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Pleaseclick here to view a tour of 33-108 Cooper a very unique and highly desirable offering.
CURRENT NEWS...........
A Commonly Missed Tax Break
May 29, 2008 New-Home Sales Surge in Northeast
IRS Releases Vacation Home Ruling
Please click here for the Cost vs. Value Report 2007
Rent Keeps Getting More Expensive
Fannie Mae Raises Credit Standards
UST Funding Now Available to Homeowners with Non-Leaking Oil Tanks
Buyers Shouldn't Overlook Chimney Inspection
Builders Start Moving Away from Giant Homes
Home Security Systems of the Super-Rich
Homes Features That Are Big Buyer Turnoffs
Gold-Plated: 10 Most Expensive Blocks in the U.S.
Home Owners Fight IRS on Foreclosure Tax
Survey Reveals Renters Wish Lists
6 Ways to Quickly Boost Credit Scores
What to Investigate With Well-Water Homes
Noise a Top Consideration for Condominium Buyers
Baby Boomers Drawn to Gen X Singles-Complexes
Waterfront Homes Weather the Storm
TAX PLANNING FOR LIFE'S EVENTS
Affluent Owe Much of Wealth to Real Estate
CLICK HERE FOR SCHOOL REPORTS
HERE FOR FAMILY WATCHDOG
Dru Sjodin National Sex Offender Public Registry
Tips for Final Walk-Throughs
Why it’s smarter to buy than rent
Average net worth of homeowners vs. renters |
Annual income |
Owners |
Renters |
$80,000 and up |
$451,200 |
$87,400 |
$50,000 to $79,999 |
$194,610 |
$25,000 |
$30,000 to $49,999 |
$126,500 |
$10,600 |
$16,000 to $29,999 |
$112,600 |
$4,240 |
Under $16,000 |
$73,000 |
$500 |
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Source: VIP Forum, Federal Reserve Board
10 Questions to Ask the Condo Board
Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive — and organized — its members are.
1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? How is that money being invested?
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.
5. What does and doesn’t the assessment cover—common area maintenance, recreational facilities, trash collection, snow removal?
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.
7. How much turnover occurs in the building?
8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.
9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.
10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments.
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