A brief recap: My luxe Upper West Side Manhattan coop has had some very strange happenings this past year. Some doormen were fired; others resigned. It sometimes feels as if the Super runs the building.
We were told at the annual shareholders meeting that we are too immature to know what’s going on in the building we own stock in. Oh but we’re not. They said that we would run back and tell the doormen. This was of course beyond insulting as we paid much money to buy our apartments and pay maintenance each month, plus an annual assessment.
1) How immature could we be if we can come up with that much money?
Don’t think that they let parents buy apartments for children; a potential owner must have several times the amount you spend for your apartment in fairly liquid assets. Had to supply ten references when I bought my apartment; plus I did my own board package.
A board package entails listing all your assets and debts, explaining your life story basically, supplying three years worth of income tax statements, and much more. It’s almost as dreaded as the board interview. Most people have their accountant and/or lawyer do it. Did my own as I’m cheap and good at filling out long tedious forms. It put me in touch with my inner net worth, and (okay I am a nerd) I had fun doing it.
The prior owner’s real estate agent loved me because he hadn’t met many people who could talk finances so easily. My dad was a CPA. This was a what would daddy do assignment. Did buy my apartment when it was still fairly cheap. My apartment was under priced, almost perfect, and it was love at first sight. First marked the ad, eight years ago, next Tuesday, bid on the spot, it was the beginning of the days you had to do that, went into contract the next week. No August board meeting so I had to wait until September for that, closed in October, and then it was mine, all mine. The first real estate I sort of ever owned, except for two cemetery plots! Trust me, I didn’t buy the plots. Say “sort of” about the apartment because I really own shares in the corporation.
2) Doesn’t everybody have the right to know what’s going on in their own building?
Gag me with a knife. A very reliable source told me that Fernando, the doorman’s ex-wife is living with a Board Member–this began while they were still married and living together.
Now everything makes perfect sense.