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Updated over 7 years ago on . Most recent reply

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28
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8
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Jinyu Shao
  • Sunnyside, NY
8
Votes |
28
Posts

Is there a better time to sell my co-op in Murray Hill?

Jinyu Shao
  • Sunnyside, NY
Posted

Hi all, 

I need some help deciding if now is a good time to sell my co-op in Manhattan. I bought it in 2015 because I worked in Midtown and thought I could save on rent. I no longer work or live there so currently it's being rented out. I lived there for a little over a year before I rented it out. A real estate broker once told me this changes the property type to an investment property. I'm not sure what this implies... Anyways, I net about $100 each month after maintenance and sublet fee. I realize its really low ROI and knew that I need to sell at some point.

My initial plan was to wait until the co-op have appreciated a little to sell so I can at least break even after the flip tax, broker's fees and other fees associated with the sale of the place. I have been tracking the price of properties in the same building on Streeteasy for 6 plus months and the prices have not changed much. I don't know if I should continue waiting, hoping for appreciation or just sell it at a cost so I can take back my down payment and invest elsewhere. 

The place is located near grand central around tudor city area if that helps. I have been confused by the low prices of the apartments in these buildings because the location is so convenient to everything and it's right by the water. 

Another question I have is what will my taxes look like after I've sold the property? Will I be able to get any type of refund for selling it at a cost? 

Apologies for the long post. Hope to get some helpful feedback.

Best,

Jinyu

Most Popular Reply

User Stats

211
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88
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George Hermann
  • Real Estate Agent
  • Bronx, NY
88
Votes |
211
Posts
George Hermann
  • Real Estate Agent
  • Bronx, NY
Replied

Hi Jinyu,

It's always a little more complicated in a coop in NYC. First, you need to check the coop rules regarding subletting your apartment. Most boards restrict this. Second, check the flip tax the coop gets upon sale. (If there is none, you are very lucky). Next is the NYS and NYC transfer tax, and then broker fees. 

I would be happy to discuss your options and help you with this decision. Please PM me if you would like to discuss.

George

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