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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Joseph Ferra…, , New York County, NY
Mon Dec 10, 2007
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
Mitchell Hall, Agent, New York, NY
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
Aileen-Manha…, , New York, NY
Wed Nov 28, 2007

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
Tammy Benkwi…, Agent, Somers, NY
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
Gail Gladsto…, Agent, 11743, NY
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
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