell for less per sq ft than the co ops even though almost everywhere else in the city it is the opposite. People are sheepish enough about buying in The Bronx at all . If they want to buy they want to have owners as neighbors ,not renters.
You can choose to ignore it or not, I don’t really care but it is the number one reason why Parkchester suffers. It is not because Parkchester is an unknown to NY’ers. As a matter of fact, it was one of the first places I looked at when moving from Brooklyn because it was one of the only places in The Bronx I had heard of.
I know dozens of people who have moved to The Bronx from other boroughs in the last 10 years and they all knew of and looked in Parkchester. Everybody who looks at apartments in The Bronx looks in Parkchester.
The Parkchester rental market has risen dramatically in the last 10 years but the sales prices have remained almost completely static even though prices of most other condos and coops in the borough have risen dramatically as well. I have instinctively known that the number of renters in Parkchester was always an issue. I just didn’t know how much of an issue until you posted the numbers. It’s a problem. Believe it or not.
Talk that talk Fam
"the bottom line"
I gave Reps.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
I've known about Parkchester since at least 12 years ago. And I'm a transplant! I've never been there, but can't say it ever held much appeal for me, and now it holds less If I were going to buy in the Bronx, I would look at Grand Concourse, Kingsbridge (although I've never been there), Pelham Parkway and Woodlawn (Woodlawn only if I were buying a house). I'd probably be open to other areas as well. I have a lot to learn about the Bronx.
Stuy Town is a huge air b&b thing now, along with dorm rentals where 5 students live in a two bedroom apartment. guh-ROSS. I'd rather live with crackheads than rich university students and eurotrash on vacation on the cheap.
Stuy Town is a huge air b&b thing now, along with dorm rentals where 5 students live in a two bedroom apartment. guh-ROSS. I'd rather live with crackheads than rich university students and eurotrash on vacation on the cheap.
Stuy Town is all rentals anyway
And I thought I taught you how to quote other people's quotes last year?
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
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If I were going to buy in the Bronx, I would look at Grand Concourse, Kingsbridge (although I've never been there), Pelham Parkway and Woodlawn (Woodlawn only if I were buying a house). I'd probably be open to other areas as well. I have a lot to learn about the Bronx.
