OT: Apartment for sale. Only 1.59 million.

[Snapolit1]

That is actually not a bad price for that neck of the woods for that apartment. The carrying charges appear to be insane though. Hence why the current owner is not making a profit.

Livvy missed out.

[Brian Van Horn]

Originally Posted by Snapolit1

That is actually not a bad price for that neck of the woods for that apartment. The carrying charges appear to be insane though. Hence why the current owner is not making a profit.

Livvy missed out.

https://www.msn.com/en-us/lifestyle/...d=BingNewsSerp

[bbcard1]

A few years ago, Ty Cobb's house was for sale in Georgia at a decent price. At the time, I was still working 60 hours a week. I thought about buying it and turning it into a VRBO where baseball buddies could meet, have their fantasy league drafts or old ballplayers reunions. I still think the right property could be viable for such a concept.

[packs]

Apartment prices always seem reasonable in Manhattan until you look at the HOA fees. You take out one mortgage to buy the apartment and another to keep up with the monthly charges.

[Smanzari]

That's Neat! Here's an actual listing of the Apartment with more Pics (reading the article, it sounds like its a little different than from when Ruth lived there though)

https://streeteasy.com/building/345-...j3DZEd1_NfUcPv

[ruth-gehrig]

Babe did it right
Beer on tap

[Jay Wolt]

The monthly maintenance fee is almost $4300 a month...
Over & above the mortgage payment

[Michael B]

Originally Posted by packs

Apartment prices always seem reasonable in Manhattan until you look at the HOA fees. You take out one mortgage to buy the apartment and another to keep up with the monthly charges.

Interesting thing is that technically it is not a mortgage. It is a chattel financing statement. You are purchasing stock in the corporation that owns the building and 'leasing' the apartment. I have worked on a few of them in Mass. and D.C. Part of the Watergate complex in D.C. is a co-op. Ruth Bader Ginsberg lived there.

It is the co-op board (stockholders -occupants of the other apartments) that decide whether you can live there.

[packs]

I didn't mean it was an actual mortgage, just that you're practically paying a second one forever when you buy an apartment in NYC. On the surface, the price to buy the apartment seems pretty reasonable. There are lots of apartments for sale for three to five hundred thousand dollars. But the HOA fees will eat you alive and they'll never end.

[bmattioli]

I would voted no as well. I'm a Redsox fan..

[Michael B]

Originally Posted by packs

I didn't mean it was an actual mortgage, just that you're practically paying a second one forever when you buy an apartment in NYC. On the surface, the price to buy the apartment seems pretty reasonable. There are lots of apartments for sale for three to five hundred thousand dollars. But the HOA fees will eat you alive and they'll never end.

I knew what you meant. I thought those who were not completely familiar with co-ops might be interested. I find that co-ops are not that common outside of NYC. I am sure most people would think condo when they hear apartment. Condo fees and HOA fees are also never ending. Not counting 'special assessments' for additional repairs or unforseen expenses that inevtiably pop up.

When I bought my house last year I was insistent that it would not be in a subdivision with an HOA and there are a lot of those here in VA. I don't want someone telling me what I can and cannot do with the property I own. If I want to metal detect on my property I will. It is part of a Civil War battlefield and the topography is the same as it was in 1863 along a line of battle 300 yards from Confederate trenches.