{"id":2946,"date":"2007-12-02T08:43:36","date_gmt":"2007-12-02T16:43:36","guid":{"rendered":"https:\/\/www.bridgeandtunnelclub.com\/wordpress\/archives\/2007\/12\/a_foreclosure_by_any_other_name_smells_like_defeat.html"},"modified":"2007-12-02T08:43:36","modified_gmt":"2007-12-02T16:43:36","slug":"a_foreclosure_b","status":"publish","type":"post","link":"https:\/\/www.bridgeandtunnelclub.com\/blog\/archives\/2007\/12\/a_foreclosure_b.html","title":{"rendered":"A Foreclosure By Any Other Name Smells Like Defeat"},"content":{"rendered":"<p>The New York City real estate market may be avoiding foreclosures, but it likely leads the country in <a href=\"http:\/\/www.nypost.com\/seven\/12022007\/news\/regionalnews\/maintenance_fleece_co_op_common_charges__952332.htm\">&#8220;maintenance fee defaults&#8221;<\/a>:<\/p>\n<blockquote><p><em>Skyrocketing common charges are the last straw for condo and co-op owners barely staying afloat in a volatile housing market, with mortgage rates hitting the roof.<\/p>\n<p>In two Trump buildings alone, seven people were slapped with liens last month for not paying a total of $50,000 in fees.<\/p>\n<p>One Trump condo owner owes more than $19,000 in unpaid maintenance fees, after falling five months behind on common charges.<\/p>\n<p>While some owners struggle because of job losses or skyrocketing flexible-mortgage rates, the surging building fees are not helping matters.<\/p>\n<p>The fees are increasing, management companies say, because it is costing more for water, fuel, utilities and insurance.<\/p>\n<p>&#8220;Unquestionably, there have been increased defaults in payment of maintenance charges and common charges. I&#8217;ve noticed it since the summer,&#8221; said Herbert Cohen, a partner in Stieffel &#038; Cohen in Manhattan, who represents 60 different cooperatives and condominiums.<\/p>\n<p>This month alone, his firm filed nine liens against owners of the condos at 20 West St. in lower Manhattan.<\/p>\n<p>Those outstanding charges range from $1,433 to $9,241.<\/p>\n<p>Though not all missed payments are due to the current economic climate, industry experts say that maintenance-fee delinquency is on the rise as charges continue to climb &#8212; which could be a foreboding indicator for an unhealthy housing market.<\/em><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The New York City real estate market may be avoiding foreclosures, but it likely leads the country in &#8220;maintenance fee defaults&#8221;: Skyrocketing common charges are the last straw for condo and co-op owners barely staying afloat in a volatile housing market, with mortgage rates hitting the roof. In two Trump buildings alone, seven people were [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2946","post","type-post","status-publish","format-standard","hentry","category-real_estate"],"_links":{"self":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts\/2946","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/comments?post=2946"}],"version-history":[{"count":0,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/posts\/2946\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/media?parent=2946"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/categories?post=2946"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bridgeandtunnelclub.com\/blog\/wp-json\/wp\/v2\/tags?post=2946"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}