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This is not a purchase to make money. It's a purchase to see your way through a concrete jungle with
exuberant prices. At the rate this building is going we are better off buying at market rate!!!!!!!
Wow, all of this really gives you something to think about. I really appreciate the breakdown. I was going into this not only for the tax breaks, but also to make a decent profit when I am ready to sell after investing 16 years staying put.
Wow, all of this really gives you something to think about. I really appreciate the breakdown. I was going into this not only for the tax breaks, but also to make a decent profit when I am ready to sell after investing 16 years staying put.
You will make a wonderful profit if you stay through the 16 years. You could double or triple your money depending on how good of a deal you get. Just ask when you have your meeting if the unit you are being offered will always have income restrictions. In those cases, you will have to sell to someone with the same income perimeters you fell into when you bought. Perhaps in that case, it would be harder to sell it to someone for a huge profit. Surely it will be a nicer return on your money than in a mutual fund or a savings account. The best way to grow your wealth is to buy vs rent.
remember the re-sell to someone within the income restrictions in 16 years could be much different than it is now...its based on median incomes and in this particular community board the range is all over the place but in 16 years you will find a more even structure. There hasn't been one piece of information that has caused me to rethink purchasing. Purchasing a home for only 5 years offers no financial gain anyway unless you are flipping it and most financial experts state you must maintain a home at least 10 years to see a profit and an easy way to know for sure is to look at your mortgage and the year that your payment is divided between interest & principal...Thats around year 13 when you see the greatest return. Now if only I'd get my letter from LaCelia...They have got to be ready to start calling more folks who havent submitted paperwork...
I just want to throw a thanks out to Soontobe for creating this thread. It has been a great point of reference. Topics that I wasn't even aware of are being discussed and shared freely. Its no small thing that the selling agent is giving us updates through this thread. If I end up getting in, its nice to know that some of you will be my neighbors.
So does anyone have a firm move-in date?
This building has been finished quite a while now and it is just sitting there.
the answer is no based on Michael's last posting...the building must be converted into a coop. Its an extended government process...grrrrr......he should be posting an update very soon as he has at the end of the last few months. However I bet that info (move-in) can not be provided until the conversion is completed. He has always maintained February/March and that probably has more to do with individual closings on each unit. If Dave Forbes is handling the bulk of mortgages then it will be based on attorneys and banks....So a move-in date will mean nothing to someone who's attorney is not on top of the paperwork.
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
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