What is wrong with 41 Wolfpit Avenue units? I see too many apartments on sale in this building. Could someone please advise?

Asked by Marti, Norwalk, CT Thu Feb 28, 2013

This question was asked from this property: http://www.trulia.com/property/1080862566-41-Wolfpit-Ave-5-O…

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Ann Romanello, Home Owner, Norwalk, CT
Thu Jun 6, 2013
I've lived in Dreamy Hollow more than 25 years and have loved it. It's like living in a park, but is near all the conveniences that you could possibly want. The neighbors are diverse and respect the privacy of others but if you need something (as we did during Sandy) people are right there to help. The common charges include taxes, heat, maintenance of grounds, snow removal, garbage removal and the mortgage payments for the buildings and property. This was once a triple lease property but we bought it from the owner which has allowed us to enjoy more security, and there is a different pride in ownership that comes with that. The apartments all have hard wood floors - the buildings are brick, the rooms spacious and the sun shines in because of the huge windows. Pets are allowed and if gardening is your thing, you are welcome to plant. I love it - there were naysayers when I bought it too. But were they wrong!
2 votes
This community is perfect for children! Young families are everywhere - we have a playground, swimming pool, a great hill for sleigh riding...Yes, the diversity is one of the best parts of this community yaelavraham!
Flag Mon Dec 8, 2014
Hi Ann, i read you reply, we're looking to rent a space, in may, would you recommend wolfpit fir an 8 yo boy? Are the people diverse still today? Thanks, yael
Flag Tue Mar 25, 2014
I live in Norwalk, not Pittsburgh!
Flag Thu Jun 6, 2013
Linda A. Cap…, Agent, East Norwalk, CT
Wed Oct 16, 2013
See my earlier answer. Dreamy Hollow is a very nice complex if co-op living works for you. Investment wise....I would suggest purchasing a condo before a co-op. Also this complex has been a co-op for many, many years and I do not agree with another answer posted that once the land is paid off in 5 years it will no longer be.
0 votes
joinaluiza, , Norwalk, CT
Wed Oct 16, 2013
yes I almost hung myself but thanks I asked all information about those units and the point is the common charge is $1 thousand monthly and you cannot rent or have any relatives lives with you sounds crazy but that is the truth about wolpit.
0 votes
Actually, you can rent, and the common charge includes property taxes that you can get credit for paying your personal income tax. Landscaping, heat, water, pool, playground, gardens, deer birds and squirrels. They are replacing the third of 3 boilers, installing new porches, and putting money into upgrading the pool and pool house. New music center walking distance away and a community that represents all ages, faiths, nationalities, and ages. Come on down to check it out.
Flag Fri Oct 17, 2014
Linda A. Cap…, Agent, East Norwalk, CT
Fri Mar 1, 2013
Hello Marti,

Nothing wrong. These are co-ops (cooperatives) which means that it is a much different way of purchasing /selling than a condominium. Dreamy Hollow is an older complex that you can buy into, however you do not have control/final say of sale price & decisions. You can buy a unit here for much less than it would cost to purchase a condominium of comparable size. Home Owner Association (HOA) fees are much higher, including heat & hot water and possibly taxes (not sure).

Problem is, very few banks will lend on a co-op. I'm only aware of 1 at present.

Hope this helps.
0 votes
There are several rentals in this complex as well. With any co-op/condo complex, rations must remain in order otherwise if rental ration is too high, no banks/lenders will offer to mortgage.
Flag Wed Oct 16, 2013
Thanks. Can you rent the apartments or it has to be owner-occupied?
Flag Fri Mar 1, 2013
Joe Balestri…, Agent, Norwalk, CT
Thu Feb 28, 2013
The complex has a mortgage on the land, so there is less equity if you buy one of these units. Instead you are paying the mortgage for the owner of the complex. In about five years, the mortgage will be paid off and the equity might come back to shareholders. Until then, it is considered a co-op and not a condo.

-joe Balestriere
0 votes
Your statement is not correct about the 'owner of the complex'. We bought the complex in the late 90's so we are (were) paying it for ourselves.
Flag Thu Apr 16, 2015
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