Our Co Op has sold record sales for apts. I find this crazy because these people that paid $750,000 to 1.1 million can not sell if they out grow 1 large bedroom or 2 bedrooms. Why? The flip tax is 4% broker fees are 4 1/2 to 6% for these share holders who want to sell in a few years they need to raise the cost to $900,000 to pay out 10%. The problem with lowering the flip tax is 98% of board members will never want to sell, they are here to stay. The new buyers are young and some with small children. Our area was hot but now Kennsington is selling apt.s for $350,000 to $425,000 some have no flip tax others have 1% and others buyer pays $1,500. I would like to have a share holder vote to lower the flip tax. We have great financials with well over 2 million in reserve. We have been very lucky with no bankruptcy or foreclosures. No one can predict what 2018 will bring. We have other share holders that brought this up but the board president changes the subject. Any suggestions? Thank youJoin the Conversation Comments (2)
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