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Real Estate: New York/common charges/taxes
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Question
Hi. When the listing price of a condo is lowered, are the common charges and taxes lowered too? Thanks
Hi Danielle,
If the listing price is lowered, the common charges and taxes will generally stay the same or even increase. Sometimes, common charges are lowered. If, for example, the building has too much reserve money, or nothing has been spent, they may sometimes appropriate that surplus over the building tenants. Also, some buildings hire attorneys to fight for lower real estate taxes. But, for the most part, the sales price does not affect the common charges and taxes. Although, you may find that sales prices drop in buildings where those charges are higher.
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Answers by Expert:
Mark Shemel
Expertise
I believe I can answer questions in the following sub categories with respect to New York City: Residential Brokerage, Landlord Tenant disputes, Any type of lease questions, any definition pertaining to residential real estate, any questions about property management, most questions about development, construction codes, and housing laws, questions about Section 8, HPD and government sponsored housing. Also corporate and short term housing questions.
Experience
I am currently the President of Think Properties NYC, a residential brokerage firm in New York City. I am also President of National Property Management Group. We manage over 1000 Residential Units and 50 retail/commercial units, generally as tax payers or part of mixed use buildings. We handle project management, marketing, and rentals/sales of new construction properties as well.
Organizations
The Real Estate Board of New York (REBNY), Boutique Brokerage Firm Alliance (President)
Publications
New York Times, Real Estate Weekly, Wikipedia, Wiki-answers
Education/Credentials
Undergrad: Union College
Degree: Bachelors Degree, Double Major Economics/French
Graduate: New York University
Degree: Masters of Science, Masters in Real Estate Development
Licensed Real Estate Broker in State of New York
Awards and Honors
Undergrad: Phi Beta Kappa, National Honor Society, Magna Cum Laude
Past/Present Clients
Oakwood Worldwide, JP Morgan Chase (for Relocation), and several other firms.
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