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 You want a flip tax in your co-op!

You want a flip tax~

You want a flip tax~

 

It amazes me that when I bring a buyer to a co-op in NYC and they ask the seller’s agent, “Is there a flip tax?”

Usually, if applicable, the seller’s agent proudly says that the building does not have a flip tax, which is a great thing…………………..WRONG!!!!!!!!!!!

*note- most buildings do have a flip, just not all of the co-op in NYC.

I know as a co-op owner that the dreaded day will come when we go to sell and we will have to write a giant check to our beloved co-op for the privilege of living there. But you know what? It is really a good thing. The flip taxes go directly into the reserve fund and can be used when and if there is a problem with the elevator, roof, boiler or other capital improvements.

If there is not a flip tax imposed in the building and the reserve fund does not grow magically, as some would hope. Then when there is a capital improvement, guess what? You will be assessed in addition to your maintenance or your maintenance will increase due to theses projects. The current average maintenance cost is now around $1.60-1.65 per square foot in NYC. If you are creeping up over the $2.10 or north of $2.10 per square foot and don’t have a flip tax, don’t say I never told you. GET IT FIXED NOW!

Flip Taxes are a good thing and if your co-op does not have one, get on the board of directors and make it happen.

I have seen so many building where the maintenance is well over the city average and it directly negatively affects the sale price of the units.

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Paul Zweben, Licensed Associate RE Broker
paul.zweben@compass.com
Carolyn Zweben, Licensed Associate RE Broker
carolyn.zweben@compass.com
110 5th Ave, 2nd Floor
New York, NY 10003

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The Zweben Team is a team of licensed real estate salespersons affiliated with Compass. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. New York State Fair Housing. New York Real Estate Standard Operating Procedures.

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