financing: Foreclosures? 100% Financing? Sub Prime? NIMBY
- 03/15/07 06:59 PM
Foreclosures? 100% Financing: NIMBY: Not in my Backyard - It's a BULL Market! Manhattan is an island. There has been much media attention including some great blogs from activerain members like Brian Brady. Many of the headlines are negative some predicting a slow down in the economy the stock market has already become volatile and is in a correction. I know in many markets the fall out must be terrible. Fortunately in Manhattan nothing can be further from the truth. Our market is on fire. Inventory is very low. We are experiencing multiple bids, no contingencies, full ask and over. … (30 comments)
financing: The "Flip Tax" Creative Financing or a Coop Cop Out ?
- 08/27/06 12:42 PM
The flip tax is a transfer fee that many new york coops and condos impose on shareholders and owners. In the early 80's when many rental buildings converted, huge profits were being made by former renters who bought their units at inside prices and then resold them. Called "flipping" The boards decided to impose the transfer fee and call it a flip tax on sellers to disuade flipping. Due to high oil costs, insurance particularly terrorist insurance, neccessary repairs and increases in expenses many buildings need to build their reserve fund and are trying to impose flip taxes. In order for the flip tax to … (29 comments)
Foreclosures? 100% Financing: NIMBY: Not in my Backyard - It's a BULL Market!
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