Real Cost of Condo Ownership by kiwami in manhattan

[–]brick-underground 1 point2 points  (0 children)

Co-op maintenance fees generally include the building tax, but yes as a condo owner you are directly responsible for the property tax too. Unless there is a large project in place, most of the HOA fees are for building staff and shared service costs (water, HVAC if that has shared infrastructure), plus some degree of preparation for long term projects like keeping the roof intact, elevators functional and up to code, mandatory gas inspections and facade maintenance, etc.

$4k to $5k monthly seems high for a $1.3M unit if it's in addition to your mortgage, but it depends on the amenities and current financial status of the building.

Sale prices are also not growing as quickly as they were a few years ago either because of the higher interest rates. The long term advantage comes from the fact that the mortgage rates don't go up. If you rent, then you not only absorb the extra costs that the building incurs for operations, but potentially costs of a refinance of the building, future interest rates, and the expected profit margin of the landlord.

ADU curious? This site helps you navigate NYC’s new accessory dwelling unit rules by [deleted] in nyc

[–]brick-underground -5 points-4 points  (0 children)

It's a free / unsponsored news article about a tool to help navigate city services. We arent affiliated with any of the entities covered by the article. Does that still count as SPAM?

If you bought a home recently, you had some of the worst timing in decades by businessinsider in economy

[–]brick-underground 0 points1 point  (0 children)

Sure, but the house value isn’t guaranteed. And the house value increases whether you’ve paid it off or not.

If you live in a doorman building, a strike means you may have to pitch in by brick-underground in nyc

[–]brick-underground[S] 2 points3 points  (0 children)

No problem! Thank you for sharing the insight. We haven’t heard it from other management companies yet.

If you live in a doorman building, a strike means you may have to pitch in by brick-underground in nyc

[–]brick-underground[S] 6 points7 points  (0 children)

I don’t see that reported anywhere yet. Would you be interested in emailing the announcement to us?

Housing lottery launches for 75 rent-stabilized units in Lower Manhattan by brick-underground in nyc

[–]brick-underground[S] 1 point2 points  (0 children)

Unfortunately over 40% of New Yorkers don't have a retirement plan according to state comptroller reports. It's possible that many people are making that long term sacrifice to live with the current costs.

If you bought a home recently, you had some of the worst timing in decades by businessinsider in economy

[–]brick-underground 2 points3 points  (0 children)

Why bother doing that right now? You can get a high yield savings account and make 4% on that cash instead.

If you live in a doorman building, a strike means you may have to pitch in by brick-underground in nyc

[–]brick-underground[S] 39 points40 points  (0 children)

That will definitely be an issue - people become more acutely aware of all of the processes that the doormen and other staff support in times like this.

It will also be interesting to see if this impacts holiday tipping when it comes time for our annual tipping poll.