Selling within 5 yrs. Vote Yes or no to transfer fee ?

A $3,000 transfer fee paid by new owners when they buy into the building is going to affect your sale. Any additional cost that a buyer has to pay on top of the purchase price, closing costs, and move-in expenses is a factor in their decision, especially on lower-priced units where $3,000 represents a more significant percentage. Whether it significantly impacts your sale depends on the market and the price point. On a $500K unit, a $3,000 transfer fee is a minor line item. On a $150K unit, it's more noticeable and could push a tight buyer to look elsewhere. On the long-term value of your unit, it depends on what the fee funds. If it builds a healthy reserve that prevents large special assessments down the road, future buyers will see a well-funded building and that supports value. If it's perceived as just another fee with unclear benefits, it could be a negative when marketing your unit. Since you're selling within five years and won't benefit from the long-term maintenance the fee is intended to fund, your vote depends on whether the fee makes the building more attractive to buyers during your ownership window or less. If the building has deferred maintenance and this fee is the plan to address it without a special assessment, that's arguably better for your resale than a sudden $10K assessment hitting owners before you sell. Vote based on what protects your resale position in the next five years, not what benefits owners in year 15.

Todd, I’d vote “no” if you know you’ll be selling in the next 5 years. A $3,000 transfer fee on top of closing costs can definitely make your unit less attractive to buyers, especially in a market like Long Beach where condos already come with HOA dues and occasional assessments. These kinds of fees are meant to build reserves for future work, but if you won’t be around to benefit, you’d essentially be paying into something the next owner gets. Buyers also tend to push back on fees like this, which can hurt marketability.

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If this proposal goes through this will definitely affect the sale of your property. How significant? Only time will tell but given that the amount is not overly prohibitive, you should be fine. Best of luck! Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

Great question and this is a very real decision especially in co-ops and condos. Short answer: A transfer fee like this is very common, and while it can slightly impact buyer perception, it usually does not hurt your value significantly especially at $3,000. ⸻ How this actually affects you as a seller: Buyer perspective: • A $3,000 one-time fee is typically seen as minor in the bigger picture • Spread over ownership, it’s not a deal breaker for most buyers • In areas like Long Beach, buyers are already used to co-op/condo fees Where it can matter: • First-time buyers with tighter budgets may feel it • If your building already has high maintenance + assessments, it adds up • If competing buildings don’t have a transfer fee, it could be a small disadvantage The upside (this is important): If that fee helps: • Prevent large future assessments • Improve building reserves • Maintain the property better That can actually protect or even support your future value. Buyers care a lot about the financial health of the building. Your specific situation (selling within 5 years): You’re right that: • You may not fully benefit long-term But also: • The fee is paid by the buyer, not you • A well-funded building is easier to sell in • Poorly funded buildings scare buyers much more than small fees How to think about your vote: Ask yourself: • Does this help avoid bigger assessments later? • Is the building financially strong or struggling? • How does this compare to nearby buildings? Bottom line: A $3,000 transfer fee is usually not a deal breaker and may actually make your unit more attractive if it strengthens the building’s finances.

A $3,000 one-time transfer fee for owners selling within 5 years could impact your unit’s resale appeal. Buyers might see it as an added cost, which could affect how quickly your unit sells or its market value. On the other hand, the fee is meant to help cover future maintenance and avoid big unexpected assessments, which can also protect property values long-term. It’s important to weigh the immediate cost against potential benefits. Talking to your HOA board or a real estate professional can help you understand how this might affect your specific situation.