November 30, 2024 - 13:54
Transfer fees, commonly referred to as flip taxes, are becoming a hot topic among co-op residents and potential buyers. These fees are typically imposed when a unit is sold and are intended to fund necessary upgrades and improvements within the co-op building. However, the question arises: how much is too much for these fees?
Co-op boards often set these transfer fees as a percentage of the sale price or as a flat fee, and the amounts can vary significantly from one building to another. While some boards may justify higher fees by citing the need for extensive renovations or maintenance, others may impose them simply as a means of generating additional revenue.
Residents are increasingly concerned about the impact of these fees on housing affordability. Potential buyers may be deterred from making offers if they perceive the flip taxes as excessive, leading to longer selling times and decreased property values. As discussions around fairness and transparency in co-op governance continue, it is crucial for both current residents and prospective buyers to understand the implications of flip taxes in their communities.
July 30, 2025 - 09:45
Real Estate Transactions in Lucas County: July 18-24, 2025In the week spanning July 18 to July 24, 2025, several notable real estate transactions took place in Lucas County, highlighting the ongoing activity in the local property market. One significant...
July 29, 2025 - 22:02
Record-Breaking Sale: Dr. Nicole Martin's Waterfront Mansion Sold for $40 MillionIn a stunning real estate transaction, Dr. Nicole Martin`s luxurious waterfront mansion in Coral Gables has been sold for an astounding $40 million. This sale marks a new record for the area,...
July 29, 2025 - 02:07
Positive Changes on the Horizon for Real Estate AppraisersIn a significant shift for the real estate appraisal industry, professionals who have long faced challenges and abuse are beginning to see a glimmer of hope for improvement. The landscape for...
July 28, 2025 - 08:18
Groundbreaking Ceremony for New 312-Unit Residential Development in Lexington, MALEXINGTON, Mass.— A significant milestone has been reached as construction has officially commenced on a new residential project featuring 312 mixed-income units at 17 Hartwell Avenue. This...