Make sure you elect a strong board of directors. The board at the Hailton couldn’t punch their way out of a paperbag. They are very petty and have their own personal agenda’s–not what’s best for the building. Plus there are major construction defects such as a faulty roof that gotham does not want to honor the warranty.

Let the buyer beware

Congratulations on your new home!!!

however, we hit a couple snags afterward.during the walkthrough, the floors were scratched and there were gaps where the walls met the moldings on the floor.and like previous posters mentioned there were some cockeyed elements around the place but they were corrected. some of the items on the punch list were taken care of before closing, but the big ones didn’t get taken care of till a couple weeks after closing.that involved a bit of haggling and many many phone calls.

most of the dust has settled though.all in all, i’m happy with the place.it’s taken a bit of readjustin neighborhood wise. those of you who know me know I was all head over heels for all the new west harlem spots…cafe largo, hudson river cafe…caliente. they’re not as “next door” anymore. so here’s to maroons, oklahoma bbq, sugarhill java, et al. ciao for now my neighbors in west harlem, hello to my new neighbors in sugarhill!

1. If you do not buy at market rate, HPD does not subsidize up to the point of market rate. It is still well below market rate. In total, the price is still a huge deal. You are still buyng on discount.
2. You are neglecting to acknoweldge that many, many new constructions at market rate have the very same issues. This is common. It is about being knowledgable to catch things at closing. There are things I didn;t mention at closing, but I know it was my choice. I can’t blame anyone but myself.
3. If you have a good lawyer, they will be able totell you almost exactly how much closing will cost. I bought at Bradhurst Court and mine new exactly.

I hope this adds perspective.

Alot of people don’t understand the stress that lottery buyers go through. They think we should just be “fortunate.”

Just wait till you move in…you’ll notice more problems. Don’t be shy about asking them to fix it. Don’t worry about the punch list. Make sure they fix your stuff correctly too. they tend to quick fix things just to get you outta way.

I had to tip my title closer $175. I hated it!

Congrats on your new home!!!

closing costs for my uni at brownstone lasne were over 20K at the end of the day! they really should tell buyers about that early on in the lottery process. I mean it’s fine, but don’t say, oh, you need 30K to buy this place, tell me I need $50K so i know what i’m getting into! And don’t get me started about kickbacks, etc… Yeah I had $250 bucks for the title closer. Worse though in BL2 the citibank (shittybank) situation was absurd. They ‘steered’ people to use them, when their rates were a full percentage point higher than HSBC! They offered some grants, tax savings, etc. that helped with people’s closing costs, but I ran the numbers and over even just 1 or 2 years the ‘grants’ would have been totally erased in additional interest they’re paying!

Anyway, just glad it is done! I move tomorrow…

Oh, as for punch list, as mentioned nothing that major – but a few items (a dented cabinet, cracked stone threshold) still had not been addressed as of my final walkthrough, but it was noted on the punch list and signed by the sponsor to make the replacements, so at least I have it in writing.

Anyway, thanks Snowe… your avice/awareness has helped. they shoudl make a little ‘lottery-buyes’ booklet to give to people to avoid all of this stress!

j

closing costs will depend on the cost of the property, the mortgage amount, subsidies, if any, and grants, if any. It’s a complicated thing. I tried my best to estimate my closing cost but it ended up being 2-3k more. Your attorney probably won’t be able to tell you about the property tax. Developer informed me after all was done with. I moved in and a week later got my property tax bill for approx. 8K. I was supposed to get a subsidy but since it hasn’t gone through the system yet, I gotta pay the tax and then when the 421-a goes through I can apply for a refudn. You know how that’s gonna go with the city. So much for all my plans to buy new furniture!!! Good thing I moved all my old stuff.

Good luck and keep us all updated.

I will have to contact my attorney about this… everyone has been cagey on the actual closing costs.. I close Wednesday,s o need to know, especially the taxes. I’m getting 11K closing cost loan and have 12K cash-on hand. When I went through closing costs estimated it was supposed to be 19K (which includes a rate lock extension I had to pay already).

For taxes are you referring to the mortgage tax? That should be based on my loan amount and not loan + HPD subsidy, right?