I am told now is the time to RE-FI even with a prepayment penalty (unless the penalty is so big it exceeds benefits.) Why? - Because a 10/30 amortization loan can be gotten for just under 4%.
Isnt this a great percentage?
My attorney tells me flip taxes are bad because they are an additional burden/ fee for the seller and can turn off potential buyers unless finances are genius at a bldg. OUr has been a coop for over 20 years and missed the maximum benefit from the flipping years after conversion (due to inside buyers selling), plus is 28% sponsor owned (sponsor pays no flip taxes), plus our maintenance level is 20/25% higher than average. Now, instead of effectively addressing line-item budget costs, they want to add a 2% flip tax of the sales price. I am told this effects the value for reasons including it is a red flag when combined with a high mtnce level (never buy in a building with a new flip tax and a high cost level). Thoughts?
> Join the conversation Comments (4)I own a condo in a small 7 unit building in Brooklyn which I decided to sell. Unexpedity the board raised maintenance from $280 to $2000 a month without meeting, proposed budget or any explanation. I hired an attorney who asked to provide a justification for such increase and the board refused to do it. Since I was about to complete the sale I offered to pay my share of the summ that they are trying to collect in one installment and they refused to accept it and recused to tell me how much are they planning to collect and for what purpose. I can't even see bank statements. What can I do at this point? Please recommend a good lawyer for this matter.
> Join the conversation Comments (2)
I want to do a building wide property tax grievance for our Condo complex using the tax certiorari approach where condo association is liable for fee to lawyer and do all the units at once. Currently in Nassau county condos three stories or less can grieve similar to a single family home and the last two years we did it this way, our lawyer sent a letter to owners offering them a discounted rate of 1/3 of first years savings. The owner paid fee but only 1/2 the building signed up two years running and I am afraid market values and taxes will get out of whack with half the building paying lower taxes than the other half.
Can I do a tax certorori next year for all the units next year so I get 100% coverage? If I do can I take all the refund into reserve account or do I have to pay back owners their prorated amounts?
Right now we have a loan I could pay off with refund that has 7% interest and since unit owners took write off on property taxes in prior years they would own taxes on the refund received.
Also if I do refund unit owners can I with hold past due arrears?
Refunding owners seems to not be very cost efficient. I have a lot of tracking to do, then calculating out Star, Vets etc exemptions. Then in end the owners may have to pay tax on it. Meanwhile condo associations dont pay tax so I could take it vs loan or reserve account tax free. Would be a double impact to property values. We would have lower property taxes and a better reserve account or a lower loan amount. Win Win
Is there a list of buildings built the past 10 years that have construction defects and are linked to developers who have received subsidies?
> Join the conversation Comments (1)I live in a co-op building in Queens. Recently, there have been a water leak from the unit upstairs. The leak has gotten so bad that the bathroom ceiling was about the collapsed. The super and the management company ignored all my requests to repair the damage, so I finally called 311 and filed a complaint. NYC HPD issued a violation to the co-op president. The guy then turned around and gave me a one-week notice to fix the water damage, and he also instructed the building attorney to initiate the default provision of my lease. This is obvious retaliation because I filed the complaint with HPD. What should I do ?
> Join the conversation Comments (8)I am wondering what the current ballpark underlying coop mortgage rates are for 10/30 amortizing loans. I know that the 'interest only' rates was in the range of 3.65% as of the end of Feb. I don't want to get into specifics with a broker so maybe someone out there can tell us..?
> Join the conversation
Our co-op is going to propose to remove one of the board members at our annual meeting.
Are the people who have received absentee ballots also entitled to vote on the issue to remove the board member?
We have been informed that the proposal to remove the board member will be voted on separately,
Sounds like they are going to vote this proposal by a majority of members that are present at the meeting, If this be the case; will it negate the absentee ballots who are entitled to vote for the directors?
It seems to me that if you have been given the authority by another member(s) to vote for the directors, you should also be able to vote on their behalf to keep or remove the board member in question.
Hi,
I received a request from an owner that wanted to add insultation to the parking area. The owner stated they would perform the work and absorb all the costs. At first, I thought it was a good idea, but then started thinking about all the liability that comes with it. Any thoughts on how to approach it when an owner is volunteering for the work? or does this mean we should treat the owner as an independent contractor? Any advice is much appreciated. Thanks!
DC
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It is a great percentage, but what will the rate be when you need to refinance again in 10 years? Also, do you want to incur new closing costs every 10 years?
If you are considering a refi, I would strongly suggest a regular 30 year self-amortizing mortgage. The rate may be higher now, but you won't be playing rate roulette every decade. Unfortunately the time for qualifying for 30 year mortgages may be running out because the proprietary leases for most co-ops formed in the early 1980's expire in the 2050's. Banks may not be willing to risk lending if the underlying source of repayment funds (the PL) expires before the mortgage is paid off.
Check with your accountant or managing agent if they have any expertise in this regard and can advise you.
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