Home Buying in Midtown East>Question Details

Sara, Home Buyer in Lower East Side, New...

While I know this can vary widely, but I was looking at purchasing a co-op 1 bedroom but the maintanance fees

Asked by Sara, Lower East Side, New York, NY Wed Nov 28, 2007

looked really high- $1600. Is this typical???

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On the face of it---yes, it does look high. But without knowing the cost of the co-op apartment (and other factors) it is hard to give you a complete answer. Is there a temporary assessment built in for a capital improvement? It requires investigation and a little time. Contact me at jf.sellsius@gmail.com if you need further help. I am a real estate attorney.
2 votes Thank Flag Link Mon Dec 10, 2007
When purchasing a coop or a condo for that matter, there is a correlation between the monthly maintenance and the sale price. You should consider how much it will cost you monthly to live in the apartment, the combination of monthly mortgage and maintenance costs. When comparing comprable apartments (same amenities, size, location) the maintenance should factor into your decision. Low maintenance = higher sale price. High maintenance = lower sale price. Every $100. in maintenance is worth about $15,000 in price based on a 6.5% 30 year fixed mortgage
1 vote Thank Flag Link Mon Dec 10, 2007
Mitchell Hall, Real Estate Pro in New York, NY

There are buildings with co-op fees that high (and higher). It really depends on the particular co-op, its amenities, its underlying obligations. Are you working with a Realtor? If not, you can privately email me the address and I would be happy to look up the information for you.
1 vote Thank Flag Link Wed Nov 28, 2007
You need to find out what is included in that fee. It likely will include property taxes and perhaps an underlying morgage. A thorough review of the boards finances and reserves are always in order when buying a condo or co-op. Good luck!
1 vote Thank Flag Link Wed Nov 28, 2007
I believe that typically, co-ops are less expensive, but with higher maintenance than condo's. Condo's cost more to purchase, but less to maintain.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Nov 28, 2007
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