Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
500+ sq feet studio converted into jr 1 bedroom. Came with brand new
Appliances (fridge, stove,microwave ,dishwasher) . Laundrymat in building
Indoor outdoor garage. 90% of building is occupy by owners. Can rent out after
A year living there. Clean well maintain building in Pelham bay park. So
Tired of renting and dealing with crappy buildings . Really wanted a condo but
Not many on the market . Lots of opinions to owning house co op or condo. I'm single
No kids age 35 .i enjoy knowing I'm not dealing with rent increases and can take tax write off
. Maitinace is $489 mortgage is $255 . Great building no complaints till it's time to sell or decide
To rent now that's the truth lol.
This was a sponsor unit which was great because not once I didn't deal with co op board
Nice BXsoul ! Sounds like the maintenance and the mortgage combined is less than the rent would be in that area, plus you get to deduct a chunk of it and build equity.
What an ignorant response.Use your head.My maintenance has nothing to do with The Bronx.People in The Bronx pay the same property taxes ,the same for water,sewer,gas,electricity,etc.In other words,it doesn't cost less to run a building in The Bronx than it does anywhere else.The low maintenance,as it would be anywhere in the city ,is because it is an established,well run co op with a relatively small underlying mortgage and no non essential employees.
So location/neighborhood popularity/market price is of no impact on the maintenance fee? Say you put your 950 sf coop apt in a more popular neighborhood, its market price will increase. Will you expect to pay the same maintenance fee? I am indeed ignorant on coop fees so thank you for your note. In my last post, I attempted to poke some fun out of the up and coming bronx boro , like many other members did so in the past, but apparently failed it and probably hit a nerve instead unintentionally. My apologies.
So location/neighborhood popularity/market price is of no impact on the maintenance fee? Say you put your 950 sf coop apt in a more popular neighborhood, its market price will increase. Will you expect to pay the same maintenance fee? I am indeed ignorant on coop fees so thank you for your note. In my last post, I attempted to poke some fun out of the up and coming bronx boro , like many other members did so in the past, but apparently failed it and probably hit a nerve instead unintentionally. My apologies.
Pretty much correct.
I have found that generally the biggest impact on maintenance cost is STAFF. If you see a co-op building with a 24 hour doorman, and 16 hour concierge, and a herd of porters, you are going to pay for it. If you unlock your own front door and carry your own garbage downstairs, maintenance will be low.
This is not accounting for quasi fraudulent underlying mortgages that were laid down during some conversions...they can add a chunk-0-change to maintenance for decades.
Pretty much correct.
I have found that generally the biggest impact on maintenance cost is STAFF. If you see a co-op building with a 24 hour doorman, and 16 hour concierge, and a herd of porters, you are going to pay for it. If you unlock your own front door and carry your own garbage downstairs, maintenance will be low.
.
I use to live in such a building in manhattan. Operating expenses is the 3rd largest expense...Top two are mortgage interest & real estate tax.
A notable expense in a co-ops balance sheet is the energy cost which isn't a shocker....heat (gas or oil) & electric. This line item topped payroll expense as I remember
I use to live in such a building in manhattan. Operating expenses is the 3rd largest expense...Top two are mortgage interest & real estate tax.
A notable expense in a co-ops balance sheet is the energy cost which isn't a shocker....heat (gas or oil) & electric. This line item topped payroll expense as I remember
Thing is these costs are relative constants. A thousand square feet is going to cost a similar amount in heat, electricity, building mortgages and taxes.
I was dealing with the poster's question as to what makes maintenance charges DIFFERENT. Staffing services is what is most likely the deciding issue.
It costs the same to heat 1000 square feet on Park Avenue as it does in the Bronx.
I am in a full service building with a staff of 33 AND a managing company and I can tell you the payrolls are staggering.
sirtiger,
Is it likely you were living in Manhattan in a different interest rate environment? It should not be unlikely for competent management to be enjoying pretty reasonable interest rates today.
Pretty much correct.
I have found that generally the biggest impact on maintenance cost is STAFF. If you see a co-op building with a 24 hour doorman, and 16 hour concierge, and a herd of porters, you are going to pay for it. If you unlock your own front door and carry your own garbage downstairs, maintenance will be low.
This is not accounting for quasi fraudulent underlying mortgages that were laid down during some conversions...they can add a chunk-0-change to maintenance for decades.
I assume that Mr. Blue was talking about comparisons among coop buildings with similar amenities such as doorman, free tea/coffee/biscuits etc. Otherwise, yes, these additional human services can bump up the maintenance fee without any specific limit.
Also, I am ignorant of whether new coop tenants pay more in maintenance than long-term tenants, provided that they have similar apt sf, which may have 2x or 3x in its purchase price today of that 10-15 yr ago?
Also, I am ignorant of whether new coop tenants pay more in maintenance than
long-term tenants, provided that they have similar apt sf, which may have 2x or
3x in its purchase price today of that 10-15 yr ago?
If you got 2000 shares in a co-op in 1950 for $20,000 you pay the same maintenance as Mr. Gottabuck who bought 2000 shares last month for $4 MILLION.
Maintenance is cost per share x shares. The number shares/apartment are assigned at conversion and are immutable.
Thing is these costs are relative constants. A thousand square feet is going to cost a similar amount in heat, electricity, building mortgages and taxes.
I was dealing with the poster's question as to what makes maintenance charges DIFFERENT. Staffing services is what is most likely the deciding issue.
It costs the same to heat 1000 square feet on Park Avenue as it does in the Bronx.
I am in a full service building with a staff of 33 AND a managing company and I can tell you the payrolls are staggering.
sirtiger,
Is it likely you were living in Manhattan in a different interest rate environment? It should not be unlikely for competent management to be enjoying pretty reasonable interest rates today.
of course everything is relative, rates have been pretty low for the past 10+ years...of course its the lowest in the past year or so. Its typical the underlining mortgage of various co-op have constraint to refi....is it possible to refi? of course...but it can be a challenge.
Aside from the super, I believe most of the staff doesn't bank massive salaries. Of course, anything is possible. Now the real potentially staggering figure is pension liability (which is one reason I am not a fan of unions).....that could be scary.
…………….. Its typical the underlining mortgage of various co-op have constraint to refi....is it possible to refi? of course...but it can be a challenge. ...
Actually,most co ops must refinance their underlying mortgage every 10 years because the mortgages are usually only given for a 10 year term,rather than the 20 or 30 years on a typical home mortgage. Typically there is a large prepayment penalty if they are refinanced before the 7th or 8th year,then there is a couple of year period when all or part can be payed off with minimal penalty but on the 10th year the whole balance must be refinanced.All of the payments in the first 6 or 7 years are interest only too, so the loans usually get refinanced over and over and over again.Most co ops have at least as much, if not more, debt than they started out with 25 or 30 years ago.
If a co op is well run and in good financial shape refinancing is never a problem but all banks have lists of all co ops in the city with ratings given to every one. So,a co op with a triple A rating will have no problem and get the best rates and terms while a co op with a sub par rating will have problems and have to pay higher interest rates.The ratings are based on financial history,the condition of the building,the percentage of units occupied by shareholders,rules about % of cash required,whether renting is allowed,etc. It's similar to the credit ratings that the banks keep on everyone but includes lots of other than credit parameters.
If you are buying a co op and applying for a mortgage you can ask the bank what their rating on the corporation is and they will usually tell you.Unfortunately,you are usually deep into the transaction at that point but it's always good to find out, in case there is something really scary.
Bedford - Mosholu coop, 800 square feet, top floor, sunken l/r, heat, hot water and taxes included, live in super, laundry room, $640.
FYI, in most coops the maintence is higher for the upper floor apartments. It has to do with how they dole out the shares. Upper floors are considered more desireable in elevator buildings so more shares are allotted to the same apartments as the floor on which it is located goes up. For example, 6A pays more than 5A who pays more than 4A, ...
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
