 Kannekt Forum Index 77 Hudson  77 Hudson sales going crazy
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Re: 77 Hudson sales going crazy | #339 |
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Anonymous
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Just ask your building manager or Board president at CP. |
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Re: 77 Hudson sales going crazy | #338 |
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Anonymous
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how did you get that 32% number? can you share your source? i want to see what that number is for CP. thanx
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Re: 77 Hudson sales going crazy | #337 |
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Anonymous
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That is correct. FHA is 49% and fnma is 40% thresholds for established condos. Portfolio lenders are usually 50%. Individual banks might have tighter numbers. The questionnaire is the number of rented units (ie under lease agreements) and does not includes units that are trying to be rented but no lease signed yet.
77h is at 32% which will end up +- 4% based on what happens with the remaining unclosed units. The board has indicated it will take action if the numbers get close enough to those thresholds to warrant it. |
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Re: 77 Hudson sales going crazy | #336 |
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Anonymous
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Agree with this...the bank will have the condo association answer a questionnaire in order for the loan to be processed. The Association has to answer the question honestly so they have to report the number of units occupied by renters. Banks don't like a lot of units to be rented because that raises the risk that condo fees may not be getting paid, and that litigation could ensue, and that property-to-loan values will not be favorable over the life of the loan. Banks don't like that kind of risk. |
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Re: 77 Hudson sales going crazy | #335 |
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Anonymous
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The bank which finances your loan will ask for a condo questionnaire to be filled out by the condo board which requests info about no of units rented. In most buildings you are required to let the condo board know about renting you unit.
If the % of rentals are higher than some threshold they can either reject or increase the terms of your loan. |
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Re: 77 Hudson sales going crazy | #334 |
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Anonymous
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I have a question, if I buy a unit at 77 Hudson and rent it out - how does that affect the people who are refinancing ? I mean a condo which was sold to a buyer (who then subsequently rented it out) is still a sold condo, no ? How does it matter to the refinancing companies whether a renter lives in that condo or the actual owner ? And how can they possibly that find out ? Because the owner is the one who still pays the taxes (even though he collects rent).
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Re: 77 Hudson sales going crazy | #333 |
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Anonymous
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I live at 77H. There are definitely renters at the building. I imagine the ratio of renters to owners is not much different to CP. I have two colleagues at my office that rent at CP so I know without a doubt CP has renters as well. Also my friend owns a unit at CP and rents it out. He also owns a unit at 77H that he rents and one at Trump. I also liked CP very much when I looked to buy, but at the time CP only had a few units left and they were on the back of the bldg. In addition, I preferred the 77H location over CP as I could walk to Paulus Hook and Colgate Park. |
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Re: 77 Hudson sales going crazy | #332 |
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Anonymous
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poster # 327 here,
i was responding to number 326 who said the people who own in 77 hudson dont rent and the rent occupancy numbers are basically crap. Alot of people in 77 hudson are foreigners and most of them have rented out their unit. so not sure how they are never rented out. I own in CP and am happy with my purchase there. I did go to 77 hudson but liked CP more. They both are good buildings. I have no vested interest in 77 hudson being 90% or 20% sold. I do keep up with the real estate market so I would say the 20% guy was probably being sarcastic. but to say that 77 hudson owners are not renting out their units as 326 is saying is ridiculous. |
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Re: 77 Hudson sales going crazy | #331 |
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Anonymous
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I think the poster was mocking earlier posts that say the building is empy at night and that most units are unsold. The latest drivel is now that, "ok, maybe the bldg. is sold out, but it was sold to renters." The haters have to find something to hate. Just saying. |
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Re: 77 Hudson sales going crazy | #330 |
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Anonymous
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Go to NJACTB.org, check for yourself. 77 Hudson is 90% sold not 20% as you state. |
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