Property Q&A in Larchmont>Question Details

Anne, Other/Just Looking in Boston, MA

What are the condo fees and real estate taxes for this property?

Asked by Anne, Boston, MA Sat Feb 28, 2009

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This question is about this property: http://www.trulia.com/property/43721737-114-Larchmont-Acres-…

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What the others posted below is correct and here is the listing sheet with multiple photo's for you to look at: http://www.miketrinch.com/idx/co-operative/2900672/details.html
0 votes Thank Flag Link Sat Feb 28, 2009
Hi, Anne, This unit is apparently a co-op, and so the real estate taxes are embedded in the monthly maintenance fee, which is $527/month. Of that 65% is tax deductible as that portion represents the property tax. As you probably know, with a co-op you own shares in a corporation, and not real estate. Please let me know if you have any interest in seeing this or any other property. Sincerely, Margie Weschler
0 votes Thank Flag Link Sat Feb 28, 2009
Hi Anne, This is listed incorrectly. It is a Cooperative not a Condo. The difference is with a Coop you don't own the unit but shares in a Corporation. The corporation is made up of all the buildings occupants and shareholders. You will get a proprietary lease and stock certificate. You pay a monthly maint. that will inlcude your pro-rata share of the buildings property taxes, care for the grounds, etc. A portion of your maint. will be tax deductible, usually 50%-60%. A condo is considered real property in NY and you own the unit, pay property taxes, and a monthly common charge to care for the complex. There is a board of managers that govern the condo.

With that being said (sorry if you already new this :o), the monthly maintenence is $527.

Please feel free to ask any further questions. I live in the next town over from this building.

Sincerely,

Christopher Pagli
Associate Broker
Legends Realty Group
914.406.9023
0 votes Thank Flag Link Sat Feb 28, 2009
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