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New York Insider Tips – September 2017

Own a home and find your assessed property taxes to be high relative to your neighbors, making it difficult to sell? You can “grieve” your taxes with the taxing authority – the city, town, village, county or municipality where you live – with the goal of obtaining a new, lower reassessment to bring your taxes down. You can do this through an intricate “Certiorari” process with specialized attorneys, and it can take time.

The monthly maintenance for two co-ops in the same building with the same layout can differ depending on several factors which may impact shares allocated to each. For example, 22A, a unit 20 floors higher than unit 2A (in the same line/layout), with a small terrace (which 2A lacks), can have a monthly maintenance that is 20-30% greater per month than 2A due to a larger share allocation.

Changing house rules and policies at co-ops and condos is possible, but the more important governing laws, like sublet policies, flip taxes, maximum financing required, use of common elements, and more can require anywhere from 67-80% of shareholder support to win a vote, depending on the board. Keep this in mind when considering whether a co-op may change in the future.

New development condominium listing inventory is not limited to what one may find on their MLS or on StreetEasy or Zillow. There is also “shadow inventory”, or condos planned for construction in a building approved to be built but not yet released to the market by the developer. These units can meet pent-up demand in a tighter market once released (and often at a higher price than earlier comparable units), or once a market reaches its peak, can accumulate as excess supply and negatively impact the health of the new construction sales market.