“How much did you pay for this apartment?” It’s the question we get most often. I can’t count the number of times we’ve heard that questions – mainly because people ask it so many times in a single conversation. Like so:
“How much did you pay for this apartment?”
“I’m sorry, HOW much?”
The person mouths the number to themselves, trying to visualize the digits, then: “You mean ‘million’.”
“So, how much, again?”
The second most-asked question then is usually: How did you find this apartment? And usually, they are also surprised to hear that we found it the way anybody finds an apartment: through the internet. Here are some misconceptions about buying an HDFC that I think are born out of ignorance, snobbery, and racism.
1) HDFCs are for poor people and poor people are all minorities, and minorities are unruly, loud, violent. Basically, you’re going to be living in the project.
Don’t be silly! That’s just your ignorance talking. Or your racism. Something. We are just like any other co-op in Manhattan. We are a community, we like our neighbors (some of them). We have shareholder meetings and we have barbeques in the summer.
2) They are a bad investment because you’ll never make a killing on the re-sale. The apartment isn’t really the investment here… it’s the HDFC’s that are investing in YOU as an individual. Letting you buy a piece a home in this city that you can actually, easily afford is an investment in you as a person. They expect their investment in you to pay dividends. That’s why there are qualification guidelines. Duh.
3) Most HDFC’s don’t really care about income guidelines or qualifying their buyers. They just say that to get tax breaks. Um, no. I’m not saying those don’t exist. But such a crooked HDFC is comprised of crooked board members and you should ask yourself if you should be buying in a coop that is run by crooks, if it’s being “run” at all.
And as somebody who has not only a vested interest in keeping our coop tidy but also is a position now to review any crooked application, I can say that I take application very, very seriously. So be warned.