Financial Benefits of Co-Op Ownership at Gramercy Club at Burnhaven
Ownership of a home at our Gramercy Club provides not only resort style living, but in addition you are making a safe investment for your future. Purchase of a share at Gramercy Club provides you with an investment in real estate and the comfort and convenience of not having to spend your time and effort maintaining the property. You will have the use of several thousand square feet of common area amenities that you do not have to maintain.
Some of the many financial benefits of home ownership at the Gramercy Club include:
Equity Appreciation – Ownership of a full equity unit entitles you and your family to 100% of market gains when your unit is sold. Members can finance as much or as little as they want and can refinance or pay off a mortgage whenever they want.
Reserves – Replacement and operating reserves are important to the financial well-being of residents. Early in the life of our Gramercy Club, the Board determined that special assessments are to be avoided. A program was developed to predict future requirements for replacement of building components. Annually the Board reviews reserve levels and occasionally adjusts the allowance to meet future needs.
Professional Audit – An audit is conducted each year by a professional CPA firm and the results are available to all residents. Complete monthly financial statements are available in the manager’s office for residents who are interested.
Tax Benefits – For income tax purposes, members are considered homeowners and are entitled to deduct their payment of property taxes and morgage interest.
Notification List – The Gramercy Club maintains a notification list of prospective owners of floor plans that are sold out. Currently we have units available.