I don't want friends and family knowing how much I paid for my condo

i've been wondering the same thing. i don't know how to avoid it - i was horrified to see the price i paid and mortgage info on propertysnark. though many purchase prices are listed as "unavailable," i don't know how one accomplishes that.

Posted by: guest at November 20, 2007 12:19 PM

I'm pretty sure anyone interested in how much you paid can find out by looking up the paperwork filed with the city. I think property transactions are a matter of public record. Do you think your family and friends would go to the trouble of seeking out this info?

Posted by: guest at November 20, 2007 12:44 PM

Exactly 12:44, that is what I'm saying. As soon as it becomes public record, all the information appears online via ACRIS or Property Shark. It's all online and instantly accessible with a few clicks of the mouse. That is my point. It's not "trouble" to seek out this info. Which is why I want to know if there's a way to keep the sale price private. Everyone I know checks Property Shark to see what their neighbors and friends paid for their place.

Posted by: guest at November 20, 2007 12:47 PM

No thats public information we all want to know how much you paid ,and to what bank thanks to propertyshark and others.

Posted by: guest at November 20, 2007 12:54 PM

Privacy has sadly become an antiquated notion.

Posted by: guest at November 20, 2007 12:59 PM

If you take out a mortgage there will be a record. Best bet is to pay all cash.

Posted by: guest at November 20, 2007 1:16 PM

How do you keep an all-cash transaction private?

Posted by: guest at November 20, 2007 1:19 PM

i was the first commenter - i paid all cash and thought that may help. but no, it's still on property shark (i should have said lack of mortgage, rather than mortgage info above - that's part of what i'd prefer people not know).

to OP - your post reinvigorated my anxiety about this issue, i will be researching and will post if i figure anything out.

Posted by: guest at November 20, 2007 1:21 PM

Buy all cash under an LLC.

Posted by: guest at November 20, 2007 1:36 PM

I can totally relate to your wanting to keep something that is your business, your own business. But truth be told, I've used these public records to evaluate comps in my own decision making process...didn't you do the same when you were deciding to buy your place? That was someone else's private info you were looking at then. And personally, as much as I've researched comps when I've been looking at properties, I've honestly never thought to look up what my friends paid for their places. Honestly. I really don't care what they paid or what kind of mortgage they are carrying. It doesn't impact how I think of my friends one way or another. While it might feel stressful having this piece of private data out there, thinking big picture what real harm is it going to do you?

Posted by: guest at November 20, 2007 1:43 PM

I want to know why/how many sale prices ARE listed as n/a and how I can do that.

Posted by: guest at November 20, 2007 1:54 PM

You've just pointed out one of the benefits of buying a coop (at least last time I checked).

Posted by: guest at November 20, 2007 2:28 PM

Actually, 2:28, that's NO LONGER TRUE!
http://www.therealdeal.net/issues/AUGUST_2006/1154369407.php

Posted by: guest at November 20, 2007 2:33 PM

Property Shark has co-op prices now, sometimes going back 10 years.

Posted by: guest at November 20, 2007 2:40 PM

I think recent transactions where n/a is listed for the price occur when the transaciton is pursuant to some type of court order, such as in a divorce decree or estate proceeding.

If your primary concern is not having your name appear in the papers, the all cash/LLC approach is probably the best one.

Remember, if your family or firends know where you live, they can find out the sale price based on address as well, so this only works to keep strangers from knowing what you personally spent on a place.

However, if you have to take a mortgage, the lender will probably require your name to appear somewhere in the financing documents to make you personally liable. And I don't know if you would have to pay a premium for the loan.

An even more complicated approach would be for the seller to create an LLC, transfer his or her interest in the property to a single member LLC (which would require a filing but might only trigger a "n/a" type), and then you buy all the membership rights in the LLC from the seller. Check with your lawyer and tax accountant before doing this, however -- this seems really tricky and for all I know there may be city or state regs/laws to prevent this type of avodiance of transfer tax (thus raising all sorts of criminal fraud issues to navigate). Plus, your financing will probably not be tax deductible as a home owner mortgage.

Posted by: guest at November 20, 2007 3:12 PM

Oops. Sorry for the misspellings above.

Posted by: guest at November 20, 2007 3:14 PM

Maybe just a typo on Property Shark's end?

Posted by: guest at November 20, 2007 5:22 PM

real estate sale prices are a matter of public record. it became law in new york city some years ago that all real estate transactions be made public - it is to access value and comps otherwise prices would be all over the place.

names being attached to it is something altoghter different, it's a practice that should be stopped.

Posted by: guest at November 20, 2007 10:11 PM

5:13 did you take sellers concession when you bought your building? That could raise the price.

Posted by: guest at November 21, 2007 10:41 AM

2 words: tough sh*t.

sorry to be blunt, but this is a matter of public record. why should you be any different from everyone else in America?

i can't believe there are 22 posts about this.

Posted by: guest at November 21, 2007 10:52 AM

not only can I see the price is was sold at ... I can see PDF scans of your mortgage docs and other forms online at ACRIS from my computer!

hahahahahahaahh!

btw, your signature is a bit sloppy dude.

Posted by: guest at November 21, 2007 12:30 PM

there is no way around it, its public info SORRY

Posted by: guest at November 22, 2007 6:09 PM

You'll understsand the benefit of this info being public knowledge, when you start to track comps in your building so you can track the value of your investment, OP.

But we can relate. We were in a unique position to pay cash for a house, for various reasons including the sale of a property that was a good, long-term investment because my husband bought in an area of Park Slope that was gritty and undervalued 11 years ago. It's embarrassing that friends and neighbors can look these things up. But then I figure, if we had wanted to buy a more modest property to avoid feeling embarrassed, we could have done so.

Posted by: guest at November 23, 2007 4:35 PM

No need to buy cash with LLC. LLC with a mortgage will protect your privacy. Worked on my investment property.
You will be charged a higher interest rate though.
LLC details can looked up on the NY state website also but it will only show the name and address of person applying which will likely be your lawyer.

As to not wanting others to know what you paid, if all your friends and relatives look up stuff on prop shark then they will know the market price or price per sq foot. Unless you don't plan on inviting anyone round to your new place then most ppl will be able to guess as soon as they see your place or you tell them size and location.

Posted by: guest at November 23, 2007 11:35 PM