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No, you get real. You put down $5,000 for a discounted $105,000 widget initially and sell it for $355,000. The widgit discounter gets $100,000 and you get $250,000. You gross $250,000 and complain? WTH??
Never once have I complained about any element of the potential process. I am simply stating facts as I find them.
I merely objected to the silly concept that the seller does not pay the flip tax when it indeed comes out of his proceeds.
It really is not rocket science. If you sell a house and the realtor wants 6%, who is generally considered to be paying that 6%?
Never once have I complained about any element of the potential process. I am simply stating facts as I find them.
I merely objected to the silly concept that the seller does not pay the flip tax when it indeed comes out of his proceeds.
It really is not rocket science. If you sell a house and the realtor wants 6%, who is generally considered to be paying that 6%?
You pay the Realtor and that Realtor pays all those involved in the sale which includes the buyer’s agent.
You pay the Realtor and that Realtor pays all those involved in the sale which includes the buyer’s agent.
And just like the seller paying the realtor his commission out of the sale proceeds, so does the seller pay the flip tax to the cooperative out of the sale proceeds.
My ML co-op is again starting up the privatization campaign. It was done about 10 years ago (before I moved in) and it was closely defeated.
Has anyone else gone through this? Have you stayed or did you sell out?
I just found out last night that the board voted unanimously to again begin the process and I spent a sleepless night trying to imagine the future consequences if we went private because it is likely the apartments would go for a handsome bundle, UES, well-kept doorman building, 200 feet from the new subway. I don't know if I could "do" the burbs anymore what with the agony of driving again, leaky roofs, plumbing responsibilities, no culture, fast food <yecch.>
I am fairly well versed in the adventures of Midtown East and Southbridge but I will try to familiarize myself with more of the nitty-gritty of the process.
I like where I am living but I would vote to privatize.
A big question is whether the flip tax on sales would cover the potential increase in Maintenance fees, taxes and mortgage interest for those who chose to stay on.
I'm too old for all these options.
I have been living here since the 1980s. We went dealt with this about 9 years ago. We voted NO to the feasibility study. I'm happy to hear that you are against privatization and want to stay in the Mitchell-Lama Program. These apartments were built as affordable housing for a reason-- the people in this neighborhood were being driven out of their walk-ups and could not afford to move into the luxury buildings replacing them. Ruppert House needs to remain in the Mitchell-Lama Program! Try not to lose any sleep over it. We voted NO 9 years ago and you were able to get an apartment in here. Congratulations! Just vote NO to the Feasibility Study!
Southbridge threw that upsizing rule out the window in an effort to get more people to vote for privatization. Any two people could put in for a 2 bedroom apartment and I was on the list, hoping the movement would lose.
We tried for a two bedroom and got a letter from HPD saying our excuse (medical) wasn't thorough enough so we were not allowed to get on the 2 bedroom insider waiting list.
So I really doubt that Southbridge could have done an end run around HPD any more than we could.
So, second meeting tomorrow. I hope it is more informative than the first.
Please don't vote to go private. We lived in my MIL's apartment in Southbridge and when it went private she sold it and we had to leave. There is just not enough affordable housing in NYC and every ML that goes private makes the situation even worse.
Please don't vote to go private. We lived in my MIL's apartment in Southbridge and when it went private she sold it and we had to leave. There is just not enough affordable housing in NYC and every ML that goes private makes the situation even worse.
Trixie, I understand what you are saying, but it is the mayor, the governor, the assembly, senate and city council who are to blame for the shortage of affordable housing in New York City, not me. If these powerful bodies move towards less affordability, I refuse to take the blame upon myself.
But in reality, Ruppert House will likely not even vote for the feasibility study. Most people here think if privatization occurs, they will become homeless. (I left last nights meeting after only a half hour: I could not bear any more stupid comments.
"Oh my, what kind of maintenance will we be paying in 10 years?" "What happens if we DIE?" "What about our children?"
I don't suffer fools easily and this was like a Chinese water torture.
I never should have gone to that second meeting.
So a person may pass away and families act as if they are alive?
Per Management, Yes. If the tenants pass away, then after privatization their children get the rights to apartment as long as the continue to pay the monthly maintenance/carrying charge at the last level it was at.
Trixie, I understand what you are saying, but it is the mayor, the governor, the assembly, senate and city council who are to blame for the shortage of affordable housing in New York City, not me. If these powerful bodies move towards less affordability, I refuse to take the blame upon myself.
But in reality, Ruppert House will likely not even vote for the feasibility study. Most people here think if privatization occurs, they will become homeless. (I left last nights meeting after only a half hour: I could not bear any more stupid comments.
"Oh my, what kind of maintenance will we be paying in 10 years?" "What happens if we DIE?" "What about our children?"
I don't suffer fools easily and this was like a Chinese water torture.
I never should have gone to that second meeting.
I just feel for my MIL...affordable housing was good for HER--but by voting yes, and everyone else that voted yes basically said f*ck you to everyone else. We deserved it and good luck to you, suckers.
I see how the money is tempting...I get it. Everyone has bills. Older people need to retire and pay for elder care. There's always something.
Last edited by Trixie216; 04-19-2017 at 09:37 AM..
Please don't vote to go private. We lived in my MIL's apartment in Southbridge and when it went private she sold it and we had to leave. There is just not enough affordable housing in NYC and every ML that goes private makes the situation even worse.
She sold it for whatever reason it was to benefit herself. It wasn't there for you to leech off of her.
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We lived in my MIL's apartment in Southbridge and when it went private she sold it and we had to leave. There is just not enough affordable housing in NYC and every ML that goes private makes the situation even worse.
