Pine Grove buy or rent?

[pine cone]

I've recently moved into pine grove condo (ex HUDC) and really like it. i'd like to buy an apartment there, but en-bloc potential has driven up prices to 1.5Miofor a 3 bed from around 1 Mio a year ago. Presuming that prices might come down to more realistic levels (enbloc success is unlikely), there's still the leasehold issue. The development was built in 84 and has thus 73 years left. I was told that banks won't give mortages for developments with <60 years left, so would that mean that I can't find a buyer if I want to sell it in 14 years as they wouldn't be able to fininace it?
So, should I buy at, say 1.3 Mio or rather continue to rent? Any advice is appreciated.

[not a difficult question]

I've recently moved into pine grove condo (ex HUDC) and really like it. i'd like to buy an apartment there, but en-bloc potential has driven up prices to 1.5Miofor a 3 bed from around 1 Mio a year ago. Presuming that prices might come down to more realistic levels (enbloc success is unlikely), there's still the leasehold issue. The development was built in 84 and has thus 73 years left. I was told that banks won't give mortages for developments with <60 years left, so would that mean that I can't find a buyer if I want to sell it in 14 years as they wouldn't be able to fininace it?
So, should I buy at, say 1.3 Mio or rather continue to rent? Any advice is appreciated.

So you're thinking about forking over close to $1 million USD for an asset that you're not sure you'll be able to sell in the relatively short time span of 14 years?

[wide berth]

Best leave it alone and dont get attached to it.   

Thats a lot of cash to sink into it.

[Hawthorn]

I've recently moved into pine grove condo (ex HUDC) and really like it. i'd like to buy an apartment there, but en-bloc potential has driven up prices to 1.5Miofor a 3 bed from around 1 Mio a year ago. Presuming that prices might come down to more realistic levels (enbloc success is unlikely), there's still the leasehold issue. The development was built in 84 and has thus 73 years left. I was told that banks won't give mortages for developments with <60 years left, so would that mean that I can't find a buyer if I want to sell it in 14 years as they wouldn't be able to fininace it?
So, should I buy at, say 1.3 Mio or rather continue to rent? Any advice is appreciated.

Hey Pine Cone,

Would be interested to hear your views on the place as we are considering moving there.

Good size apartments at decent rental prices but is it a nice place to live?

Cheers