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Uh, it's time to rent, maybe? Crain's New York reports that all over the city, "maintenance fees and common charges for co-ops and condos, respectively, are rising at the highest rates in years."
Apparently at co-ops, monthly fees are "going up at more than double the rate of recent years," allegedly due to soaring expenses, like property taxes—not to mention higher operating costs. And condo owners aren't happy either, with some accusing developers of "misrepresenting" their common charges and one building jacked up their fees 25%. One lawyer said, “It's a perfect storm. Expenses are increasing, and people who [relied on financing] for an obscene amount of the price of their condos are seeing values decline.”
One management company estimated fees has increased 7-12% at their co-ops and condos, and some point to lack of revenue from retail and office rentals as why the apartment owners are being squeezed. Somewhat related: 375 properties are going on the auction block at the Javits Center next Sunday.
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Yep. Fees actually went up quite a bit last year as well. Property tax is based on your buildings value times the tax rate. From what I understand, your buildings value is based on the average sales over the last five years, so we are really starting to feel the peak of the bubble in our tax bills. Plus I think the tax rate is higher, too.
If you were really precient you sold last year and are renting now.
Unsold units don't help either.
Two of the major things that are causing this rise is real estate tax increases and the cost of fuel to heat the buildings.
So let's make more affordable housing so the real home owners can subsidize same.
So glad I own a crappy single family house in Queens!
Get ready for the upcoming double-whammy that'll KO most NY'ers who recently purchased RE: plunging property values and skyrocketing maintenance fees & taxes.
You want to see common charges skyrocket? Wait until the buildings that have the tax abatement start paying property taxes! YOWZA! Your common charges will go through the roof!
More bad news for a troubled sector. The managers of these properties are going to drive out owners or put them in a vise and learn the hard way that in a bankruptcy, fees and other expenses are stayed for as much as six months while the bankruptcy clears the courts. It's a nasty boomerang.
cost of fuel to heat the buildings
Oil prices are at lows not highs. I'm not sure what "costs" are going up.
My building went up 25%