“Winning” HPD Lottery for the Toren
I “won” the lottery for an income restricted apt. at 150 Myrtle Ave in Brooklyn.
http://www.torencondo.com/
We have a letter saying we can set up an appiontment for an interview and to bring in all of our paperwork etc. At first we were excited as I was hoping that this was going to be an opportunity to buy a great apartment at a good price, but the available apartments are all studios and one bedrooms which range in price from 420,000 to 330,000 and 720 sf to 400sf. All of the apartments are on lower floors and they have lower quality fixtures. When I look at the Toren/Halstead listings there are quite a few apartments that are listed as SOLD, but the sales price for the open market apts. is only ten percent more than for the lottery apts. I also think that the actual sales prices for the open market apts. is lower than is published.
http://www.halstead.com/developments_other.aspx?numb=65857
So I am very confused why I am expected to feel like I have a great opportunity here?
Is something wrong with this system, we were so excited at the prospect of winning the lottery, but now feel like it is a scam, with pressure to buy without seeing the apartment and at prices that appear very close to the market rate.
There are also restrictions on selling the apartments, you have to live in them for a certain number of years.
Am I missing something?
I’m also not crazy about the location or the prospect of living on a third floor facing Flatbush Ave.
Hopefully Real Estate will stay flat if not drop more, our savings will increase and we can actually buy something we (wife and 1.5 year old)love in a nice neighborhood in the next couple of years…Or am I missing a great opportunity here??
