HDFC Sale at 1511 Lexington Avenue #8

To clarify, she wouldn't qualify for this apartment specifically, because her savings amount to about 10% of the down payment, but she could make it to 20% in the next 2 years. So, should she be looking out for similar apartments, or do the risks of restricted selling outweigh the price.

I am not familiar with this building, however I am looking for HDFC apartments for my friend in Harlem (since I enjoy real estate as a hobby). It would seem to me that this owner is pricing this apartment fairly considering the income restrictions. Now that banks are back to traditional lending standards (no more you just have to be able to breathe and sign your name), you will see income restricted apartments selling within a more reasonable range based on those restrictions. I am still seeing resistance in many HDFC apartments...but some buildings were always very strict about maintaining these apartments as affordable.

My friend is searching for Classic 6 or Classic 7 apartments in HDFC apartments and expects to pay between 200-300k (estate condition is ok). We have found a few contenders (she outbid others on two of them, but still didn't get the apartment) and I expect to see more over the next year. Generally though the few on the market are ignoring the income restriction aspect with regard to their pricing- and now that the market has started to fall- these apartments are just sitting on the market.

Be cautious about brokers that try to sell you based on when the HDFC income limits expire- because many buildings continue the policy- despite a set time horizon.