What are your monthly CCs?
I’m curious to know what kind of common charges people pay at full-service condos in Brooklyn. I’m looking at a new condo building in Park Slope that offers lots of amenities (doorman, gym, game room, elevators) and is listing $210-$350 CC fees for studios and one-bedrooms. These prices seem unrealistically low, given all the amenities,…
I’m curious to know what kind of common charges people pay at full-service condos in Brooklyn. I’m looking at a new condo building in Park Slope that offers lots of amenities (doorman, gym, game room, elevators) and is listing $210-$350 CC fees for studios and one-bedrooms. These prices seem unrealistically low, given all the amenities, so I’m assuming they will probably go up once residents have moved in.
Since the realtor insists the CCs will stay the same, I’m trying to get a realistic idea of how high the maintenance might get. $400? $500? $600? (The charges will be divided among 150 or so units.)
Tybur6 contract law just went out the window in this country. Signed contracts signed in this country are as valid as a milk bucket under a bull! Thanks to real estate agents and speculators.
You could always ask the realtor to provide that promise in writing, duly signed and notarized. Oh, also make sure this agent includes a mention that no assessments will be made either.
Then you can sue the realtor for the difference.
Then the realtor can go find a job where her slippery ethics are less damaging, like a crossing guard. (Are there ethical decisions in that job?)
Thanks, all, for the feedback. Checking Schedule B in the offering plan is a good idea, as is the question re: super’s living quarters. I’m aware that realtors fudge these numbers (it happened to folks I know), so any tips on how I can predict more realistic CCs are great. I’m willing to pay more per month — I’d just like to know how *much* more.
Do not get suckered in with this classical bait and hook scheme. Please read the fine print. Real Esate agents and developers are desperate to move inventory and will come up with anything to sell. Follow the old saying, “If it sounds way too good to be true it probably is for a reason”
new construction condo = terrible investment
The tax abatement applies to the RE tax, so your monthly will go up drastically once it expires, but technically not the cc’s…..again, ask to look at the offering plan–this time for the schedule A which legally has to disclose what your monthly RE taxes will be without the 421A–which might not kick in for a while anyway.
and dont forget that those buildings are all built with 421a tax abatements…they run out in at most 12 years after which the common charges will skyrocket by several hundred percent…
PhFamily offers good advice…and definitely don’t believe the realtor if s/he says the CCs will stay the same: COSTS GO UP! Figure that the salaries alone will go up 1-3% per year. Have your lawyer, and possibly an accountant look at the managing fees and utilities.
One thing you should try to determine is WHERE the super will live (in a building of 150, s/he must live in or VERY near the building) and how that apartment has been paid for….
You are right to be concerned. The CC’s are usually set artificially low when the offering plan is written so that buyers are attracted to the building. Ask to look at the offering plan and look at the Schedule B—they will list all of the estimated annual costs for the building. Have a close look at the cost of managing fees and utilities. I would factor in the cc’s going up about 25%-35% within the first two years. They may not, but it is always good to go in with your eyes wide open….and lastly—don’t forget to get a good sense of closing costs—make sure to negotiate as many of them as possible.