My NYC Black Folk......Gentrification

[Cave Savage]

Pages ago nikkas said the Bronx ain't getting gentrified
nikkas laughed when I said if you wanna stay in this area move to jersey

Well most of the Bronx won't be gentrified anytime soon, but rents are still gonna go up

I'm bout to get my co-op Lord willing just gotta pass the board You guys think it is a game? The NYT has already featured places in the North Bronx like Pelham Parkway. Goldfarb already working on pushing the poorer folks out of the buildings they acquired there. One thing that needs to be done is to send the homeless from other cities back to where they came from. Sounds harsh, but they take up resources.

If you ain't making no guap/live in a rent stable apartment y'all gonna find yourselves in Mount Vernon or Yonkers.

Mount Vernon and Yonkers rents aren't cheap either

Honestly though, I can't see the gentry type moving to The North Bronx anytime soon, it's really far from lower Manhattan by subway.

 

[AB Ziggy]

Well most of the Bronx won't be gentrified anytime soon, but rents are still gonna go up




Mount Vernon and Yonkers rents aren't cheap either

Honestly though, I can't see the gentry type moving to The North Bronx anytime soon, it's really far from lower Manhattan by subway.

Woodlawn and Wakefield 241st aren't exactly far from the border with Westchester. These developers will do whatever it takes.

And cacs nowadays will find ANYWERE as long as they get to say "I live in NYC" for bragging rights.

And new buildings are being constructed on Webster by Tremont and Fordham,it's gonna happen breh

 

[Apollo Creed]

I'm bout to get my co-op Lord willing just gotta pass the board You guys think it is a game? The NYT has already featured places in the North Bronx like Pelham Parkway. Goldfarb already working on pushing the poorer folks out of the buildings they acquired there. One thing that needs to be done is to send the homeless from other cities back to where they came from. Sounds harsh, but they take up resources.

If you ain't making no guap/live in a rent stable apartment y'all gonna find yourselves in Mount Vernon or Yonkers.

Explain the Co Op Concept to me and is Harlem pretty much a wrap?

 

[Cave Savage]

Woodlawn and Wakefield 241st aren't exactly far from the border with Westchester. These developers will do whatever it takes.

And cacs nowadays will find ANYWERE as long as they get to say "I live in NYC" for bragging rights.

And new buildings are being constructed on Webster by Tremont and Fordhamit's gonna happen breh

There are already lots of cacs in Woodlawn, lol.

Fordham has Fordham University so I can see that area getting somewhat gentrified, but outside of the college it's still a rough area if I'm not mistaken.

But it seems like as of now, most cacs are still too scared to go to The Bronx for anything other than Yankee Games or The Bronx Zoo. Any changes are gonna happen very gradually.

 

[Cave Savage]

Explain the Co Op Concept to me and is Harlem pretty much a wrap?

A co-op is like a condo, except you own a share in the building technically rather than owning the apartment itself. You pay maintenance fees every month which are like a mini rent, a condo is like that too though.

Co-ops can be pretty affordable, but they don't appreciate as much as a condo would. And if I'm not mistaken, the monthly maintenance fees tend to be higher.

It's probably a better idea to buy a co-op than piss away your money every month on rent. Way more affordable to own a co-op in the long run.

 

[Apollo Creed]

A co-op is like a condo, except you own a share in the building technically rather than owning the apartment itself. You pay maintenance fees every month which are like a mini rent, a condo is like that too though.

Co-ops can be pretty affordable, but they don't appreciate as much as a condo would. And if I'm not mistaken, the monthly maintenance fees tend to be higher.

It's probably a better idea to buy a co-op than piss away your money every month on rent. Way more affordable to own a co-op in the long run.

Is it physically different than a Condo? and the maintenance fee sounds like a HOA fee.

 

[Cave Savage]

Is it physically different than a Condo? and the maintenance fee sounds like a HOA fee.

To my understanding, it's the same thing physically more or less. And yeah it's pretty much the same thing, but in the case of co-ops it covers property tax. I'm not sure if a HOA fee covers that.

 

[Apollo Creed]

To my understanding, it's the same thing physically more or less. And yeah it's pretty much the same thing, but in the case of co-ops it covers property tax. I'm not sure if a HOA fee covers that.

Gotcha. So I assume you get a mortgage for your unit for a couple hundred grand?

 

[Azul]

To my understanding, it's the same thing physically more or less. And yeah it's pretty much the same thing, but in the case of co-ops it covers property tax. I'm not sure if a HOA fee covers that.

With a condo, you have to pay your own property taxes which depending on the size and other factors, may not be too much in NYC. Maintenance fees vary GREATLY. Some may include all utilities (which is pretty ideal), but most will include property taxes, heat, and hot water. You'd just pay gas and electric. Unless you plan on cooking a feast for 10 every night and your lights are on 24/7, those bills shouldn't break the bank. A percentage of your maintenance fees are tax deductible.

A building with a lot of amenities (doorman, gym, pool, etc.) is going to have high maintenance fees. If a building doesn't have luxury amenities yet has maintenance fees like look like rent ($750+ and I'm being slightly generous here) I'd be like . It could be a big sign that their financials aren't solid. Buy into a building that has a good amount of reserves so if they need to make improvements there won't be fukkery afoot.

While true that co-op usually don't appreciate as fast a condo, if you buy low in a place that gentrifies you're in a good spot. If quality of life is important to you, then you'd be happy with a good co-op because they don't tolerate ratchet behavior. With a condo, as long as you have the funds you're in. Then they can turn around and rent to anymore (some condo association do not allow renting, but not many). I was thinking about buying in Parkchester but the apartment I was interested in had section 8 ratchets next door

There is a lot more information I could break down. Do you have some savings breh? @CashmereEsquire

 

[Apollo Creed]

With a condo, you have to pay your own property taxes which depending on the size and other factors, may not be too much in NYC. Maintenance fees vary GREATLY. Some may include all utilities (which is pretty ideal), but most will include property taxes, heat, and hot water. You'd just pay gas and electric. Unless you plan on cooking a feast for 10 every night and your lights are on 24/7, those bills shouldn't break the bank. A percentage of your maintenance fees are tax deductible.

A building with a lot of amenities (doorman, gym, pool, etc.) is going to have high maintenance fees. If a building doesn't have luxury amenities yet has maintenance fees like look like rent ($750+ and I'm being slightly generous here) I'd be like . It could be a big sign that their financials aren't solid. Buy into a building that has a good amount of reserves so if they need to make improvements there won't be fukkery afoot.

While true that co-op usually don't appreciate as fast a condo, if you buy low in a place that gentrifies you're in a good spot. If quality of life is important to you, then you'd be happy with a good co-op because they don't tolerate ratchet behavior. With a condo, as long as you have the funds you're in. Then they can turn around and rent to anymore (some condo association do not allow renting, but not many). I was thinking about buying in Parkchester but the apartment I was interested in had section 8 ratchets next door

There is a lot more information I could break down. Do you have some savings breh? @CashmereEsquire

I`m in ATL so this isn't something I`m pursing now, I`m just wondering if I'd even have a chance in 10 yrs? Can you "Sub lease" in a Co Op? Like If I copped one and wanted to rent out to Columbia students or something. I assume FHA loans can be used for these joints so I wouldn't need an insane amount of cash down, but then again I dont know the FHA rules when it comes to rental properties (I have a conventional loan for my current home).

 

[Azul]

I`m in ATL so this isn't something I`m pursing now, I`m just wondering if I'd even have a chance in 10 yrs? Can you "Sub lease" in a Co Op? Like If I copped one and wanted to rent out to Columbia students or something. I assume FHA loans can be used for these joints so I wouldn't need an insane amount of cash down, but then again I dont know the FHA rules when it comes to rental properties (I have a conventional loan for my current home).

10 yrs? NYC? Honestly, I don't know. Subleasing depends on the building.

Some are (absolutely not allowed)
Some are (the potential tenant needs to be approved by the board and may or may not have a time limit)
Others are (whatever...if they can pay the rent they are good)

You'd want to steer clear from the whatever and try to find a building that doesn't give you time constraints on how long you can sublease. I have NEVER seen a co-op that allows FHA. The very least you'd be putting down is 10% (20% is usually the norm). If you want FHA for an investment, your better bet is a condo or even a multi-family. I forget whether FHA loans must be owner-occupied. I don't think so though. I'm actually in a very good spot because I'm using a loan subsidy (that doesn't have to be paid back) that will pay BOTH my DP and closing cost

 

[Apollo Creed]

10 yrs? NYC? Honestly, I don't know. Subleasing depends on the building.

Some are (absolutely not allowed)
Some are (the potential tenant needs to be approved by the board and may or may not have a time limit)
Others are (whatever...if they can pay the rent they are good)

You'd want to steer clear from the whatever and try to find a building that doesn't give you time constraints on how long you can sublease. I have NEVER seen a co-op that allows FHA. The very least you'd be putting down is 10% (20% is usually the norm). If you want FHA for an investment, your better bet is a condo or even a multi-family. I forget whether FHA loans must be owner-occupied. I don't think so though. I'm actually in a very good spot because I'm using a loan subsidy (that doesn't have to be paid back) that will pay BOTH my DP and closing cost

Gotcha, would you say Harlem is a wrap though?

I say 10 yrs because many people think we will see another bubble burst.

 

[Retired Account]

The NYT has already featured places in the North Bronx like Pelham Parkway.

White people live there already

Woodlawn and Wakefield 241st aren't exactly far from the border with Westchester. These developers will do whatever it takes.

And cacs nowadays will find ANYWERE as long as they get to say "I live in NYC" for bragging rights.

And new buildings are being constructed on Webster by Tremont and Fordham,it's gonna happen breh

The parts of Westchester that border Wakefeild is mostly black. White people live in Woodlawn already

 

[Azul]

White people live there already

I know this breh, I live a few minutes away what I'm saying it is the kind of white people....these guys

are not the Albanian, Italian, and Jewish ppl who are there already. These are the people priced out of Manhattan and Brooklyn. They are the ones you gotta look out for for. Look at the millions they are pumping into the area which includes designated bike lanes.

You think this is for regular nikkas?

 

[Azul]

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