Acris shows not the price I paid for the co-op (for sale, mortgage)

[api_nyc]

Wondering of anybody knows why would Acris web site (and streeteasy) show about 10% more than the price I recently paid for a co-op in NYC? What's interesting is Acris NYC transfer tax is a bit less than 1% of actual price paid and NYS transfer tax is exactly 0.4% of Acris shown sale price.

What am I missing there?

Thanks

[api_nyc]

Found interesting discussion on the topic:

StreetEasy: Talk - Street Easy and Acris Price incorrect - StreetEasy

It looks like everybody thinking Acris and streeteasy reported past sales are accurate are misleaded. Looks like scam to me and nobody seems to care!

[bluedog2]

Originally Posted by api_nyc

Wondering of anybody knows why would Acris web site (and streeteasy) show about 10% more than the price I recently paid for a co-op in NYC? What's interesting is Acris NYC transfer tax is a bit less than 1% of actual price paid and NYS transfer tax is exactly 0.4% of Acris shown sale price.

What am I missing there?

Thanks

Did you purchase a sponsor unit ? If so,the NYC Real Property Transfer Tax was paid by the sponsor but the dept of finance adds it to your total purchase price for tax purposes.It's about 8.6 % or 8.7%.This is usually the only time there is a discrepancy between a stated closing price and the reported sale price on ACRIS, unless there was some other negotiating between buyer and seller.

It will work in your favor when you sell because it gives you a higher tax basis than what you actually paid.

[api_nyc]

Originally Posted by bluedog2

Did you purchase a sponsor unit ? If so,the NYC Real Property Transfer Tax was paid by the sponsor but the dept of finance adds it to your total purchase price for tax purposes.It's about 8.6 % or 8.7%.This is usually the only time there is a discrepancy between a stated closing price and the reported sale price on ACRIS, unless there was some other negotiating between buyer and seller.

It will work in your favor when you sell because it gives you a higher tax basis than what you actually paid.

You are wrong. For sales below $500k the NYC Real Property Transfer Tax is 1%. Per the link I provided for sponsor units Acris adds to the sales price the amount of underlying mortgage (about 10% of the actual sale price in my case). So looking at sales history is very misleading, shareholders sales are accurate, sponsor sales are inflated. Wish I knew that when I was negotiating the price.

P.S. NYC and NYS transfer taxes are separate on Acris btw

[bluedog2]

Originally Posted by api_nyc

You are wrong. For sales below $500k the NYC Real Property Transfer Tax is 1%. Per the link I provided for sponsor units Acris adds to the sales price the amount of underlying mortgage (about 10% of the actual sale price in my case). So looking at sales history is very misleading, shareholders sales are accurate, sponsor sales are inflated. Wish I knew that when I was negotiating the price.

No,I'm not "wrong" and it wouldn't have made a difference in your negotiating.The difference between your stated sales price and the ACRIS registered price is due to taxes paid by the sponsor .It is simply a tax thing.

If you didn't meet the sponsors price he simply wouldn't have sold it to you. Before you bought,didn't you search on ACRIS and see some sales registered with very odd numbers that no one would have negotiated. Those are always the sponsor sales.Didn't you read the co op bible ? If so you would have found this all out ahead of time but it wouldn't have made any difference. It's no big secret either.Even if you didn't find this out on your own ahead of time your lawyer should have explained it to you.

Nobody uses the prices registered for sponsor sales as comps anyway.

[api_nyc]

Do you still insist that "NYC Real Property Transfer Tax [is] about 8.6 % or 8.7%"? If so read this - Business - Real Property Transfer Tax (RPTT)

The number is 1% and Acris correctly reports this for the amount I actually paid.

The 10% difference is what I said above, specifically (quoted from streeteasy discussion):

"Acris is also adding a buyer's portion of the underlying mortgage of the building to the actual purchase price in the case of when you are buying a sponsor unit. "