Any feedback on this development in Fishtown? They seem cheap and at least look like decent places, although small...

Trying to afford to buy a place while making $45 a year. Any suggestions are very much welcome as I don't know much about real estate.

Thanks!!

Mark

I'd say aim for a cheap house. A condo on a tight budget can be tricky...right now it's a builder-run condo association and not a owner-occupied one...so condo fees are kind of builder set without a realistic idea of what it will cost owners to maintain the whole complex. So they can change and you'll have but one vote in the association. Also, the windows in those places are beyond life expectancy and many I saw were broken.

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Resident of Fishtown, Moderator of Fish/No. Libs/Kenzo forum, Real Estate Agent-Prudential Fox & Roach

I think you should consider buying a house instead of a condo. You can still get a decent 3 bedroom row home in the same area for about the same as what you would pay for a condo. And you wouldn't have to pay a monthly condo fee. From what I've seen, most new condo projects are not built very well and walls are thin. A 100 year old row will be better built than any newer condo.

However, some condos in Fishtown have really good soundproofing using the latest technology in that area. Try soundproofing all the joist pockets in a 100 y/o row. They also have new wiring and sprinkler systems so they are a lot safer than a 100 year old row home. Also condo fees should be based on actual expenses like cleaning, public electric and building insurance so it's really the same money you would pay on a row home except monthly. Some new condos in Fishtown are really energy efficient and cost half as much to heat/cool as an old row home.

But you're right. Most condos are thin.

I think it really depends on what you want to get yourself into. The houses that you can buy in Fishtown for reasonable prices tend to need a lot of work. If you don't have the skills to fix them you're looking at a high expense to have someone else do so. Regardless, you're looking at investing a lot of time. Personally, as a young graduate student I wanted someplace which needed no work or maintenance, walking distance to fun places and transportation, safe and a good long term investment and ended up purchasing one of the Shackamaxon units. I was fortunate to be early in the process so I was able to choose flooring, tile, cabinets, counters, appliances, fixtures, etc. and witness the construction process. You could keep it very cheap or go with some minor luxuries depending on what you choose. As far as the structure, the units are well insulated and you hear almost nothing of your neighbors. Everything was installed beautifully with very careful attention to details. I know I won't stick around forever but I'm glad I purchased, my mortgage payment is super reasonable, the neighbors are nice, the place is cozy and when i'm ready for something else, the recommended rental price will more than cover my expenses.

What about the windows that are circa 1985 that were shot? Did they end up replacing those?

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Resident of Fishtown, Moderator of Fish/No. Libs/Kenzo forum, Real Estate Agent-Prudential Fox & Roach

2 of the four older buildings have been completely converted, the other two are still amidst construction but yes, all the old windows are or will be replaced.

Tomato, you sure seem to be in the know!