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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?
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?
Hi,
I live in a co-op in the Pelham Parkway area a block from Brady court that you mentioned.
I know real estate agents in the area who are from here and am myself very familiar with the market around here.
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?
Hi OP. I have a tiny condo in Parkchester, which I was renting out in the past, but had problems with tenants, so decided not to rent it any more, and just use it as a pied a terre for myself when I decide to spend a few weeks in NYC (I just retired - unfortunately, not at the best time to hang out in NYC).
1. I am not familiar with the Bronx outside of Parkchester condo complex, but am quite familiar with the complex. It is not a co-op, but two separate condo associations (South and North). The difference between a co-op and a condo is that with owning a co-op you buy a share of the common ownership of the building, while as a condo owner you actually own the space inside your walls and a share of common areas of the building. I have owned only condos (never a co-op), though they are generally rare in NYC, but judging from my experience, when other owners in the building have legal/financial problems with their units, it does not affect you as a different condo owner (whereas it may affect you much more if other members of a co-op have such problems). It sounds like you are already quite well informed about the Bronx, but if you have specific questions about Parkchester, please ask. If you are looking for a 2 bdrm, I think they can still be found for about $250k in Parkchester.
2. Although I had bought several condos in 3 different states in the past, I never used a sell side agent, but a real estate lawyer, ie, the seller had their lawyer and I as the buyer had my lawyer, but there was only one real estate agent (actually, in case of Parkchester, I bought it directly from Parkchester Preservation company, so there was no real estate agent involved, only their lawyer and mine). Regrettably, I was not happy with the lawyer who was recommended to me for that transaction, so I can't recommend him to you. You can look up online reviews of real estate lawyers in the Bronx (although that is of limited utility, since people with negative experiences will not post anything, due to fear of being accused of libel).
Regarding your concern about fairness of the price, if a 2 bdrm unit is advertised for less than 1 bdrms in the area, then yes, something is likely to be wrong with that 2 bdrm. But one possibility (where there is nothing wrong with the unit itself) is that the owner can no longer afford the mortgage/cost of living in NYC, and has to sell rapidly. A real estate lawyer would be able to confirm when that is the case, and not some serious problem with the unit/building itself.
Hi OP. I have a tiny condo in Parkchester, which I was renting out in the past, but had problems with tenants, so decided not to rent it any more, and just use it as a pied a terre for myself when I decide to spend a few weeks in NYC (I just retired - unfortunately, not at the best time to hang out in NYC).
1. I am not familiar with the Bronx outside of Parkchester condo complex, but am quite familiar with the complex. It is not a co-op, but two separate condo associations (South and North). The difference between a co-op and a condo is that with owning a co-op you buy a share of the common ownership of the building, while as a condo owner you actually own the space inside your walls and a share of common areas of the building. I have owned only condos (never a co-op), though they are generally rare in NYC, but judging from my experience, when other owners in the building have legal/financial problems with their units, it does not affect you as a different condo owner (whereas it may affect you much more if other members of a co-op have such problems). It sounds like you are already quite well informed about the Bronx, but if you have specific questions about Parkchester, please ask. If you are looking for a 2 bdrm, I think they can still be found for about $250k in Parkchester.
2. Although I had bought several condos in 3 different states in the past, I never used a sell side agent, but a real estate lawyer, ie, the seller had their lawyer and I as the buyer had my lawyer, but there was only one real estate agent (actually, in case of Parkchester, I bought it directly from Parkchester Preservation company, so there was no real estate agent involved, only their lawyer and mine). Regrettably, I was not happy with the lawyer who was recommended to me for that transaction, so I can't recommend him to you. You can look up online reviews of real estate lawyers in the Bronx (although that is of limited utility, since people with negative experiences will not post anything, due to fear of being accused of libel).
Regarding your concern about fairness of the price, if a 2 bdrm unit is advertised for less than 1 bdrms in the area, then yes, something is likely to be wrong with that 2 bdrm. But one possibility (where there is nothing wrong with the unit itself) is that the owner can no longer afford the mortgage/cost of living in NYC, and has to sell rapidly. A real estate lawyer would be able to confirm when that is the case, and not some serious problem with the unit/building itself.
Thank you! I actually live in Parkchester and am quite familiar with the condos here but have no experience with co-ops. Were you able to get a rebate for the brokers commission (I read that if you don’t bring your own agent, the sellers agent could split the 6% fee in half with you, is that true?)
Some agents will cooperate with a buyer's agent, and others will not. What you need the buyer's agent to find out at the outset is if the other agent will co-op with the fees, paying the traditional agent commission to your buyer's agent. If they will not, then you are responsible for the fee, should you choose that unit. The time to find that out is prior to setting foot in the property, so you know if you will have to pay fees out of pocket. If searching for a buyer's agent, look for one that has the ABR designation as they understand the process and their responsibility is to you, not the seller as in traditional agency.
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All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
Thank you! I actually live in Parkchester and am quite familiar with the condos here but have no experience with co-ops. Were you able to get a rebate for the brokers commission (I read that if you don’t bring your own agent, the sellers agent could split the 6% fee in half with you, is that true?)
I see :-). Well, if you live in Pk, then you know what I'm talking about :-). As I mentioned, in case of my Pk condo, there was no broker because I bought the condo directly from Pk Preservation Co. They had their lawyer, and I had mine. No brokers. Remember, this is NYC, who knows what people can do to you, so I wouldn't do this without a lawyer.
I don't know how it goes with splitting the agent's fees (when I bought anything in other states, there was only the seller's agent involved, and only the seller paid the broker's fee. In MA, I had additionally a lawyer, same as in NYC. In CA, the seller's agent organized the title search for me with a reputable title company, the title was certified to be free and clear of liens, and I was okay with that, didn't feel I needed a lawyer to do anything else, and there were indeed no legal problems with my CA condo for 12 years that I have had it. In that case, also only the seller paid the broker's fee although the broker handled all my paperwork as well. Incidentally, all my properties are very tiny studios, my Pk condo is probably the smallest one in Pk, the sq footage of all three barely adds up to the size of one normal 2 bdrm unit, so all of my purchases were straight-forward checking transactions without mortgage or other complications, a little more than buying a cheeseburger :-). I am into travel far more than into property, and that is the main purpose of owning these tiny holes in the wall). But a lawyer would also be able to tell you about the broker's fee issue in NYC.
Incidentally, Parkchester North (the leasing office/the office of Mr. Torres, the new general manager, has a very capable staff member, very knowledgeable about housing law although she is not a lawyer. I will try to find her name and send it to you in a personal message - maybe you can look her up at the office, and ask her to recommend you a good real estate lawyer... though, as you may know, they are tremendously busy at that office, and therefore not always particularly polite or able/willing to spend a few minutes on giving free advice/recommendation :-).
Last edited by elnrgby; 07-16-2020 at 07:28 AM..
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