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snaps, could be. One shareholder in my building has 2500 sq feet, roughly a 3 story house. After you take out taxes, interest, gas, electicity and insurance his monthly nut towards bldg maintenance is about $200 a month. His maintenance is 0.52/sq foot so it’s relatively low for a coop. It will only go up in a 135 year old building.
quote:
Serious question as I have no idea of the answer, but don’t condo/coop fees and special assessments pretty much equal what a homeowner pays in maintenance?
a lot of condo / co-op buildings in manhattan are scams with a large proportion of the fees paid going to residents’ kids private school education, fancy vacations, big screen TV’s, and classy high priced call girls. im serious.
Hmm…I guess one way it would turn out to be more is that you *have to* pay that maintenance fee whether or not any work needs to be done and when you move and sell, you certainly aren’t going to get that money back (the unspent maintenance fees sitting in the coffers) whereas with a home you only spend what you have to and walk away at sale without a pile of money you’ve contributed for upkeep that never happened/had to happen.
Newswalk building as seen their maintenance rise 40% in 5 years. Spending 4 million on repairs and the place went condo in 2002. Though that is probably more of a sympton of the developer, shaya bommlyegeen than anything else.
snappy, not necessarily. Buildings have many more regulations. Just painting our hallway is now a major expence due to EPA regulations concerning lead paint and who is qualified to paint. All it taks is one bad apple(shareholder) with a stink eye and DOB is on your front stoop.
No speacial assessment yet in my place, in the 5 years I’ve been here. But are you trying to tell me that a capital improvement for 46 units (in my case) is going to less economical than that for a single owner? Who has more leverage with the contractor?
snaps, could be. One shareholder in my building has 2500 sq feet, roughly a 3 story house. After you take out taxes, interest, gas, electicity and insurance his monthly nut towards bldg maintenance is about $200 a month. His maintenance is 0.52/sq foot so it’s relatively low for a coop. It will only go up in a 135 year old building.
quote:
Serious question as I have no idea of the answer, but don’t condo/coop fees and special assessments pretty much equal what a homeowner pays in maintenance?
a lot of condo / co-op buildings in manhattan are scams with a large proportion of the fees paid going to residents’ kids private school education, fancy vacations, big screen TV’s, and classy high priced call girls. im serious.
*rob*
DeLepp, for the average condo and coop building, how much does maintenance rise per year?
Hmm…I guess one way it would turn out to be more is that you *have to* pay that maintenance fee whether or not any work needs to be done and when you move and sell, you certainly aren’t going to get that money back (the unspent maintenance fees sitting in the coffers) whereas with a home you only spend what you have to and walk away at sale without a pile of money you’ve contributed for upkeep that never happened/had to happen.
Newswalk building as seen their maintenance rise 40% in 5 years. Spending 4 million on repairs and the place went condo in 2002. Though that is probably more of a sympton of the developer, shaya bommlyegeen than anything else.
Wait, so DeLepp, are you saying Condo/Coop fees wind up being more than what a homeowner spends on home maintenance?
Like I just pointed out, benson, my roof costs the equivlent of $180 per month. Now i won’t need another one for 15 years or so.
There’s nothing else as far as systems that aren’t brand new.
You are probably paying what, $600-700 a month or more?
MATCH====>DIBS
snappy, not necessarily. Buildings have many more regulations. Just painting our hallway is now a major expence due to EPA regulations concerning lead paint and who is qualified to paint. All it taks is one bad apple(shareholder) with a stink eye and DOB is on your front stoop.
“We know those are all efficiently spent!!!”
DIBS;
No speacial assessment yet in my place, in the 5 years I’ve been here. But are you trying to tell me that a capital improvement for 46 units (in my case) is going to less economical than that for a single owner? Who has more leverage with the contractor?
POINT===> BENSON!!
😉