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Just wanted to confirm the closing cost estimates:
Is the NYC transfer tax is waived? It doesn't appear on the closing cost estimate worksheet? We are only responsible for NYS transfer tax (seems to be 0.425%)?? I remember reading something about it was 1.425% and 1% was waived. I don't have the offering plan with me. If someone can help me understand the details, it would be great
thanks everyone!
Go back on this forum and look for LaCelia Sales. I believe it's been answered. it's estimated at 5% closing cost of your mortgage.
Just wanted to confirm the closing cost estimates:
Is the NYC transfer tax is waived?
Yes, that was clarified in Amendment 3 we just received from the Sponsor's attorney. We have had the verification that the NYC Real Property Transfer Tax is waived. Yea!
Say I sell 15 years later, the "AMI" will be adjusted for inflation, correct? It will not be the same fixed number that is given in the Offering Plan? Or it will be the same number?
We're now scheduling log #'s 700-799 and have 34 apartments to sell. The majority are 2 bedrooms priced at $373,000.
In keeping with my earlier updates, please find the unsold apartment list for your information:
Studio 4 @ $140,000
Studio 2 @ $150,000
Studio 4 @ $190,000
1 Brm 8 @ $290,000 floors 7-11
2 Brm 16 @ $373,000 floors 4-8 (households of 2-4 Only)
As I read the thread this month, I realize that this media works well and can be harmful at the same time.
Please know that each person has there opinion and in some cases the facts are not correct. I will maintain this forum as an opportunity to update, but will not use this as a means to communicate with applicants.
With that said, each potential shareholder is represented by an attorney and all have the Offering Plan. During this time, I would suggest reading the plan. Even though it may seem a difficult read, it is surmountable. Some sections (resale restrictions, terms of mortgages, resale requirements) may sem confusing, but re-reading and referring back and forth through the Plan will benefit all.
Remember, there are some here who are not applicants and jump in with negative quips just to stir things up. Please ignor those (you've been doing a great job so far, keep it up) and stay on target.
I'd like to schedule an info session for the La Celia'ers on this thread in an informal setting afterwork this Wednesday at Otto Bar on 5th Ave and East 111th Street from 6-8pm.
I'll bring an Offering Plan and attempt to answer questions and provide information about Coop ownership. I've sold 12 buildings in this program and would like to give you an understanding of cooperative ownership in a public subsidized development.
As some of you did not attend the informational seminars prior to the lottery deadline date, this may bring some clarity about the lottery process, mortgage qualifying, and closing.
For those of you who receive this info after Wednesday or cannot attend, I apologize in advance.
Mike Reed, Selling Agent
This is not an offer to sell. An ofering plan has been filed with the Attorney General of New York State.
Kefir. I'm curious. Did you apply or are you a site troll?
I am interested in all affordable housing offers in the Metropolitan area. There are many plans and the only way to understand them is to delve into their workings.
This one has a bit of a curve to it in that they are calling "affordable" apartments in East Harlem costing a third of a million dollars. It is certainly not "affordable" to the median income of East Harlem...or even to DOUBLE that income.
And then seeming to drag the process out without actually making any sales.
Something is wrong here and I am trying to understand the psychology of those clamoring to pay this kind of money.
There are options other than the two you presented. Some of us are on the website to glean information. "Not applying" hardly makes one a troll. Are only BOOSTERS allowed here? That's usually called ADVERTISING.
Perhaps I am trying to warn some people to think twice and be a bit wary before diving into committments and contracts.
Face it...if the place was a terrific deal, it wouldn't still be sitting empty.
Let's stick to the sharing of information and not the attack on each other. I appreciate Kefir's comments because he/she does offer a counterargument to some of the posts that are on this site. I also appreciate the positive things that are said on the site because they help to reinforce why I am moving forward in the process. This is a huge purchase for everyone and we need to make educated, informed decisions. Hearing both sides of an argument are helpful. There will always be cheerleaders and nay-sayers. At the end of the day, it's your name on the contract.
The info seminar is great. Thank you Michael for setting that up. I'll be in Los Angeles so I hope someone goes and post some details for the forum.
Kefir. Thank you for clarifying.
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