Posted on 07/02/2020 12:58:10 PM PDT by yesthatjallen
Why not just take one of the boarded up places? It's zero dollars a month.
Oh....
As a corollary, real estate sales here in Southern Connecticut are booming. I think a lot of people are looking to escape the city.
Ha—you wish!
https://www.zillow.com/homes/420-E-115th-St-New-York,-NY,-10029_rb/2146460473_zpid/
Well, maybe not.
The term “condo” is rarely used in NYC because owner-occupied apartments can be either condominiums (where the owner holds the title to the individual apartment) or cooperatives (“co-ops”). A co-op is a different arrangement where all the apartments in a building are owned by a holding corporation, and the occupants own shares in the corporation and lease their individual apartments from it.
1. The building was originally constructed as an apartment building.
2. Some years later, it was sold to a buyer who converted it to a co-op and began selling co-op shares to owners who would occupy the individual apartments.
3. A big chunk of the monthly fees paid by the owners in the co-op goes to paying off the underlying mortgage on the building when it was sold from the prior landlord to the co-op developer.
Wait’ll they abolish the police! You haven’t seen anything yet!
I moved to Fairfield County, CT from Massachusetts about six years ago. I am very happy here despite the high taxes and the Leftist government. Supposedly I live in one of the highest density population areas on Earth but I don't feel cramped. I'm surrounded by woods with miles and miles of hiking trails. Over the past week, I've sat on my back deck watching fireflies at night and I see deer in the morning.
It's true you won't find any nice property under a half million dollars but that was about the same up in MA as well, at least eastern MA.
Then I saw the monthly payment of over $3000 and thought, what the heck?
Turns out the HOA fee is over $2000 making the HOA fee higher than the mortgage. I thought this was because they had lots of great facilities like a rooftop pool, etc. to maintain. But if it's just to pay off debt for the building as a whole, then what a ripoff.
Glad you made it out in timely fashion.
“Over the past week, I’ve sat on my back deck watching fireflies at night and I see deer in the morning.”
Sounds nice.
Oh LOOK! 600 sq ft for only $149,000. That’s the cheapest one I could find.
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I have a building that’s 600 sq. ft., I call it, “my shed”.
Nobody wants to live in BLM cities anymore.
Wilhelm Realty Co.
I was born there and grew up in Carteret. Why would anyone want to live there anymore?
I wake up on weekend mornings to the sound of gunfire from the gun range at the hunting club over the hill from my home.
:-)
That’s why it all works out in the end, and the price of the apartment is driven by the total cost of ownership on a monthly basis, not the actual value of the real estate. If the market rate for a 1,300 square foot apartment in your neighborhood comes to $3,000 per month, then you’re either going to buy a $250,000 unit with a $2,500 monthly payment for the underlying mortgage on the building, or an $800,000 unit in the building next door with no underlying mortgage. The two apartments would be identical in every other way.
Yah,I’m somewhat familiar with Greenwich.That’s living in my mind.But just recently I had some free time so I decided to check out the house in New Rochelle where the Goodfellas red Corvette scene was filmed.That area is nice livin’ too!
So much for Million Dollar Listing New York on Bravo.
I feel bad for the Trump Family losing Equity in their NYC Real Estate Holdings.
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