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Home Buying in 10030 : Real Estate Advice

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  • Local Info0
  • Home Buying7
  • Home Selling0
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Activity 7
Fri Mar 31, 2017
Alan May answered:
The property taxes are not based on how you pay for the property. You could pay with cash, or a mortgage and the taxes on that property would be exactly the same.

I'm not sure why you think that the taxes would go down since you're paying in cash. ... more
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Tue Dec 29, 2015
Swatsonshirley asked:
In 2014, found out my residential building is HDFC, management only told me that the coops are for the Corporation and not for the tenants. In my research the property is a Corporation and…
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Sun Jul 21, 2013
Doug LaBrecque answered:
The 5 BR for $1,279,999? I have all of the particulars for that expired listing.

Doug@wesellny.com
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Fri Sep 30, 2011
Joseph Hastings answered:
Hi Sdtrendy. Sounds like you've decided to go it alone. No broker for you, yes? I've not read the other responses, so I'm coming at this straight forward. You say you9;re accepting an offer then you say you're (esentially) making an offer. Yes, the purchase is contingent on you sucessfully obtaining a mortgage.

My best suggestion to you is this: In New York State, real property and coop purchases require an Attorney. Since you'll obviously be using one, ask them what to include in your offer. After all you're their client and as members of the New York State Bar Association, they are also Brokers.
... more
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Sun Sep 18, 2011
Mitchell Hall answered:
Hi Sdtrendy,

Prices increase in high-rises on higher floors of the same line but not all apartments on higher floors are worth more than apartments on lower floors. The "$10,000 rule of thumb" is primarily in new construction where everything is in the same condition. Again it's same line per floor.

A 7th floor apartment with direct park or river views can be worth 50% more than an apartment on the 15th floor of the same building facing a back alley or courtyard.

A lower floor with terrace may be more, or lower floor with higher ceilings. There are many variables to consider including the condition.

http://nycblogestate.com/2006/09/how-much-would-you-pay-for-view.html

Best,

Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com
... more
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Wed Aug 17, 2011
Mitchell Hall answered:
A condop is a condominium that has a residential coop unit separate from the commercial unit and or garage unit. During the late 1980's several new developments were built as ";condops" they were "hybrids" because the developer had an underlying mortgage on the residential portion of the project. The residential unit is a cooperative. Owners are shareholders in a corporation.

The 80/20 IRS rule that restricted passive income over 20% of a coop's operating budget in any given year may be why some rental buildings with commercial/retail space converted to condops rather than coops. Many of those condops are run more like coops.

While the 80/20 tax law that affected coops was abolished by President Bush, today there are still new construction projects being built and recently constructed that are currently for sale as condops because there is an underlying mortgage.

A condo can not have an underlying mortgage so several new buildings are "condops" because in the offering plan the developer/sponsor leaves the shareholders/owners with the underlying mortgage. The underlying mortgage is included in the maintenance allocated proportionally to each apartment. The Azure and 1 Carnegie Hill on the Upper East Side are new condops and 305 West 16th street is a brand new luxury designer condop building in Chelsea and there is a new condop in Harlem.

Many condops have right of 1st refusal, they are investor friendly and have the same unlimited sublet policy and amenities usually found in condos. I live in a condop, I sell in the building and have sold in many condops.

A condop can offer the best of both worlds. It can offer rules and amenities of a condo, tax deduction, lower closing costs ( no NY state mortgage recording tax) like a coop because a coop is not considered "real property" it is considered "personal property."

Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com
... more
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Wed May 13, 2009
Barbara Klepper answered:
As of May 13, 2009 there are 18 homes that closed Jan to present and 15 additional homes under contract. There may be many more that have accepted offers and have not posted as under contract yet. Considering there are only 149 homes on the market in Manhasset( not including Manhasset Hills), this is a much higher percentage of closings vs available inventory that many other areas across Long Island. I received my info from the market share report section of MLS available to realtors. If you would like more specific information and are looking for Buyer Broker representation ( in many cases, at no cost to you) please email me. ... more
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