<p>Hi Guys:</p>
<p>I went on internet to try to find out the value of my coop apartment in NYC On Zillow.com, etc) and I cannot. I don’t think it is possible to get the estimated value of apartments on the internet (only free standing homes). Am I wrong? Does anyone know of a website I can use to get my apartment’s true value? If not then my question is: </p>
<p>Can I declare the estimated value of the coop (which is asked for on the FA forms) to be whatever I want it to be? </p>
<p>Rgds,
Ben</p>
<p>What about the classified ads? Do they have coops on Craigslist? I know those are list price not selling price so you could estimate a little lower…You should have some realistic documentation that you haven’t just invented a number.</p>
<p>What about your property taxes? You must be paying those and your coop does have an appraised value for tax purposes which is usually a percentage of the market value. You would also need to check when the appraisal was done and update it a bit if it is older. You could also look at recent sales in your building…they are a matter of public record.</p>
<p>I will check with my accountant on this info. Do the colleges really go and look for comparitives? I mean the us housing market just crashed last month.</p>
<p>I know some coops are hard to value, but if you live in a high income zip code in Manhattan and you say it’s $100,000…that would be a red flag. Some FA applications are selected for audit, like tax returns, so you’d have to provide whatever you used to come up with that figure. Asking your accountant for advice is an excellent idea.</p>
<p>it is the only property I own. I am not living in it though. it is too small for me and my son. I was using it as an office for my own business since i bought it but now am just running my business from my lap top from home as things got bad a while ago. we are living with relatives outside of nyc paying rent. I rented the studio out this year. the rent just barely covers the common charges and mortgage expenses.</p>
<p>can i claim it as my home??</p>
<p>It’s hard to downplay value in NYC, one of the only places in the Country where real estate is going up now. </p>
<p>Do you depreciate it as a rental and declare the rental income?</p>
<p>Isnt there a place to add what you paid for it & then its address or zipcode? They can probably extrapolate from that the worth- </p>
<p>I bet if you talk to real estate agent you can get an idea ( and it is so fun to get them excited)
[New</a> York City Coops: Chelsea/ Upper Chelsea, Studio Coop for Sale](<a href=“http://www.bondnewyork.com/nyc_apartment_listing_33869.htm]New”>http://www.bondnewyork.com/nyc_apartment_listing_33869.htm)</p>
<p>Actually I really like this one.</p>
<p>If it isnt your residence- I don’t think you can claim it as such-
it would be an investment-
I can see why you would want to hang onto it-
[Manhattan</a> an island of strength in housing slide - Financial Times - MSNBC.com](<a href=“http://www.msnbc.msn.com/id/22490276/]Manhattan”>http://www.msnbc.msn.com/id/22490276/)</p>
<p>Is there a place on aid forms for what you pay in rent?</p>
<p>I wouldn’t say the bubble just popped last month, there has been long awaited slowdown, but some areas are still strong ( overpriced) and urban areas especially are in demand/</p>
<br>
<br>
<p>No…it’s a rental property now.</p>
<p>just curious (this has nothing to do with the FA issue).</p>
<p>What is the maintenance fee on that property??</p>
<p>I agree it’s very nice. How many Square feet is it?</p>
<p>it is a small studio with approx 400 sq ft. my maintenance is $1,000.00</p>
<p>YIKES, $1000 per Month???</p>
<p>The question is, what is your equity? That’s all they care about.</p>