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ACRIS NYC.gov/finance Coop Sales Prices

There have been lots of blogs and press about ACRIS displaying coop sales records on the nyc.gov/finance website. Everything from secret plan for the city and state to impose mortgage taxes fromm Miller Samuel to Jerry Seinfelds signature on a UCC form from The Gawker.
Jerry Seinfelds signature on a UCC- form. [Gawker]
Secret Plan - Coop mortgage Tax[MillerSamuel

NYC.gov/finance [ACRIS]

I've been using ACRIS for a couple of years for condos and townhouses. I've been using it primarily for real estate tax records. Every time I get a listing in a condo I check the real estate tax. Many sellers of condos don't know how much their real estate tax is because it's paid by their lender from their mortgage payment. I have also shown properties to buyer customers that the listing agent had wrong RET in the system and on their show sheets. I always check everything myself. There have been times that I've seen celebrity names on condo tax records and saw what a relative paid for a townhouse. Fun gossip for "15 minutes".

Today I spent some time on ACRIS checking my recent coop sales. Most of the information was accurate except for one apartment I sold last spring. The ACRIS price was $30,000 more than it actually sold for. It was listed for $800,000. My buyers were in the $600,000 to $700,000 range. As techno savvy as I am I still read the Sunday New York Times Real Estate section on Saturday mornings. I saw an ad for 2 sponsor apartments with no price. I talked to the broker and I went to preview it on Saturday to see if I wanted to show it to my buyers on Sunday. I knew they would like it. The seller was ready to sell and we negotiated a deal for $675,000. The unit on the lower floor sold a month later for $775,00. ARCRIS has the $675,000 price as $704,787 and the $775,000 at $804,787. Odd numbers. It might have something to do with buying unsold shares. I bought a sponsor apartment in 1989 for $190,000 but on the RTT it says $220,000, $29,000 for unpaid principal on existing mortgage but then it says 0 for tax.
Another building that I sold in last year didn't have the right apartment number. There is no information regarding maintenance, amount of shares and square footage which is relevant in coop pricing. In another building that I just sold a couple of months ago it was nice to see that it was a record sale, the highest ever in the building $180,000 more than any other apartment in the building. Of course I knew this already but now it's public record. What's really amazing is the same apartment down the hall with a renovated kitchen sold for $180,000 less in the spring of 20005 the height off the boom. This winter and spring when I had the listing the market had already changed. I did not get multiple offers just one. The seller made a huge profit in 2 years but wanted more. The owner of the other apartment contacted me after my listing closed and they want even more. Even though sale records are now public shareholders in a coops have always had access to sale prices in their building. A shareholder is entitled to get that information from the management company. Information is great but it takes knowledge to disseminate it and service and marketing to sell an apartment. There are so many variables in a market even in the same building.

Another coop that I currently have under contract had an appraisal this week. I had comps for the appraiser but I didn't use ACRIS. I don't think they were online yet. I had my own data from selling in the building it was pretty accurate. This morning I got a call from another appraiser regarding an apartment that sold in the building in February. He could not confirm the sales price and called me because I sell in the building. First I went to my database the unit was listed with an agent at a high price - temporarily taken off the market-then brought back on the market at a lower price - then permanently off the market - broker jargon for they no longer have the listing. So I went to ACRIS and there it was I was able to confirm the price for the appraiser. This will be a useful tool for brokers, appraisers attorney's lenders real estate professionals. For the general public after the novelty of seeing what celebrities paid for their apartments wares off it's pretty boring. There will always be some people who do their own taxes try to sell their own home but most busy New Yorkers prefer professionals .

2 comments:

  1. why does ACRIS show nothing ($0) for mortgage transactions? all the fields are filed as zero when a bank morgage is involved in the coop transaction

    ReplyDelete
  2. Anonymous, I don't know, but sometimes mortgage amounts do show up on Acris. I've seen morgage amounts show up when I've been searching for comps but it often shows (0).Initial UCC means they just applied for loan. UCC Termination means it's paid off.

    ReplyDelete

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