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Messages - merediths

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Real Estate & Home Improvement / Re: The Colonials
« on: April 15, 2017, 01:42:50 PM »
...one more note on why the prices are so low, which I think is useful :

In our building alone, 2 tenants in their 80's and 90's passed away over the last 5 years.
Their units sold at very low prices, because their units were in need of complete upgrades.
There are many long-time, elderly tenants on this block living in The Colonials.

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Real Estate & Home Improvement / Re: The Colonials
« on: April 15, 2017, 01:36:37 PM »
I’ve been watching this string get very off topic and don’t love to see the name of our building as the subject of a string of mostly negative comments. Forgive the long reply, but I wanted to share my experience with The Colonials, which is the original subject of this string.

We live in The Colonials, this is our 3rd co-op purchase. We bought here 3 years ago. We are not rookies, we are middle-aged and our knees are ok so far.

Having bought 2 times before in 80+ unit co-ops in Brooklyn with garden areas, we had all of the questions that have come up in this string and can answer most of them now that we live there.

Why are the prices so low?

They are walk-ups, on a bus/fire dept route and share their block with a school. Yes, yes…yes.

It is true, walk-ups aren’t for everyone, but one good way to stay in great shape is to live in one, as the elderly and pregnant tenants here will tell you. I haven’t noticed the 6 children born and living in our building whining about the stairs either.

With this NYC real estate explosion you do see a lot more buyers who are not looking for their “forever” apartment. They are priced out of Brooklyn and they are buying a place that they will move on from within 7-10 years. Family histories of arthritis are not so much of a deal breaker any more.

A 5th floor walk-up in The Colonials, for a couple who wants top floor living, wants a home office or wants to start a family is a steal in this market and this neighborhood.

The schools & the busses?

We can hear children saying the Pledge of Allegiance in the school yard in the mornings, and we can hear them playing at recess for a half an hour, but that is the extent of it.

There are a lot of city busses, but that is true on 81st + 83rd  streets too.  Louder are the cars blaring music that you could hear on any block. Louder are the planes you'd be bothered with much more so if you live in the 70’s blocks around here.


The lack of “garden” space?

The Colonials don’t have the gorgeous courtyard gardens this neighborhood is known for. Their “garden” areas out back are modest, with one or two picnic tables.  Children play and families and neighbors grill their suppers and eat together. They are actually quite heavily used in this regard, so don’t count them out for “outdoor space.”

I think you will find, as we found living in larger co-ops with gardens, that the garden spaces have rules and are for quiet, reflective activities, not playing and grilling.  In many ways, the outdoor spaces in The Colonials are more family friendly.

Note, the houses on 83rd street, behind The Colonials are 2 stories tall, so the gardens have great sunlight as do the apartments. It is also pretty quiet back there which is great for sleeping.


Building Finances?

It is true, the Colonials are each run separately, so  one building may have better finances than the next.
They are small co-ops, just 10 units, so the cost of building repairs is covered by fewer people and can add up to more per head.

We have experienced roof and brickwork repairs, which didn’t add up to a lot of extra cost, ultimately. Assessments are preferred to raising the maintenance in nearly all co-ops.


The Maintenence?

For 2 bedrooms The Colonials have average maintenance, not high, not low.
Our building is self-managed, it works fine. It is wise to get along with your neighbors, as you will have to go to them with any problems you are having, not a management company.

Keep in mind most Brooklyn and Queens properties have not been reassessed since the real estate explosion. Our maintenance costs are determined largely by property taxes that are based on property values on record. The records are old. When the values are reassessed and the property taxes increase, I think it is safe to say we can all look forward to maintenance increases across Queens and Brooklyn.



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