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Ask Curbed: Is This a Good Condo Purchase?

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Are we qualified to be giving advice to buyers on whether or not their potential purchase is a good idea? Certainly not. But housing lotteries have been an occasional and very interesting topic in Ask Curbedville, and the reader who submitted this query said that he wanted to put this to the masses. So, away we go:

My name was selected in a HPD housing lottery for a condo located in the Harlem area of Manhattan. And before I even think of accepting it, I wanted to ask around if it is a good deal or not? Or would I be better off purchasing a similar property on the open market. Here are the details: · 2 Bed and 2 Bath
· Approx. 900 sq. ft.
· Top condo unit of a 5 floor walk-up
· Total of 5 floor-thru units

· Brownstone near Strivers Row (West 137th St), Pretty tree-lined block
· Complete Renovation (not finished yet) w/new appliances, cabinets, flooring, etc.
· Washer and Dryer hook-ups.
· One parking space for the entire bldg.
· Ample storage on first level
· $450,000 Price for one condo unit
· 10% down
· Yes, 5th Floor Walk- Up
· Total Purchaser closing costs are estimated at $22,000
· $160,000 subsidy for 20 years with $8,500 deducted/year
· Est. common charges of $810/month
· Est taxes of $32/month (20 year abatement)
· Cert. of Occupancy is pending for July 1, 2008

· Did I say 5th Floor Walk-Up? What about resale?We're not sure of resale policies regarding lottery winnings, so anyone with experience in such cases is welcome to chime in.
· Ask Curbed archives [Curbed]