The information on many real estate web sites are often not correct. The real estate business while reported on nationally is truly a local business. Work with a realtor who works with buyers and knows the area you want to purchase. Thanks for asking such a good question!
If you need to know more feel free to look on my site at www.homewitharthur.com and save your searches there for free!... more
Hi Home Selling in Cleveland Park!
Your friend is thinking about a tax provision that was changed many, many years ago. You are almost right - -In general sellers can exclude from income up to $250,000 (for a single filer) and $500,000 (for joint return) in profit from the sale of a principal residence if they lived in that property for at least two years during the 5 year period ending on the date of the sale. There are a number of different tests/caveats/exceptions & computations that go into determining eligibility and profit/gain. For more info consult a tax adviser. Also, check the IRS website (www.irs.gov) and Publication 523 - "Selling Your Home."... more
When buying a co-op you are buying shares in a corporation. So many shares per apartment. This is why when I sell a co-op I ALWAYS advise my client to get elected to the co-op board as soon as possible. If you are a shareholder in a corporation you want to have some knowledge and input about HOW this corp. is run.
A condo is different. You own the apartment--walls floors etc.
This is a simplified version to answer your question.
As to why it has been on the market for 3 months? There could be many factors --poor marketing, slow time of year , over pricing etc. However, with an efficiency you have a limited market.... more