Maintenance Increases in Coops

Co-op board president here (formerly the VICE president, for those who've been keeping score). Our maintenance increases have been minimal over the past 7 years ... averaging less than 2% each year.

Yes Hildy, in fact averages for the last year are the following;

2012 Q4 coop $1.68 per sq ft condo $1.70
2012 Q3 coop $1.65 per sq ft condo $1.58
2012 Q2 coop $1.70 per sq ft condo $1.57
2012 Q1 coop $1.62 per sq ft condo $1.57

All information derived from reading the Elliman (miller samuels) quarterly sales report(s).

I think 2 subjects that are likely more important to write about which are;
a)If the Star rebate program doesn't renew and that effect on thousands of coop and condo units that will see those respective taxes raised by @ 17% and
b) that condos for the first time surpassed coops for the average cost per square foot in Q4 2012.
Now it looks like an alarming jump from Q3 and quite possibly an anomaly from a disproportionate amount of high end product sold that quarter, but I don't get paid enough by streeteasy to research that.

NYCMatt - Are you talking about your particular building? (If so, mazel - that's great!)Or are you talking about some kind of average?

I'm thinking all buildings are different w/some older coops in gentrifying areas facing steeply higher tax assessments and major infrastructure investment, plus spending on optional upgrades as a result of people who want more amenities and staff - at a time wages have stagnated. Am I mistaken in this?

And truthskr10: We probably wouldn't do the condo story, but I agree that the Star rebate program is a good idea.

MY building in particular.

Ask Matt what 'increases' his building has had via assessment.

Since you asked, zero since I've been living there (7 years).

>I'm thinking all buildings are different w/some older coops in gentrifying areas facing steeply higher tax assessments and major infrastructure investment, plus spending on optional upgrades as a result of people who want more amenities and staff - at a time wages have stagnated. Am I mistaken in this?

Hildy, logic and gut might tell you and most this is the case. But the numbers( so far) just don't support it.
And personally, Ive been in a coop 2 years and my maintenance increases were 6% total over that period.
A good reporter will dig the data and first confirm the premise is true, then get personal anecdotes for the human interest part of the story.

Unfortunately Miller Sam reports only started referencing coop/condo maintenance prices regularly in their reports 2012, unless Ive missed the references in older reports.
If I were interested in being an accurate reporter and reporting true news, I'd try to source accurate data first.
From memory, 5 years ago coops averaged $1.50 psqft and condos $1.20. Compare today to coops 1.68 and condos 1.70.

It appears condos are the bigger story for your premise.

And I don't the data but logic and gut do dictate a combination of coops refinancing their building debt with lower interest rates, and the condo new development rush has those tax abatements waning away is what closed the gap.