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Originally Posted by brewer12345
OK, so you have an unknown amount of debt (might want to quantify that). Deficit is running $1614 a year per unit. Reserves are about $4200 a unit, but they are eating into them every year at the 2006 run rate. I would expect a significant bump in mainteance expenses in the near future. Reserves are probably too low, which is probably why they have debt.
How much is this place again? The attraction of a codo is that it is realtively clean cut. The risk with a co-op is that you are biying a pile of debt that has to be serviced.
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a lot of the new NYC condos have HOA fees of close to $300 a month. i always wondered where all this money goes
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