I live in SE Harlem (a few blocks north of where you're looking), and would be happy to look at the specifics of the deal for you.
There is one specific lottery building that I do not think is a good value for the price. If you'd like to get in touch, I would be happy to talk through this with you!
There are a lot of great values in Harlem. There are also some not-great values in Harlem...like everywhere. For example, I know of a below-market HDFC foreclosure in the area that I can't believe nobody has snagged. I would buy it myself if I could. Would love to show it to you if you're interested!
I personally do not like this area as it is just too far away from midtown and as a person who works and hangs out in Chelsea, I cannot imagine riding the subway back and forth several times a day. Too much time in the subway when I could be walking around experiencing life in this awesome city.
Check out Brooklyn especially along the East River where you have fantastic views of the bridges and of the skyline.
Price wise you will see the two areas will cost about the same amount. Just be prepared to spend more money with updates and maintenance if you go for a non updated unit.
Absolutely! Interest rates have never been this low in New York City. IMPORTANT: Have you gotten an home inspection for the condo unit you are interested in buying? Please do not confuse the mortgage lenders appraisal with a home inspection.
A home inspection may give you some leverage in the deal. Please call me to discuss. Also, do you have a real estate agent to represent your interests. If you don't, I would recommend to hire one to protect you from any sharks in your transaction.
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The apartment sounds like a great value, you need to realize that real estate is an investment over a five to ten year period.
Are you going to live there? Do you love it? Yes, home purchases are an investment, but it will also be your home.