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Your co-op owners should have told you about this. I was told this right when I took ownership of the apartment.
Please keep me updated. I hope you are eligible for it as well.
You know how great it is to make no payments for a month and a half.. yippie !
To quote Lou Costello "Nobody told me NUTTIN!"
I checked the applications...so I missed the March deadline to file and thus any chance of a credit for 2011. Damn. So that gives me 10 months to file. First stop is the Management Office to get some info.
If I get it, nightcrawler, I'll happily buy you a bottle of champagne.
So what do you people think of the coops with really high maintenance costs? Are they ever worth it? Even after you pay off your entire mortgage, your monthly maintenance is still about as expensive as rent in some other neighborhoods.
So what do you people think of the coops with really high maintenance costs? Are they ever worth it? Even after you pay off your entire mortgage, your monthly maintenance is still about as expensive as rent in some other neighborhoods.
I am lucky my maintenance is very cheap, so now that my mortgage has been paid for years, it is almost like living for free. I also have the 50 percent tax ded on maint for my income tax as well.
The maint charges vary in location, and depending on what amenities the building has. My building has "zero" amenities, as I don't need them. It is a 4 floor walkup (and I am on the 4th floor), that went co-op back in the 80's.
The reason is, the LL's all like their buildings to go co-op, and as long as a certain percentage is sold they don't care, because once a RC or RS tenant moves out the unit is no longer under the RC or RS rules, "get it', they can charge what ever they want to and not have to follow RSA guidelines.
My Co-Op is in Bath Beach, a totally non hip, non trendy, non nothing neighborhood. But is suit my needs. So I am a happy camper.
Some of the super classiest buildings in New York have their mortgages paid off and the Maintenance charges are thus unbelievably low. But since this is so very desirable, people bid up the prices on these co-ops. There are multi million dollar co-ops paying what would be a desirable rent stabilized rent or even LESS.
On the other hand, some buildings are saddled with such an immense debt load that the maintenance charges are indeed FAR in excess of what you could rent a comparable apartment for. So these tend to cost less to buy. It's natural.
I laugh when somebody seems thrilled with the fact that 75% of his maintenance is "tax deductible" but what that person is thrilled about is that he is paying his maintenance FOR NOTHING: Interest on the underlying mortgage and taxes. "Gee," he later says, "service in my building stinks, there's no doormen, no exterminators, and every couple months they are coming around with another 'special asssessment.'" Yes indeed, there's nothing left but that paltry 25% for services.
If I looked at a co-op that cost a typical fortune and after I paid for it in cash I would be saddled with maintenance payments in excess of what a comparable place would rent for, I would laugh in the realtor's face and slam the door behind me. In the word's of the immortal Ralph Kramden: "Bang, ZOOM!"
Some of the super classiest buildings in New York have their mortgages paid off and the Maintenance charges are thus unbelievably low. But since this is so very desirable, people bid up the prices on these co-ops. There are multi million dollar co-ops paying what would be a desirable rent stabilized rent or even LESS.
Is that right? I would think that even if the mortgage is paid off, a "super classy" building would have a pricey management comapny running the building (as opposed to a self-managed co-op) and extensive staff in the building (doormen, elevator men, porters), plus the fact that older buildings need lots of maintenance to keep them in good repair.
Yes there are costs to doomen, handymen and management companies, and classy builings in the East 60's, and up Park Avenue for example have alll the amenities, but when you shave off the payment for mortgage amortization or even just interest you are shaving off A LOT.
And some of these buildings are paying taxes that would send an owner of a new condo into a coma (assuming he's not abated.)
And there are dumps in Queens without doormen (just buzzer systems that don't ever work right,) elevators installed by Mr. Otis himself, handymen, trash removal that are paying maintenance far in excess of what a rental would cost.
You saw the phenomenon often when co-ops offered insider prices to rent stabilized tenants during the 80's conversion boom. I cannot tell you how many times I heard someone say: "Why would I buy this place when AFTER I paid for it it would cost me 50% more each month than I'm paying now to live in the SAME PLACE?"
Some of the super classiest buildings in New York have their mortgages paid off and the Maintenance charges are thus unbelievably low. But since this is so very desirable, people bid up the prices on these co-ops. There are multi million dollar co-ops paying what would be a desirable rent stabilized rent or even LESS.
On the other hand, some buildings are saddled with such an immense debt load that the maintenance charges are indeed FAR in excess of what you could rent a comparable apartment for. So these tend to cost less to buy. It's natural.
I laugh when somebody seems thrilled with the fact that 75% of his maintenance is "tax deductible" but what that person is thrilled about is that he is paying his maintenance FOR NOTHING: Interest on the underlying mortgage and taxes. "Gee," he later says, "service in my building stinks, there's no doormen, no exterminators, and every couple months they are coming around with another 'special asssessment.'" Yes indeed, there's nothing left but that paltry 25% for services.
If I looked at a co-op that cost a typical fortune and after I paid for it in cash I would be saddled with maintenance payments in excess of what a comparable place would rent for, I would laugh in the realtor's face and slam the door behind me. In the word's of the immortal Ralph Kramden: "Bang, ZOOM!"
When I was looking to buy,I wouldn't even consider looking in buildings with 50% and higher tax deductions because to me it indicated possible,maybe likely
financial problems ! Too much debt ! I stuck with buildings in the 25 to 40% range.
When I found a place and was going through the loan process the guy at the bank told me that all the banks have lists of all the co ops in the city ,with ratings on the financial stability(risk) of each one , that most buildings with too much underlying debt get either blacklisted or the requirements are more stringent and the interest rate offered on the purchase loan is higher
Most of the time ,people don't even know they are paying a higher rate on their loan because the bank is slightly uncomfortable with the debt load.
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