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Old 05-23-2015, 02:41 PM
 
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As Shoshana says, a purchase price is a one-time fee, but maintenance is forever. And will go up.
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Old 05-23-2015, 02:42 PM
 
Location: Chicago
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Quote:
Originally Posted by NYer23 View Post

Unfortunately unless you are rich, it is difficult to avoid the co-op market if you want to live in NYC long term.
Yes, this is the crux of the issue. As for closing lawyers and banks, I believe it would be a mistake to depend on them for anything other than clear to go title.
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Old 05-23-2015, 02:43 PM
 
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Originally Posted by Cida View Post
As Shoshana says, a purchase price is a one-time fee, but maintenance is forever. And will go up.


maintenance of a property , renovations , heat water , sewer ,repairs ,taxes ,insurance etc go on forever no matter what you buy. that is a ridiculous quote.
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Old 05-23-2015, 02:44 PM
 
Location: Chicago
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Originally Posted by Cida View Post
As Shoshana says, a purchase price is a one-time fee, but maintenance is forever. And will go up.
It doesn't have to but it will because of the nature of the Board and the decision making process. Condos suffer from the same problem.
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Old 05-23-2015, 02:47 PM
 
Location: Chicago
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Originally Posted by mathjak107 View Post
maintenance , renovations , heat ,repairs ,taxes ,insurance etc go on forever no matter what you buy. that is a ridiculous quote.
True, but a well managed business and manage the costs and increases as long as the Board's interests are aligned with the interest of the limited partners. The question to ask before purchasing shares is, Is this the case? A very difficult question to answer.
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Old 05-23-2015, 02:52 PM
 
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absolutely true. i have never had any issues with the many co-ops we have owned nor any our kids have owned or our partners.

sure they are out there but most boards outside of manhattan luxury buildings are very un-demanding as far as buyers. they need good financials and clean back grounds , no more than i would expect from my next door neighbor but would have little say in as far as if it is a private house.
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Old 05-23-2015, 02:57 PM
 
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Originally Posted by mathjak107 View Post
Not only have i been part of limited partnerships in real estate but we owned a real estate holding company with bernard spitzer as my partner.

The prestigious co-op at 200 central park south was one of our buildings.

We still have two apartments left there.

We held the commercial lease rights there up until last year when we sold it to an investor group. Bernie passed away right after we broke up the partnership unfortunatly.
I wish we would spend more time getting your input on today's real estate market rather than generic debate on the structure of the co-op. I can't believe the price the Crown Building, at 730 Fifth Ave sold for.
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Old 05-23-2015, 03:02 PM
 
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OP - see below for guide in buying apartments in NYC and difference between co-op and condo.

How to Buy a NYC Apartment | BrickUnderground
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Old 05-23-2015, 03:20 PM
 
Location: Chicago
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Originally Posted by NYer23 View Post
I wish we would spend more time getting your input on today's real estate market rather than generic debate on the structure of the co-op. I can't believe the price the Crown Building, at 730 Fifth Ave sold for.
The OP asked a generic question and it is important to understand the legal structure of a coop in order to understand the problem with high maintenance fees. High maintenance fees is often a sign of poor or misaligned governance and I would consider it a red flag.
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Old 05-23-2015, 03:24 PM
 
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it all depends on what percentage of the maintenance is your share of the outstanding mortgage.

high maintenance might be high because your personal mortgage is a lot lower since the building is carrying a bigger part of your equity as part of your maintenance . also what is the reserve fund like ? a higher maintenance may be filling a nice healthy reserve fund so you don't get accessed down the road,.

Last edited by mathjak107; 05-23-2015 at 03:38 PM..
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