2012 Maintenance Increases

There are lender rules about percentage of owner occupancy in coop buildings. By allowing many sublets, they could be damaging a buyer's ability to secure a loan.

Good points KW and Gcondo; that said, at the end of the day this is an overall plus for our building(IMHO) where prices have risen slightly, but not enough such that people want to put their places on the market in the next few years.

their are going to be a lot of forced sellers as the cost of carry gets higher... RE prices in manhattan are not going to rise for a least 5 more years.. wake up and smell the coffee

"their are going to be a lot of forced sellers as the cost of carry gets higher."

How is the "cost of carry" getting higher that it would force a sale?

Monthly maintenance including RE taxes, apartment utilities, higher tips for the staff because at an older age you need them to carry packages and do maintenance with greater urgency,

"Monthly maintenance including RE taxes, apartment utilities, higher tips for the staff because at an older age you need them to carry packages and do maintenance with greater urgency"

Tips are optional.

And if you're so strapped that incremental monthly maintenance increases are forcing you to sell, you probably couldn't afford the apartment in the first place.

Fool. Most of these sellers are long time owners, not recent purchasers. Many of them are also on fixed income in a low interest rate environment.

Bingo!

"Fool. Most of these sellers are long time owners, not recent purchasers. Many of them are also on fixed income in a low interest rate environment."

And again, the REAL fools are those who are so strapped that a 2% increase in the maintenance is what's "forcing" them to sell.

A 2% increase in itself might not seem huge, but there's always a tipping point. i.e. It depends on the cumuluative increase in maintenance and other living expenses in the past 10 years relative to their increase (or decrease) in income / savings. Also, those who retired 10 years ago likely find themselves having significantly less money than what they expected at this point in their retirement.

wow sensitive--it's not that simple.. they are other factors that effect cost of carry besides maintenance costs..

Like?

My maintenance didn't go up at all in 2012 which is great since I closed in late Dec.

NYCmodern, how are they relative to the last few years? Has the board done anything to proactively keep maintenance steady? I'm almost certain our resident conspiracy theorist will pop his little grey head in here to slobber all over your claim and declare that you're lying or something.

Up 3% for 2013.

Up less than that for 2013

0% increase 2011-2012, 2% increase 2012-2013.

Up 3% for 2013

Up just under 3% for 2013.

I'm up 10% for 2013 Crazy...and my building has a lot of people on fixed income. Random question but do co-ops exempt the original owners from the increased maintenance fees or by law does everyone participate in the increase? Back in 2007, maintenance used to be like $300 and its now up to like $760. Thats a pretty big hike (the maintenance should have been higher back in 2007 and the reason its gone up so much is to build reserves going forward)

All shareholders pay the same maintenance per share, so no breaks for the original buyers or anyone else.

Up 0% for 2013.

Condo vs Coop comparisons are not fair as the coop includes taxes while the condo owners pay taxes directly.

Up 0% for 2013

>Up 0% for 2013

Can we get a predictions thread going?

And maybe revive last years' predictions thread to see how everyone fared?

Up 6.75% for 2013. Building up the reserve fund is a major part of it as much work was done in 2012.

Up 4% at my co-op; rising property taxes and an elevator repair project are the culprits.

>Up 4% at my co-op; rising property taxes and an elevator repair project are the culprits.

Those Nazi bastards.

fuel isn't up? assuming that this winter will be the same as last non winter?

even if temp isn't a problem....what about the actual price of #2 fuel?

http://www.nyserda.ny.gov/en/Energy-Prices-Supplies-and-Weather-Data/Home-Heating-Oil/Monthly-Average-Home-Heating-Oil-Prices.aspx#nyc

Fuel is definitely not up this year. Get your head out of the desert sand.

oh....

i'm glad that you cleared that up.

and you're basing this on what?

Sorry, I have no plan on engaging you in some long-term stevejhx/Brooks2 ridiculous debate just for your own typical sick purposes.

so...just shooting from your ass.

nice.

>shooting from your ass.

Sicko

Hi HB - I have no idea what is going on between between the various longtime posters, don't care and just wish nobody would attack anybody else outside the context of the subject matter of any given thread. With that said, I am glad to hear rumors of your demise were unfounded.

Hi CC

HB - I would love to continue discussion offline sometime, but I am not going to get into the particulars of your asshole online. As I have noted in the past, I generally love reading your perspective because I find you to be thoughtful and highly intelligent, but this forum is not right place for me to discuss further for a host of reasons.

Understandable.

How long have you been waiting to impersonate NYCNovice? Are you excited ... finally putting the plan into action?

Can I contact you at foolish_renter@gmail.com?

This thread is more compelling than i ever could have hoped for. I would ordinarily feel guilty about posting such nonsense an SE thread, but this one was never about real estate and has really jumped the shark, so I feel like anything goes. Can anyone believe the drama going on between HB and PH41? I am hoping they work it out , but I am not optimistic.

Oh no!

Pre-canned mocking posts by columbiacounty. How long has he been at work on this?

HiHB - I actually like your posts because they frequently contain information that is of general interest to me, even if they are not always entirely responsive to what previous poster was saying. Regarding the back and forth between you and everyone else, I wish I had a clue as what you guys were talking about. I never completely tuned into that one, but find myself entertained nonetheless. I like how you guys go back and forth without ever crossing any lines with personal insults in the exchanges I have read (but I have to confess, I have not read them all).

This is sexy, use your gravelly voice.

Sally Kellerman, use that voice, totally my favorite.

By the way, NYCNovice, you are being completely distroyed here by columbiacounty - as I said about a week ago, you have to pick sides, otherwise you come off as fake - you don't want to come across fake in the courtroom or even in a deposition. Not that I'm an expert here.

xoxoxo

did I spell destroyed wrong? Mrs. D would be upset with me.

No increase here in 2013 vs 2012 after successive increases at least 5.0% annually for the proceeding five or six years.

*preceding

We're at 0% this year. Interesting as several others appear to have fared OK as well. Our taxes are pretty much flat and that drives half our maintenance. I estimated lower fuel expenses due to slightly lower prices and a warm winter again. It's anyone's guess if that pans out. Plus, we have some supplemental income coming our way to provide a cushion in case my estimates are off.

Up 1.25% for 2014.

up 2.7% for 2014

up 4.5% (!!!) for 2014, but had no increase in 2013

Energy costs did not go up the last few years, labor costs up slightly, insurance rates not going through the roof either, anything ore than flat to low single digit increases is too much, unless you had a building that was undergoing a capital improvement and needed the funds.

"anything ore than flat to low single digit increases is too much"

How about real estate taxes which make up 50% of the maintenance in many buildings.

3.5% for 2014, after consistent 3-5% increases over the past several years. For the most part, driven by property taxes.

How about real estate taxes which make up 50% of the maintenance in many buildings.

And how much have real estate taxes gone up yoy?

UES 200+ unit building:

RE taxes:
2011 to 2012: 7.02%
2012 to 2013: 6.3% (2013 estimated)
2013 to 2014: 7.2% (2014 estimated)

Maintenance in Jan will go up 7% to cover taxes (and other increased expenses).
Last year's maintenance increase was 3%.

>How about real estate taxes which make up 50% of the maintenance in many buildings.

In NYC or in C0lumbia C0unty?