Look for more or expanded flip taxes in co-ops
A growing number of co-ops are considering creating or expanding flip taxes as they struggle to replenish reserve accounts depleted by rising costs.
A survey commissioned by Habitat magazine found that close to two-thirds of responding co-op boards already have in place what’s colloquially called a flip tax — formally, a “transfer fee.”
Of the 186 co-op boards responding to the survey, more than 129 charge some kind of transfer fee or administrative fee paid by the seller of an apartment when the unit is sold.
“A couple dozen of our buildings may be looking at the issue,” says Dan Wurtzel, president of Cooper Square Realty, which manages 400 properties.
Once a co-op board decides to consider a flip tax, there seems to be broad agreement about what type to institute. “Two percent of the total sales price of an apartment seems to be the number that everybody likes,” according to property manager Gerard J. Picaso.
An Upper East Side mansion that went begging for 7 years finds a buyer at last
A 13-room townhouse at 870 Park Ave. originally listed for $23 million in 2004 finally has found a new owner. Continue reading
GROWING DEMAND FOR TWO-BEDROOM APARTMENTS HAS THEIR PRICES RISING
After a lull that has lasted for more than a year, two-bedrooms are back.
The market share for two-bedrooms first dipped under 30 percent in early 2009, with smaller and larger apartments gobbling up more of the sales, according to data compiled by Jonathan J. Miller, the president of the appraisal firm Miller Samuel and a market analyst for Prudential Douglas Elliman. But in recent months, that percentage has climbed back up to 39 percent.
The median in Manhattan dropped 20 percent, from a high of $1.6 million, in 2008, to $1.272 million in 2009, according to the data. It has since inched back to $1.3 million.
SELLERS AND BROKERS ARE KNOWN TO MISREPRESENT BEDROOMS, SQUARE FOOTAGE, BUILDING POLICIES AND NOISE
Sometimes sellers and their brokers get things wrong or even flat-out lie to the other side, and New York, says real-estate attorney Jerry Feeney, is “a buyer-beware state.” (Brokers’ websites include fine print disclaiming responsibility for errors.)
If you have even a slight suspicion, Continue reading
You’re in for a rough ride.
If you have already received notice of a January maintenance increase, maybe you’re thinking of moving.
Don’t bother: Thanks largely to property taxes, most residents of co-ops and condos in New York City face a punishing boost in their monthly housing costs as early as next month.
If you own an apartment, look at the column labeled "Class 2."
Do the rates depress you? It gets worse if you go farther back in time: Continue reading