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Colorado on Yellowstone and 67th.
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Does anyone have any info about the Colorado building on Yellowstone blvd and 67th Rd? Thinking of buying a 1br in the building.

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Hello.

I have a 1br for sale in The Wakefield.
Located at 73rd and Austin Street.

See link below.

The Wakefield

Thanks,

Jason

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I have been asking the same thing- i am looking at a 2br there and heard that it is only 60% owner occupied and this has gotten some negative feedback from some people. Have you heard anything? WHat did you decide?

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Hi

I actually decided to go with it and am set to close on the colorado apt in the next two weeks. I had mixed reactions but the finances look good and are pretty typical for the area. It is true that nearly 50% in tenant occupied however that 50% is owned by a sponsor. Meaning that the sponsor rents out the apts. One good thing is that the Corp is pretty much guaranteed the maintenance for half the building, the other half is owner occupied which is still good. The sponsor and Menowitz Mgt (mgt company for Colorado) have a very thorough application process and won't let someone in that will ruin the corp. The sponsor is there to make sure their investment is secure.

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THank you! How did you find all the information out? i thought it was 60% owner occupied- not 50%

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Technically it is like 53%. I am in contract to purchase an apt in the Colorado and the Sponsor Amendment that comes with the offering plan states how much is owned by the sponsor. That info is also in the financial statements.

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I am curious, did you find anything out about the building assessments (repairs, future repairs and expenses), good amount of $ in the reserve, anything that stands out?

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We found a great 2 bedroom in the colorado and had our lawyer and accontant look into it. After a half a day we were told not to buy here. The 2 red flags were the building is 45% owner occupied and 50% of the maintence fees go towards taxes and mortgage. They told us when we decided to sell there is always a chance the building could put up for sales a portion of their 55%.

Not a great investment

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________________________________________

We found a great 2 bedroom in the colorado and had our lawyer and accontant look into it. After a half a day we were told not to buy here. The 2 red flags were the building is 45% owner occupied and 50% of the maintence fees go towards taxes and mortgage. They told us when we decided to sell there is always a chance the building could put up for sales a portion of their 55%.

_________________________________________

In most buildings maintenance fees go to costs, and for all buildings a majority of the costs are for the mortgage and RE taxes. Believe it or not but the laborers (super, doorman, etc) are not that costly on a whole. If the building decides to do renovations then they will charge an assessment which is common for the area. You should keep an eye on the building maintenance and the appearance to see if they are using the money wisely in the upkeep of the building because that is what you are investing in.

Also, when sponsors sell their units, they sell it fully renovated to maximize their profits. The good thing about the Colorado is that the sponsors fully own their units and they have no mortgages on them. They only pay their share of the maintenance and make money by renting them out. The rental market is very strong in FH. The sponsors have invested alot in the building and their main focus is to keep the values up so when they sell they will make sure it will not hurt the building. Whenever a unit is selling in a building, there is no guarantee they are the only ones for sale. So if a sponsor puts one up for sale, it is same thing as your neighbor selling his/her unit. It is not a bad thing. It is only a bad thing if the sponsor has a fire sale due to bankruptcy, but with no mortgages on any sponsor owned units and a strong rental market that is unlikely to happen.

A key indicator to the building's stability is the maintenance fees. High costs can lead to higher maintenance fees and the Colorado has been very stable over the years. Another good sign is the lack of delinquency and their efforts to get the maintenance that is owed. They actually have advanced maintenance fee (probably from sponsor).

If the perfect apt comes along take it. Remember, your attorney and accountant will not be living with you and will not be paying your bills.

Good luck.

Sam

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Post Is the Colorado pet friendly? 
thinking of purchasing a 1 br there but I have a cat.

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I looked at the Colorado and the building does not look that great to me. The lobby looks terrible, and the building does not look like it is kept up very well. What happened to the furniture in the lobby? Did someone steal it? I went down to the laundry room and I was wondering when the mice and roaches were going to start eating me. I was curious, so I had my attorney look at the financials and he recommended that I stay far away from there. He said that the debt just keeps on piling up and he doesn't see it getting better anytime soon. Good luck to all.

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Post Buyer in FH 
I may be interested in this. Is there a website I can look at?[

quote="jayboy28"]Hello.

I have a 1br for sale in The Wakefield.
Located at 73rd and Austin Street.

See link below.

The Wakefield

Thanks,

Jason[/quote]

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Been waiting for apartment in The Wakefield. LMK

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Post Looking for 1 Bedroom to buy 
Hi,

I've been looking for a place at Forest Hills but unfortunately, I didnt find anything yet. Can anybody help find place?[b][/b]

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Thanks so much!

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