It's incredible how much energy and enthusiasm your post made me feel! Such great news...! When it comes to tiny apartments in huge cities, the first thing one tends to think of is its (probably overrated) value. But that requires selling it, which doesn't always go as smoothly as you want, and may not have the exact end-result you hope for. So I'm really happy to hear that you've managed to sell, at the right time, and for the right price. I didn't exactly see how anyone could stop you from renting our your own property, but I'm sure you didn't mention "oppressive state of New York" without a good reason.
Now I'm super keen on following your journey towards that community from the Manu Chao album cover. 😀 (That reminds me to write a Monday Music post about him!)
Haha nice, a Manu Chao post!! I'll look out for it...
Yeah had I sold it before covid I woul dhave made more money but this was the next best time. NYC has some funny ownership things happening. The apartment was a co-op, which means you own shares in the company that owns the apartment buiulding. The company leases their apartments to each shareholder for 99 years and so there are all these house rules which actually have nothing to do with New York laws... it is an extra layer of "laws" on top of them. I also had to give up 30% of the profit as a flip tax to the building, another "house rule" That sucked a lot! That being said, the state of NY is oppressive regardless in the way it runs many things... but what government isn't like that to some degree?
Thanks for what you write, it makes m feel really great that you felt all that energy and enthusiasm from my post!!
Oh sure, of course the company can put any terms they like into their contracts, making sure nobody gets to reap any advantages other than them. What would we come to, after all, if anyone who bought an apartment felt like a property owner??? Good thing you've managed to get out of there with a smile! :-)
A little stressful but yes I was happy to get the motivation to sell before it's too late!