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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]God our coops assessments in the past five years are pushing us to sell. Above 7k common charges and taxes, we have a new assessment for four years for god knows how much and we just finished a previous assessment. We have two kids at private and honestly wish we were renting. [/quote]

We keep having assessments because a jerk in our building (pretentious TT parent) keeps dreaming up ways to spend my money on special projects to keep him busy. Some of them are nice amenities that theoretically add value, but some are projects to keep him entertained. He controls enough votes to stay on the board and the rest of the board rolls over for him. Meanwhile he abuses the staff. Miserable.[/quote]

I wouldn’t own an apartment unless the money didn’t mean much to me. The equity is going to be wiped out the way the land lease buildings have been going. For me it is townhouse or rent. [/quote]

Why would the equity be wiped out if you are not in a land lease building? Curious how you reached that conclusion. [/quote]

Many building are old and have deferred repairs. The up-keeping will continue to get more expensive. Between the maintenance, assessments, and taxes you are owning a liability more than an asset. The value of wanting to buy into a co-op will continue to decrease.

Most common I see is people buy into new condo and taking advantage of the tax abatement and new facilities. Try to sell before it expires and the expenses goes up in 10 years.[/quote]

And you think rentals aren’t passing along the repair cost to you?

Most families I know who rent face huge massive rent increases annually. [/quote]

Rent is based on market factors and what someone willing to pay. Many are moving to the outer borough. The old buildings will be competing with new buildings that have tax abatement and can offer one free month of rent.

There has also been a decline in students enrolled in public school, so it been trending for families to leave the city. [/quote]

No one is moving to outer boroughs except maybe Brooklyn Heights. People with money will always want to live in Manhattan. Perhaps your friends are moving to the far reaches of Staten Island or Queens. Not those who are making high six figures plus and considering private school. People thought Manhattan real estate would die after 9/11. Nope. After 2008. Nope. And old buildings in good neighborhoods will always be appealing. Just have to fix them up. Not that hard. If you don' t the large high floor corner apartment in the Beresford or on Park Avenue there are plenty of others who do.[/quote]

While what you say is true, it represents a small percentage of the overall populations and local economy. Young people drive the local economy and business. If only the wealthy stay, many stores will close and have empty storefronts that make the neighborhood less desirable. [/quote]

We are talking about people considering 70k a year private school, not middle management wagies saving to buy a condo in LIC without views. [/quote]

You have outdated views if you think the average UES family sending their child to private is wealthier than the family that migrated from abroad and bought in LIC. [/quote]

Those condos aren’t that expensive. Certainly not more than 5th to Park Avenue prewars. TTS aren’t exactly begging for those foreign families [/quote]

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