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Clinton Hill Co-ops — Brooklynian

Clinton Hill Co-ops

Does anyone know anything about the flip tax on sales in the Clinton Hill Co-ops? How much is it and does it apply to the total sale price or can you take deductions from that?

Also, any thoughts on living in the buildings? I love the apartments and neighborhood, but am less sold on the lobbies, relatively high maintenance and the seemingly absurd flip tax.

Thanks!

Comments

  • Hey Treetop, welcome. There are a few different posts on the CH Co-ops. If you search you can probably find them.
  • Subject: clinton hill co-ops

    The flip tax is 5% and is based on the sale price. Its to deter people from buying and reselling quickly ("flipping"). As an owner myself, it sucks, but I see why it's done.

    As far as maintenance - its fairly comparable really. And they are constantly making improvemenst so at least you can actuallys ee where the money is going to.

    I love living here and always recommend it to anyone looking.
  • i too live in the clinton hill coops and can't think of a better place to live. the flip tax is to discourage flippers and encourage owner occcupancy. my apartment has nearly doubled in value since i purchased in 2004
  • additionally, if you believe the board (a whole separate thread no doubt) they put the money from the flip fee towards improvements (eg the painful repointing project that was completed recently and paid for by sales of apts).
  • the board seem to be doing the right thing. The capital improvements are visible, and progress is being made. The hallway enhancements are next (after the current rebuilding of the security booth at the North Campus), to be follwed by . . . . (drum roll) . . . Elevator upgrades!!! I'm not holding my breath though. My guess is that these projects will take time.
  • Subject: Improvements

    as a north campus resident i can say that thank god the repointing project is done. now i can't wait to see the new security booth! that's great news about elevator upgrades! i'm sick of getting stuck in the elevators in building 193 and aesthetically they need an overhaul - they resemble "project" elevators too much.
  • Subject: Re: Improvements

    CAHOCGUY wrote: as a north campus resident i can say that thank god the repointing project is done. now i can't wait to see the new security booth! that's great news about elevator upgrades! i'm sick of getting stuck in the elevators in building 193 and aesthetically they need an overhaul - they resemble "project" elevators too much.
    Not quite done yet. At the last meeting, they said that some repointing is being redone by the first company that did the repointing a few years ago because there were some problems with their work. It is done under warranty at no extra charge though.

    They say the hallway decorating will be done in stages. Two different designs will be done at two different buildings (I cannot recall which buildings). Starting with the area by the mailboxes, and then throughout the rest of the ground floor hallway.

    Yeah, I look forward mostly to the elevator upgrades. Still, some of the kids keep littering in them, or spitting on the walls and stuff. Hopefully the cameras will keep any upgrades free from vandalism.
  • Yeah, I look forward mostly to the elevator upgrades. Still, some of the kids keep littering in them, or spitting on the walls and stuff. Hopefully the cameras will keep any upgrades free from vandalism.
    The cameras are only as good as the securty looking at them. Securitas needs to be replaced too and I'm aware that Ed Friedman put out a RFP for a new security service - not sure where he is with that.

    And how do we convice "old time" residents to stop smoking in the hallways and elevators? Their sense of entitlement baffles me!
  • CAHOG Guy wrote:
    Yeah, I look forward mostly to the elevator upgrades. Still, some of the kids keep littering in them, or spitting on the walls and stuff. Hopefully the cameras will keep any upgrades free from vandalism.
    The cameras are only as good as the securty looking at them. Securitas needs to be replaced too and I'm aware that Ed Friedman put out a RFP for a new security service - not sure where he is with that.

    And how do we convice "old time" residents to stop smoking in the hallways and elevators? Their sense of entitlement baffles me!
    Apparently the surveilance is digitally recorded, so that in theory they could look back and see who vandalised stuff. If the elevators are vandalised once they are upgraded, I would hope recording would be used to id the culprit.

    How about the numbskulls who sometimes smoke weed in the stairwells? That smoke carries throughout the entire building. I used to think it was the little old lady in the apartment next door (no other suspects on my floor! lol), until I went to a meeting and found that others had the same problem and sited some kids smoking in the stairwell.
  • Thanks for the answers! I hope to find an apartment there.....
  • Treetop - CH Coops are great. Moved in 2 years ago and no regrets! Good people here.
  • Subject: Bike Room would make CHOAC better

    I live in CHOAC and would love to have a bike room in one of the buildings. I would even PAY to park my bike there (shit a shed in the parking lot on waverly would be good enough). Anyone else want a bike room? We could bug the board if there are enough of us.
  • I would LOVE a bikeroom... and a simple gym for that matter -- a couple of machines, etc (i'd pay for both). I think there is plenty of room to do both!

    To the original poster -- I really do love living in the Co-Ops. I've been there over a year, and have not regretted my purchase AT ALL. Good luck with your seach.
  • I'd vote for a bike room!

    Question for others who live here....Does anyone know of any 2-bedrooms available on South Campus? I am currently in a 1-bedroom and am looking to expand. Love it here - don't want to leave! But fiancee moves in soon and we need more room. Or perhaps someone who has a 2-bedroom and is looking to downgrade (and make some money!)?
  • Subject: 2-Bedrooms

    kgirl,

    there are actually several 2 bedrooms for sale on the south campus. i suggest checking either the NY Times real estate website of Corcoran. I know for a fact Corcoran has a listing for 345, 9C for $439k cuz I got a mailer from them today.

    Good luck!
  • Thanks for the tip! I'll check it out.

    Meanwhile, if you know anyone thinking of moving, have them contact me!
  • Subject: Re: Bike Room would make CHOAC better

    CHOAC BIKE wrote: I live in CHOAC and would love to have a bike room in one of the buildings. I would even PAY to park my bike there (shit a shed in the parking lot on waverly would be good enough). Anyone else want a bike room? We could bug the board if there are enough of us.
    I would love a bike room, too. Maybe something with hours like the laundry at the North Campus.....6:30AM until 10:00PM I believe.

    Also, I would love to have roof access. I know that in the last 7 years we have had trouble getting residents & their pets to stop shitting/pissing/smoking in the hallways and stairwells, and that there is a lot of fear as to what would go on on the rooftop, I still think its worth a try.
  • I love living there and think there are definitely improvements that they can make. I understand the point of a flip tax, but doesn't it seem excessive at 5%? As people who have been there for 10 years and are selling now, they are still making a huge profit. But for a person who bought in 2006 and then sells in say 2010/2011, 5% is a big chunk of change. I think that this 5% is crazy. I wish there were a way to reduce it. Is that possible?
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