Drop of the cc as well as co-op prices

nick,

common charges--maintenance, real estate taxes, and assessments--do not move in tandem with real estate prices. in general they go up over time, but their movement has nothing to do with the movement of apartment prices.

$3k / month is on the high side for a $1 million place - it suggests to me the co-op has an underlying mortgage.

Hi Nick,

Common Charges in Condo's/ Maintainence charges in coop's are the overhead of the building and as happyrenter pointed out, it has nothing to do with the movement of apartment prices. I am treasurer of my condo and our common charges pay for our heat, electricity, elevator maintence, super, pest control, a reserve fund, etc..... Not much fat to cut, and as expenses increase with inflation over time, so will the common charges. A big impact on the buildings common charges in the last 2 years has been rising energy costs. If energy prices continue to weaken, you will see less pressure on at least one major area of running a building.

Thanks a lot for the answers!!