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Old 07-16-2020, 07:45 AM
 
6,023 posts, read 6,295,125 times
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Quote:
Originally Posted by cpan00b View Post
Hi all,

I've recently been scanning zillow and street easy daily for 2 and 3 bedroom co-ops and condos in the Bronx, particularly in the Pelham Parkway, Morristown, Pelham Bay and Parkchester neighborhoods. It looks like the Bronx is still relatively affordable and apartments are selling for under $300k.

I had two questions:

1. Is anyone familiar with co-ops in these neighborhoods? Particularly I am interested in the "Brady Court" Complex. However, I see that the apartments are relatively way below the market. I.e. there are 2 bedroom condos that look to be in good condition (from pictures) that are selling below 175k whereas there are 1 bedrooms selling for that price in the neighborhood or 3 bedrooms for 290k. Clearly, something is wrong with this building (financials? board?)

2. How do I actually find a decent sell side agent that can provide value, i.e. someone knowledgeable about the neighborhoods who knows pricing and can help me navigate and get a good deal? I've reached out on zillow for one or two postings and the agents they connect me with have been real turn offs. They pretty much just want to know if I'm pre qualified and what listings I'm interested in and if I want to move soon. Seems their idea of service is just making appointments for viewings with the seller's agent once they can confirm I am a serious buyer and getting a commission as quickly as possible. Where is the value add if they can't even provide specific knowledge?
Do you mean Morris Park?

That area is okay. Personally I don't like feeling enveloped by buildings. It's much busier over there than the other side of Morris Park.

Do not use realtors through websites like Zillow and Trulia. They are just random people.

Look for a realtor who lives and works in the area. Go through past listings and see who has actually worked sales. When I sold my coop in Brooklyn, I went with a realtor who had previous sales in the building because she knew my board and they knew her. They would know about the financials.

Also: Brady Court Co-Op in The Bronx - Anyone got through the closing?
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Old 07-17-2020, 10:04 PM
 
Location: Bronx, NY
383 posts, read 115,427 times
Reputation: 430
Quote:
Originally Posted by city living View Post
Do you mean Morris Park?

That area is okay. Personally I don't like feeling enveloped by buildings. It's much busier over there than the other side of Morris Park.

Do not use realtors through websites like Zillow and Trulia. They are just random people.

Look for a realtor who lives and works in the area. Go through past listings and see who has actually worked sales. When I sold my coop in Brooklyn, I went with a realtor who had previous sales in the building because she knew my board and they knew her. They would know about the financials.

Also: http:////www.city-data.com/forum/new...nx-anyone.html
Enveloppes by buildings in Morris Park? Where? Brady Court is not in Morris Park it’s in Pelham Parkway. It’s being marketed as Morris Park now to raise prices (Morris Park being more expensive), but West of the elevated 6 train you’re no longer in Morris Park you’re in Pelham Parkway and yes it is mostly buildings.
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Old 07-18-2020, 07:17 AM
 
Location: Beautiful Pelham Parkway,The Bronx
9,014 posts, read 22,147,129 times
Reputation: 7240
Quote:
Originally Posted by cpan00b View Post
Hi all,

I've recently been scanning zillow and street easy daily for 2 and 3 bedroom co-ops and condos in the Bronx, particularly in the Pelham Parkway, Morristown, Pelham Bay and Parkchester neighborhoods. It looks like the Bronx is still relatively affordable and apartments are selling for under $300k.

I had two questions:

1. Is anyone familiar with co-ops in these neighborhoods? Particularly I am interested in the "Brady Court" Complex. However, I see that the apartments are relatively way below the market. I.e. there are 2 bedroom condos that look to be in good condition (from pictures) that are selling below 175k whereas there are 1 bedrooms selling for that price in the neighborhood or 3 bedrooms for 290k. Clearly, something is wrong with this building (financials? board?)

2. How do I actually find a decent sell side agent that can provide value, i.e. someone knowledgeable about the neighborhoods who knows pricing and can help me navigate and get a good deal? I've reached out on zillow for one or two postings and the agents they connect me with have been real turn offs. They pretty much just want to know if I'm pre qualified and what listings I'm interested in and if I want to move soon. Seems their idea of service is just making appointments for viewings with the seller's agent once they can confirm I am a serious buyer and getting a commission as quickly as possible. Where is the value add if they can't even provide specific knowledge?
For these neighborhoods I would confine my search to the following buildings:

In Pelham Parkway...601 Pelham Parkway North, 665 Thwaites Place and 2244 Bronx Park East.
In Morris Park...1144 Lydig Avenue
In Pelham Bay...1910 Pelham Parkway South, Possibly 1874 Pelham Parkway South and 1600 Parkview Ave. 1874 Pelham Parkway South ....used to be great and is ok on it's own but now has a homeless shelter next door.

A lot of the other buildings in these neighborhoods have either financial or quality of life issues to varying degrees.Some are ok but some have real problems. Many have survived for decades by refinancing their mortgages every few years and constantly increasing their debt . This might be getting to be a little less of a problem very recently because mortgage rates are so low now but that doesn't totally negate a bad financial culture .

Don't buy a coop in The Bronx ( maybe anywhere) if less than 85% or 90% of the units are owner occupied . Many buildings have either lots of sponsor held apartments that are rented out or a freewheeling rental ( sublet) policy for owners so that 1/2 or more of the units are occupied by renters. Not good,especially in The Bronx. You should buy an apartment to have peace of mind and control over your quality of life. Why commit hundreds of thousand to live in what is essentially a rental building ?

99% of the agents( most of them are not brokers) in The Bronx are totally useless. Most of them wouldn't even know how to analyze a building's culture or finances if they had to. They can't even give you a reasonably accurate sq footage on an apartment . You really have to do all of that yourself.

Brady Court is very enticing on many levels but seems to have something of a history of financial malfeasance that bubbles to the surface every 10 or 15 years. It almost went completely under as a co op at one point in the 90's and then there was another blow up 8 or 10 years ago. You can find info by googling and searching public records.
Apartments are nice and the grounds are beautiful and pretty well maintained but the history made me nervous. Not sure what the situation is currently.

Last edited by bluedog2; 07-18-2020 at 08:26 AM..
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Old 07-18-2020, 08:26 AM
 
Location: Bronx, NY
383 posts, read 115,427 times
Reputation: 430
Quote:
Originally Posted by bluedog2 View Post
For these neighborhoods I would confine my search to the following buildings:

In Pelham Parkway...601 Pelham Parkway North, 665 Thwaites Place and 2244 Bronx Park East.
In Morris Park...1144 Lydig Avenue
In Pelham Bay...1910 Pelham Parkway South, Possibly 1874 Pelham Parkway South and 1600 Parkview Ave. 1874 Pelham Parkway South ....used to be great and is ok on it's own but now has a homeless shelter next door.

A lot of the other buildings in these neighborhoods have either financial or quality of life issues to varying degrees.Some are ok but some have real problems. Many have survived for decades by refinancing their mortgages every few years and constantly increasing their debt . This might be getting to be a little less of a problem very recently because mortgage rates are so low now but that doesn't totally negate a bad financial culture .

Don't buy a coop in The Bronx ( maybe anywhere) if less than 85% or 90% of the units are owner occupied . Many buildings have either lots of sponsor held apartments that are rented out or a freewheeling rental ( sublet) policy for owners so that 1/2 or more of the units are occupied by renters. Not good,especially in The Bronx. You should buy an apartment to have peace of mind and control over your quality of life. Why commit hundreds of thousand to live in what is essentially a rental building ?

99% of the agents( most of them are not brokers) in The Bronx are totally useless. Most of them wouldn't even know how to analyze a building's culture or finances if they had to. They can't even give you a reasonably accurate sq footage on an apartment . You really have to do all of that yourself.
1144 Lydig is nice I almost moved there, But it fell through.
Also two other complexes I would recommend that are managed by the same company and are being cleaned up financially, by discouraging renting out and recovering arrears are The Wallace-Holland apartments spanning between Wallace and Holland avenues between Lydig and Brady; they charge homeowners $200 extra if you rent out, if renters want to rent a parking space they pay more since they’re not the owners, on top of the rising common charges.
Another o e is actually a condo, The Waring Hall condominium, doing better and better over the years, attorneys are now recovering arrears from unpaid common charges, and, the sale prices went up 1.5 times in the last five years.... it’s a condo so more flexible.
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Old 07-18-2020, 08:30 AM
 
Location: Confines of the 101 Precinct
28,257 posts, read 40,846,074 times
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Quote:
Originally Posted by BX_Fly View Post
1144 Lydig is nice I almost moved there, But it fell through.
Also two other complexes I would recommend that are managed by the same company and are being cleaned up financially, by discouraging renting out and recovering arrears are The Wallace-Holland apartments spanning between Wallace and Holland avenues between Lydig and Brady; they charge homeowners $200 extra if you rent out, if renters want to rent a parking space they pay more since they’re not the owners, on top of the rising common charges.
Another o e is actually a condo, The Waring Hall condominium, doing better and better over the years, attorneys are now recovering arrears from unpaid common charges, and, the sale prices went up 1.5 times in the last five years.... it’s a condo so more flexible.
1144 Lydig, check out whats on the roof:

https://goo.gl/maps/h7qy15aU8Af6HJPi6

They're bringing in money through that and they have a few commercial properties, its a mixed-use building

No matter where the co-op is located, its always good if the building is mixed-use

Remember, a co-op is a business. You have to ask yourself how does the business make money

And 1144 Lydig has off-street parking too? That is sweet.
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Old 07-18-2020, 08:33 AM
 
Location: Bronx, NY
383 posts, read 115,427 times
Reputation: 430
Quote:
Originally Posted by SeventhFloor View Post
1144 Lydig, check out whats on the roof:

https://goo.gl/maps/h7qy15aU8Af6HJPi6

They're bringing in money through that and they have a few commercial properties, its a mixed-use building

No matter where the co-op is located, its always good if the building is mixed-use

Remember, a co-op is a business. You have to ask yourself how does the business make money
I can’t see on my smartphone screen... what’s up there?

Oh and by the way this building is a condo
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Old 07-18-2020, 08:35 AM
 
Location: Confines of the 101 Precinct
28,257 posts, read 40,846,074 times
Reputation: 12097
Quote:
Originally Posted by BX_Fly View Post
I can’t see on my smartphone screen... what’s up there?

Oh and by the way this building is a condo
It's a condo? Meh. Just my bias from having lived in both a condo and co-op at different times of my life, I prefer co-ops. I like the financial structure of co-ops better; I don't get the impression that condos are designed to generate money. A co-operative is essentially a business. I like that where I live generates income for the overall good of the company. 1144 would prolly be better off if they converted to co-op, they have the perfect set-up for it.

I won't ruin it for the rest of the class about whats up there
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Old 07-18-2020, 08:42 AM
 
Location: Confines of the 101 Precinct
28,257 posts, read 40,846,074 times
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Even better, 1144 could become a cond-op, but thats for advanced classes only
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Old 07-18-2020, 08:44 AM
 
Location: Bronx, NY
383 posts, read 115,427 times
Reputation: 430
Quote:
Originally Posted by SeventhFloor View Post
It's a condo? Meh. Just my bias from having lived in both a condo and co-op at different times of my life, I prefer co-ops. I like the financial structure of co-ops better; I don't get the impression that condos are designed to generate money. A co-operative is essentially a business. I like that where I live generates income for the overall good of the company. 1144 would prolly be better off if they converted to co-op, they have the perfect set-up for it.

I won't ruin it for the rest of the class about whats up there
Well, a condo is like owning your own house inside of a building, maintenance is lower but other expenses add up. So it especially suitable for luxury condos, since they paid all that money they don’t want to be subjected to that many rules and not be able to do work in their own apartment in such and such way.
What I like with co-ops is though common charges seem high, all the “work” is done for you , more or less, and the rules are like you mentioned, “company rules”, everyone has to live well and cooperate for the well being of the “business”.
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Old 07-18-2020, 08:46 AM
 
Location: Confines of the 101 Precinct
28,257 posts, read 40,846,074 times
Reputation: 12097
Quote:
Originally Posted by BX_Fly View Post
Well, a condo is like owning your own house inside of a building, maintenance is lower but other expenses add up. So it especially suitable for luxury condos, since they paid all that money they don’t want to be subjected to that many rules and not be able to do work in their own apartment in such and such way.
What I like with co-ops is though common charges seem high, all the “work” is done for you , more or less, and the rules are like you mentioned, “company rules”, everyone has to live well and cooperate for the well being of the “business”.
That is exactly why condos work better as townhouse complexes, such as Shorehaven in Soundview. Not for apartment buildings. IMO. Co-op living is easy, if its run correctly, you just pay every month with a few clicks and put your feet up

Only reason I touch snow nowadays is because our off-street parking is outdoors.
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