All Forum Posts by: Scott Wolf

@Courtney Tinnin if the current owner bought them a unit at a time, it seems like the property is already a condo. Without knowing the full details of what your title company is seeing, this information feels incomplete.

DO NOT GIVE THEM THE CHECK! It should 100% be held in an account by a title company, attorney or realtor.

@Margaret Buoncora what's the value? Have you reached out to local banks, those are usually your best bet.

@Petya Toncheva, Sarah Alvarez from Family First Funding has helped a lot of my clients in the NY Metro area.

I haven't read this entire thread, so I apologize if I missed someone else saying this, but jobs are not the only reason people move to these major cities.  You also need to account for cultural experiences (Broadway, Museums, Concerts), food choices and quality of said choices(I may or may not have cried when my favorite chinese take-out place closed for good due to COVID19), dating scene etc.  

So while I do think the WFH will have an effect on city populations, and people will certainly move out(or not return), I don't think the effect will be as great as thought.  Families who might have stayed may move out, but some people are lifers, and the younger crowds all seem to know that living in a city in your twenties is great(maybe not financially).

If you have to be somewhere else, and can't show it starting two weeks from now, your apartment will probably languish on the market.  So if you're serious about wanting to get it sold, you should get a broker.

@Edith Alvarado de Cortez, make sure everything tracks the same. Are houses in the development selling for better PSF? Is there an HOA, what services come with the HOA if there is one. Is the school district the same(elementary, middle and high school), is the one .5 miles away a quieter block. There are a million factors that can go into what makes a good comp. Distance from a property is not indicative of anything. Where I grew up, one town has two school districts, 1 is consistently top 10 in the country, the other is closer to the bottom. Know all the facts of the comps you're looking at.

As you should!  Cuomo also said tenants are still responsible for rent during this time.  Good luck!

@Hai Loc I know Cuomo issued a moratorium on evictions that lasts until August 20th.

https://ny.curbed.com/2020/3/26/21192343/coronavirus-new-york-eviction-moratorium-covid-19

@Dario Miles, @Anthony Wick is 100% right.  If you went to sell the condo, you couldn't even 1031 into anything, since you're using it for personal use, and not as a rental.

If you do choose to sell, if you're single, the IRS has an exemption of $250k or if you're married $500k.  So that money will go into your account, without the IRS taxing that amount.  Anything above those amounts would be taxed.