tag:blogger.com,1999:blog-14245531.post114546436273246738..comments2023-11-18T01:21:55.631-05:00Comments on My Open Wallet: Costs of a pre-construction condoMadame Xhttp://www.blogger.com/profile/11536189690094235926noreply@blogger.comBlogger14125tag:blogger.com,1999:blog-14245531.post-1146372251233467822006-04-30T00:44:00.000-04:002006-04-30T00:44:00.000-04:00Flip it is a wonderful TV show! I TiVO it often in...Flip it is a wonderful TV show! I TiVO it often in my basement apartment.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145641249449880762006-04-21T13:40:00.000-04:002006-04-21T13:40:00.000-04:00Also, given that I do seem to be buying just past ...Also, given that I do seem to be buying just past the peak of the market, I'm not sure I could really flip it for enough money to make it worthwhile. It sounds like buyers are thinking more cautiously now.Madame Xhttps://www.blogger.com/profile/11536189690094235926noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145641047966927932006-04-21T13:37:00.000-04:002006-04-21T13:37:00.000-04:00I'm not going to flip it. I'm prepared to ride out...I'm not going to flip it. I'm prepared to ride out a decline over a few years, and plan to own this place for a while and eventually rent it out.Madame Xhttps://www.blogger.com/profile/11536189690094235926noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145639946390683202006-04-21T13:19:00.000-04:002006-04-21T13:19:00.000-04:00i'd consider flipping it too... Even the NYC mayo...i'd consider flipping it too... Even the NYC mayor budgetting in 10% price decline (property taxes).<BR/><BR/>hey - if you can make a 50K profit, how many months of rent will that cover in your current space? Meanwhile, instead of borrowing money at 6% to pay for an investment that will appreciate at max 3% a year, you can get a higher return elsewhere with your down payment money.<BR/><BR/>on the other hand, you like NYC and like the idea of owning a home, and have stable employment and other assets, so unlike most people you can actually afford to purchase a declining property. and it does provide some protection against the possibility of rising inflation.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145633542740111812006-04-21T11:32:00.000-04:002006-04-21T11:32:00.000-04:00if i were you, i'd flip it.if i were you, i'd flip it.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145626130075295452006-04-21T09:28:00.000-04:002006-04-21T09:28:00.000-04:00James L-- it's funny, I was supposed to pay $100 (...James L-- it's funny, I was supposed to pay $100 (I think) for the copy of the offering plan that was sent to my lawyer but the selling agent told me at the time that he'd take care of it... but I wonder if that cost will show up again at the closing.<BR/>Try2-- I do plan to stay involved. That was the nice thing about living in a small coop, which I did some years ago. Every resident was on the board and we all wanted to keep costs low by doing little things ourselves (like using pliers to turn on the washing machine when the knob broke, instead of fixing it!)Madame Xhttps://www.blogger.com/profile/11536189690094235926noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145601308131280802006-04-21T02:35:00.000-04:002006-04-21T02:35:00.000-04:00There's also the reimbursement fee for the offerin...There's also the reimbursement fee for the offering plan, for the sponsor to recover the cost of preparing it.<BR/><BR/>Not just for new construction, but a major closing cost in NYC is the Mortgage Recording Tax. Ouch!<BR/><BR/>http://www.nyc.gov/html/dof/html/property/property_rec_mortgage.shtmlJames Lhttps://www.blogger.com/profile/05026002387071271200noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145586451458967672006-04-20T22:27:00.000-04:002006-04-20T22:27:00.000-04:00good points, everyone. I was hoping someone would ...good points, everyone. I was hoping someone would weigh in on what goes to the cost basis, as I wasn't too sure about that, so thanks Anon!Madame Xhttps://www.blogger.com/profile/11536189690094235926noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145583830219799282006-04-20T21:43:00.000-04:002006-04-20T21:43:00.000-04:00I agree with the comments above, in that the HOA f...I agree with the comments above, in that the HOA fees will most likely increase over time. I suggest that you get actively involved with the HOA and try to keep their expenses down. If they suggest a big summer party..vote against it !<BR/><BR/>I made a post on the same topic in my blog today. If you would like to check it out, visit<BR/>http://try2bekuber.wordpress.comAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145572235795494032006-04-20T18:30:00.000-04:002006-04-20T18:30:00.000-04:00capital contribution to condo is not included in c...capital contribution to condo is not included in cost basis for tax purposes. only actual cost plus cost of improvements.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145560974180605642006-04-20T15:22:00.000-04:002006-04-20T15:22:00.000-04:00I'm in the process of purchasing a new condo in NY...I'm in the process of purchasing a new condo in NYC myself, and the City and State transfer tax is a killer. In new construction, if you purchase from the sponsor, you have to pay the transfer tax when you sell your condo as well. The state really gets you when you buy and sell property. On the other hand, the property tax is relatively low. Good luck!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145560672025161352006-04-20T15:17:00.000-04:002006-04-20T15:17:00.000-04:00Wow, really good stuff to think about. We'll need...Wow, really good stuff to think about. We'll need this if we go the Cali route since we'd most likely be looking at new construction condos.Caitlinhttps://www.blogger.com/profile/07099173870125319819noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145553711957880822006-04-20T13:21:00.000-04:002006-04-20T13:21:00.000-04:00I've heard the same about the association fee as F...I've heard the same about the association fee as Fr said. I've also heard they include such area as the closests when calculating the floorplan space. Just more things to be aware of.Peachyhttps://www.blogger.com/profile/09315027590748875288noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1145553539920651852006-04-20T13:18:00.000-04:002006-04-20T13:18:00.000-04:00Regarding the association fee... it should be note...Regarding the association fee... it should be noted that even though the condo may have a set fee that it starts out at, it will most likely be changed over time. My ex's condo association fee started at $135 a month, which is partially what drew us to the place. Four months later, the fee had to be raised to $225 because it turned out that at $135, we had to dip into the reserves every month. I guess it is common for the seller ( of flip or new condos) to list a low price solely for the purpose of bringing in buyers.FRhttps://www.blogger.com/profile/10141606314767551673noreply@blogger.com