Thanks to rising home prices a decade after the foreclosure crisis, it has become harder for most New York families to buy a home, the New York Post reported. According to the non-profit Center for NYC Neighborhoods (CNYCN) study, …
For many people, appraisals – why they're done, how they’re done, and how they’re used – is a mystery. But that need not be the case! For all intents and purposes, appraisals are a straightforward and simple component in the process of comp…
At the heart of the crisis currently affecting affordable housing in New York City are the dozens of HDFC co-op buildings that are threatened with foreclosure by New York City for real estate tax delinquency or failure to pay water and sewe…
Housing Development Fund Corporation (HDFC) cooperatives were set up some 40 years ago as a means of establishing home ownership opportunities for low-income residents in New York City. The program also served to help the city stabilize nei…
It was a very mixed second quarter 2018 for the Manhattan residential market (condos and co-ops), according to the latest report by Douglas Elliman. Those results included a decline in sales prices and number of closed sales, along with an…
Whether it’s a renovation, an emergency repair, or anything in-between, condos, cooperatives, and homeowners’ associations are rarely not spending money on something. And while they may have reserves on hand to pay for its latest project, m…
Home comes in many shapes and sizes. Some prefer the elegance of prewar apartment buildings, while others lean towards the high-tech brilliance of a brand-new building. And there are those who like the small-town, neighborly feeling of a br…
The Tax Cuts and Jobs Act of 2017 represents the first major restructuring of federal income taxes since 1986, and ushers in serious changes to how co-op, condo, and HOA owners will benefit from home ownership. In many cases, the new law wi…
One of the components that makes co-op ownership unique is its financing structure. Unlike a condominium, the property is owned as a whole, fee-simple estate – and so the entire property can be encumbered by a permanent, long-term loan. Thi…
The power of a co-op board to approve or reject sales, as well as co-op applicants, is pretty much unlimited -- as long as the decision is made within the limits of applicable law. Boards require extensive information and documentation -- k…