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Travelererica, Home Buyer in New Rochelle, NY

There are several apartments on foreclosure in 30 Davenport Ave, the price is very low where is the catch?

Asked by Travelererica, New Rochelle, NY Thu Sep 27, 2012

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7
Lewis Fechter’s answer
Because of the small number of owner occupied units the property does not meet Fannie Mae standards and so it is very difficult to secure financing. It may be that because existing owners cannot sell, they have defaulted.
0 votes Thank Flag Link Wed Apr 3, 2013
It's a nice complex near the marina in New Rochelle, there are 2 catches. First the number of renters in the complex is very high, bringing into question the long term financial stability of the complex as leases expire. Particularly since prices great and mortgage rates are at all time lows. First time home buyers, in the complex may opt for actual real property ownership vs. buying a co-op and staying in the complex. Those who rent have also complained about management being slow to repair apartment issues. The other catch is there is absolutely zero visitor parking, and parking conditions are horrendous in the area if you don't purchase a parking space for every car you own should you choose to move there. I have friends in the complex and can easily wdrive around and/or wait up to an hour just to visit them. It is unfathomable how such a large complex, has no provisions for guests to park. Everyone who lives and/or visits there is super agravated with the parking situation.
2 votes Thank Flag Link Thu Sep 27, 2012
There is a low percentage of owner occupied units in the complex, making it quite difficult to obtain mortgage financing. The only practical way to buy there is with cash or private financing. Lowering prices will not increase the ability of a buyer to get a mortgage as long as the property does not qualify for a conforming loan.
2 votes Thank Flag Link Thu Sep 27, 2012
Good morning Travelerica,

I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

For Short Sales, my attitude of late is that First Time Buyers should steer clear. Short Sales tend to be a better deal for the homeowner than for the Buyer. You'll wait MONTHS for the homeowner's Lender to approve the short sale; maybe as long as Six or Seven Months. Meanwhile, you're stuck in a contract to buy that home. I closed a short sale recently with a Buyer who, after seven months said this at the closing table, "I don't even want this house anymore."

And he didn't even get the "deal" on price he thought he was getting! The house appraised for only slightly more than he paid for it at the short sale price. He walked into this deal thinking he was buying a home for $100,000 less than it's value. In the end that wasn't the case.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Fri Apr 26, 2013
I lived in these buildings as a young child over 50 years ago. These were the days when most families had one car and every inch of space was not concrete for parking spots and there were open spaces, green lawns, park benches in front of some of the buildings and center play areas (playground and lawn areas), along with a private beach adjacent to Hudson Park! The location of this complex is incredible.

Unfortunately, the complex was very poorly constructed from my earliest memories and the quality of the apartments and complex never really "matched" the gorgeous direct waterfront surroundings. I think it may be a case of the developers wondering how to blow it up so they can utilize this prime area for more expensive real estate.

I would research very carefully before buying or renting an apartment there. My instincts tell me that big change is on the way.
0 votes Thank Flag Link Wed Apr 3, 2013
First of 30 is known as the worse building in the complex for years. And I do not know of 1 owner in that building. That building is nearly all rentals some of which are on rent control and been there for years. Other issues mentioned by Mr. Bronston are true as well... horrible management, super, parking, etc. I would not advise anyone to buy in the complex. The turn over is very high, people stay a year or 2 and leave disgusted. Except for a handful of people who been there for over 20 years and will never leave because of the prices they pay. Also dogs and noise have become a big issue in recent years..it seems if everyone who moves in has atleast 2 dogs and 2 kids.

The complex is going down hill and has been for the past 20 years. Meanwhile across the street Harbor House has become much better.
0 votes Thank Flag Link Sun Mar 10, 2013
Thank you gentlemen, for your answers. Though I feel for the people trying to sell there, it is good for agents to know the real story before taking buyers there.
0 votes Thank Flag Link Fri Sep 28, 2012
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