Questions and Answers
Your Questions About Woodhaven Queens Apartments
Flip tax on a New York City Co-Op apartment?
Hi. I am in the process of buying a co-op apartment in Woodhaven, Queens, New York. It is considered as 56 shares and the board requires a $300/share (comes out to around $17,000) flip tax to be paid to them when the apartment is sold.
I’ve never heard of a flip tax before and wanted to know if this applies to all co-ops, some, most…? Is this somethign that I should get into or does it make the place harder to sell down the road and not worthwhile?
Side note, the the apartment is selling for $145,000 with a monthly maintenance of $565 (includes utilities).
I plan to live there no longer than 10 years… I need advice is this is somethign that I should do or amybe not?
It is a way to get tenants that plan to stay some where a long time. Some places just do not want a huge turnover (just like some others that do not like renters, or buying for kids, or …). It is a way to make sure a “certain” kind of person lives in the building. If you are staying 10 years, then you are ok. The lower maintenance will make up for the flip tax.
Powered by Yahoo! Answers