Shareholder vs. Board: Another one bites the dust

hopefully the secretary was cute at least

NWT, there is no indication that a person with a $7 million apartment and a new irrigation system is "desperate for money." Yet again, though, it shows how evil and pernicious co-op boards uniformly are. Such as my co-op board, which raised quarterly maintenance from $1,500 to $4,400 just so they could have cedar siding, which has bankrupted several owners who were foreclosed upon. Not to mention that they horribly mismanaged the whole thing, got a new roof for the building less than 5 years ago which was improperly installed and now needs to be replaced, but they failed to get a bonded warranty and the roofer - as roofers do - closed up shop so there's no recourse.

Never again a co-op.

No exaggerations in your posting, none.

I was projecting. Desperate is what I'd be if, when turned down for a HELOC, I went so far as to sue the board to sign the Aztec when a cursory search on ACRIS proves the board doesn't do that.

You're right that your past boards dropped the ball. With oceanfront property you have to either (1) build with cedar or (2) replace rotted wood year after year. Your co-op did neither, letting the place go to pot, so now have to do it right all at once. $3M now rather than $3M spread over the last 40-odd years. The whining shareholders, having had a free ride all these years, now know what it costs to own on the beach.

Anybody bankrupted because they couldn't carry the freight on their second or third home shouldn't have had it to begin with. Tough shit.

could be out of principal and not desperation. Within reason and used properly, a heloc is a great finance source becuase interest is tax deducitble in most case and rates are very low. If people have enough equity, they should be able to have access to it.

>Anybody bankrupted because they

NWT, you really think people were bankrupted? And multiple people? Because of this one building?

Principle does sometimes keep lawyers in business. The ones who know you haven't a prayer but take your case and money anyway.

huntersburg, it was Steve who said owners in his co-op were bankrupted. I don't believe it myself, as his co-op is full of usually-inaccurate gossip, but took it on faith. The same kind of faith that led them to buy something literally built on sand, scoured by sand and salt, yet "so cheap!". It makes me nuts.

Here's Steve's co-op: http://www.fipco-ops.com

Note the winter pictures, showing the beating the place takes.

>Steve who said owners in his co-op were bankrupted

Put in an uncomfortable financial situation - sure
Unable to continue owning the apartment because of higher than expected monthlies - I buy it
Forced to sell - alright
Foreclosed upon - hmm, maybe
Bankrupted - no
Multiple people went bankrupt - really?

There you go again, being logical. But in fairness to Steve, a hike in maintenance from $6,000 to $17,600 would have me frothing at the mouth too.

It's funny though, in the early co-ops you figured annual maintenance at around 10%, yet the cheapest co-op out there is asking just shy of $275,000. Sounds as if some price-chopping is in order if they don't want to sit on them for yet another year.

frothing at the mouth - sure
foaming at the mouth - ok again
Multiple people went bankrupt - really?

those condos on FI look nice.
beach front property needs crazy $$$ in care.
contractors of FI are notorious theives

How in the world do you buy ocean front property without a full inspection and awareness of the toll salt air takes on wood construction? And why own this at all? Ocean front? If I were anything but a millionaire many times over who didn't care, I'd never own anything on a beach on Fire Island or the south shore of Long Island. The weather is a ticking time bomb and sooner (usually) or later you going to get supremely upset at something that has happened to your home. Talk about places it is better to rent! For a guy who screamed "RENT!" louder than anyone from the rooftops of Manhattan, I can't believe that what he decided to own was a beach front co-op. That's someone I don't want offering any advice on how to spend my money.

That's what I told my friend who bought there, to no avail. It is nice, though, lounging on deck overlooking the ocean. Nothing better than other people buying these things, and it costs me nothing but good-guest incidentals.

He was sort of staggered when the neighbor showed us pictures of their units swept away by a storm in '80s or '90s. Right down to floor level.

I've been around long enough to know of houses swept to sea on Fire Island during various storms over the decades. Calvin Klein's home with the pool that had a window in the side facing the beach is an example. He had all these nymph boys frolicking in it 24/7 in the early/mid 1980s. Then whoosh. Gone not so many years later. Just gone.

Now Michael Kors is building a place on the ocean. A phase they go through?

lol. Man boobs make it hard to score with 23 year olds. A house on the beach makes it easier.

>For a guy who screamed "RENT!" louder than anyone from the rooftops of Manhattan, I can't believe that what he decided to own was a beach front co-op. That's someone I don't want offering any advice on how to spend my money.

Which complete money-foolish idiot are you talking about?

that, of course, would be stevejhx.

man boobs on the beach