Category: Finance

Finance Thinking Outside the Box
2005 Jul Thinking Outside the Box

While there's certainly no shortage of affluent co-op and condo buildings in New York City, it's a fact that a significant proportion of buildings are home to residents of more modest means--buildings for whom large capital improvement proj…

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Finance Refinancing in Today's Market
2005 Jul Refinancing in Today's Market

Today's economy is one, which has economists using words such as "perplexing" and "conundrum." Making predictions as to what the economy will do next week is difficult--trying to predict what will happen six months or a year down the road i…

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Finance Voting "Yes" to Flip Taxes
2005 Jul Voting "Yes" to Flip Taxes

In New York City, many co-ops and condos use a practice called a "flip tax" in order to boost building revenue. As most co-op and condo owners know, a flip tax is a fee paid to the building, either by the purchaser or seller, each time an a…

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Finance The Mitchell-Lama Buyout Process
2005 Jul The Mitchell-Lama Buyout Process

Back in 1955, when the flight to the suburbs was going full blast and many city neighborhoods were deteriorating from lack of money and municipal attention, the Mitchell-Lama bill, named after State Sen. McNeil Mitchell and New York Assembl…

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Finance The Lowdown on Reverse Mortgages
2005 Feb The Lowdown on Reverse Mortgages

Borrower must be age 62 or older No monthly payment is required Must obtain co-op board approval in most cases Proceeds can be used for any purpose No financial reports, credit history or medical reports requir…

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Finance Hand in Hand
2005 Feb Hand in Hand

Some co-op boards and their attorneys are reluctant to allow their tenant-shareholders to obtain reverse mortgages. They tend to apply a forward mortgage criteria and a forward mortgage mindset to such a request - but this type of thinking…

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Finance Real Property Income and Expenses
2004 Sep Real Property Income and Expenses

The New York City Department of Finance (DOF) utilizes income and expense information to estimate a property's market value, which in turn is used to calculate the real estate taxes levied thereon. The DOF culls this information from a var…

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Finance The Refund Roller Coaster
2004 Jul The Refund Roller Coaster

With New York City rebounding from a sluggish economy and resulting budget deficit, Mayor Michael R. Bloomberg reached a budget agreement with the City Council that includes a $400 dollar property tax refund to city homeowners, who bore the…

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Finance Home A-Loan
2004 Jul Home A-Loan

"¢ Borrower must be age 62 or older "¢ No monthly payment is required "¢ Must obtain co-op board approval in most cases "¢ Proceeds can be used for any purpose "¢ No financial reports, credit history or medical reports …

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Finance Reserve Funds
2004 Jul Reserve Funds

The primary function of a board of a co-op or condo is to operate, maintain, repair and preserve the common property. The board also has a responsibility to maintain the value of the property. Most boards develop an annual operating b…

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