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Location: Boston (for now! Will be back in NY by spring '11)
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I have an aunt and uncle that live in apartment on the Upper West Side. The apartment, purchased on the cheap during the real estate crisis in the mid-70s, is now worth millions. But I just found out their monthly maintenance fee is $4,500.
Jesus! That's 50 grand a year on maintenance fees. At that rate, don't you lose more money if you own in an apartment building versus owning, say, a brownstone??
Co op maintenances include things like real estate taxes ,mortgage interest and everything that goes into maintaining and running the building and sometimes include things like gyms. If the maintenance is 4,500/mo the building is probably staffed.
How much do you think it would cost per month if they owned a 15 million dollar brownstone and kept a staff? The real estate taxes themselves might be 4,000/mo.
Don't forget that a large portion of the maintenance is probably tax deductible.
Coop maintenance includes real estate taxes; condo maintenance does not. If you own a condo, you pay your maintenance fee plus the real estate taxes.
Also, coop maintenance fees include your share of the building's mortgage. Condo fees do not. (If you buy a condo, you are paying for the mortgage when you buy the unit). Coops and condos are very different animals. It doesn't even make sense to compare them. Also, every coop is a corporation with very different finances from other coops.
I know this doesn't address the OP's question, but it does attempt to respond to the previous post about condo vs. coop maintenance fees.
My friend's condo is $2 million. Her building is fully staffed. Her maintenance is only 1K/month.
Condo maintenances don't include taxes.You pay them on top of the maintenance so it's not "all inclusive" And how big is the apartment ? Your friend could be paying the 1,000/mo on a 1 or 2 br apt while the OP might be talking about a 6 br ,4 bath Upper West Side hacienda.We really need more info to compare.
[quote=Brooklynlove;14688574]...... The apartment, purchased on the cheap during the real estate crisis in the mid-70s, is now worth millions. .......
/QUOTE]
Trust me,it's a coop.And this is just a guess but with a maint like that it's probably a huge UWS place in a fancy bldg on CPW or Riverside Drive !
Location: Boston (for now! Will be back in NY by spring '11)
42 posts, read 129,426 times
Reputation: 62
[quote=bluedog2;14690548]
Quote:
Originally Posted by Brooklynlove
...... The apartment, purchased on the cheap during the real estate crisis in the mid-70s, is now worth millions. .......
/QUOTE]
Trust me,it's a coop.And this is just a guess but with a maint like that it's probably a huge UWS place in a fancy bldg on CPW or Riverside Drive !
Guessed right. Pretty sure it's a co-op, and yes, it's on CPW. They bought it at the peak of the crime rate in the city, for the equivalent of under a million today. It's now worth about 6 mil -- everyone in my family thought they were nuts for wanting to stay in the city at the time. Jokes on them.
Thanks for the info, explains a lot. Guess it goes to show it pays off to buy when the market is down!
That said, it's still gotta be cheaper to buy a brownstone and NOT pay for full-time staff.
Guessed right. Pretty sure it's a co-op, and yes, it's on CPW. They bought it at the peak of the crime rate in the city, for the equivalent of under a million today. It's now worth about 6 mil -- everyone in my family thought they were nuts for wanting to stay in the city at the time. Jokes on them.
Thanks for the info, explains a lot. Guess it goes to show it pays off to buy when the market is down!
That said, it's still gotta be cheaper to buy a brownstone and NOT pay for full-time staff.
I don't know about that.I have a friend who owns a brownstone in the East 60's and his real estate taxes are over 40,000/yr.No staff and that obviously doesn't include any maintenance or repairs or mortgage interest.
Do you know how big the apartment is?
Sounds like they knew what they were doing.Some of the buildings on CPW are in a class of their own.omigawd's friend's "huge 2br" might fit into the livingroom.It's hard to compare them with anything.
Last edited by bluedog2; 06-19-2010 at 10:02 PM..
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