Well, this realtor was quite the saleswoman. She pitched up and down about appreciation and all kinds of things. I guess she didn’t realize we really wanted to buy the place when we walked in.
Well, it took a while to be able to interrupt her sales spiel, but when we did we found some stuff out.
Over $300 dollars of the monthly fee goes into a mortage that the co-op pays that they used to re-roof not to long ago, and for other improvements (they are putting in a hot tub this year). Your part of the payment is figured on a 15 year payment, which is how long the mortage is. But, she mentioned you can roll it into your mortage, and spread it out on a 30 year basis. So, if we figure our monthly payment based on 30 months instead of 15 it drops into our total price range.
The nices part of the monetary side of this, is that there as been a range of 16% to 22% appreciation on these properties in the last 9 years. So, pretty much whatever I pay into the association, will probably come back out when I sell it later on. Also, they are seriously improving this neighborhood. Even more than I thought from just talking to Jeff and Q. They are going to eventually turn franklin Ave into the southern version of the nichollette mall, where only buses can drive down it, and they are gutting the park on the corner of park and franklin to completely remodel it. Developers are investing in the area, even right around that block.
So, anyway, running some numbers tomorrow, hopefully it will turn out well. And then I will get my cell phone as soon as it comes available through non-cingular channels (i.e. 3rd party retailers) who are also selling the nokia 6230 so my wife can have a nice phone as well.