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kjuneja t1_j0oygfm wrote

Tldr: posh coops are allowing financing instead of all cash offers. Coop boards think this will increase prices. (It won't)

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olli_bombastico t1_j0q6bha wrote

>The early response has been positive, if modest. Even if prices haven’t skyrocketed, the time Manhattan’s luxury co-ops are staying on the market has plummeted, dropping 49% in the second quarter from the same period a year before, according to an Elliman report.

Comparing the prices to those a year ago is a myopic approach to assessing the impact of introducing financing options. The home purchasing sentiment index is down 18% compared to a year ago across the entire country.

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bikeskata OP t1_j0n0y71 wrote

Non-paywalled version: https://archive.ph/Yb2cC

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wetsprinklers123 t1_j0n1g7x wrote

>Manhattan DA returns Iraqi antiquities looted in 2003

Thansk OP -- How did you get the non-paywalled version/link?
Asking for future me. lol

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[deleted] t1_j0ncq14 wrote

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isowater t1_j0nfazp wrote

You're gonna love working with HOAs then. It's reasonable to require contractors carrying insurance in case they fuck shit up. I've lived in a few coops and the rules are reasonable unless you're an asshole.

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[deleted] t1_j0ngzaa wrote

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Shoddy-Lawfulness-26 t1_j0o21j7 wrote

This is why reading the minutes of your coop board is important before buying. It’s important to do as much diligence on the building as they do on you.

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[deleted] t1_j0o2hqi wrote

[deleted]

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Shoddy-Lawfulness-26 t1_j0o2og5 wrote

This is why coops are cheaper than condos and there have not been any coop conversions in the past 25 years. This article feels very dated…there’s a price for anything.

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MyPiedaterre t1_j0pz6ax wrote

Their model was successful when most of the wealthy people in the US were WASPS who wanted be around each other

Also, for all the hate that new construction receives, I’m very skeptical that something built in the 1920s can continue to be a better experience without a crazy amount of investment to upkeep. No matter how great a building is, after a 100 years, more and more things start to deteriorate

I could be wrong though

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TeamMisha t1_j0qt684 wrote

I think it's about aesthetics too. Some folks favor the more old timey/posh interiors, others want clean, sleek and modern. For me it'd largely come down to amenities, if a new building is setup for washer/dryer in units, fiber optic internet, of course I will pick that over a unit I may need to gut renovate over 3 years to come close to that same level. I've been inside some older buildings in Tudor City for example, you can really see the differences, you might enter a super modern renovated unit, but the hallway looks straight out of the 80s and you can see things crumbling. If I was wealthy I don't personally think I could be bothered to deal with co-op boards it sounds nightmarish and full of power tripping egoists ruling their little fiefdom.

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Badweightlifter t1_j0rm63n wrote

>it's about aesthetics too. Some folks favor the more old timey/posh interiors,

There's actually new buildings made to look like old fashion NYC buildings. Everything can be designed to look a certain way. No reason for an old crumbling building to get that classic look when you can get a new construction with the classic look.

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Dichotopotamus t1_j0r08tn wrote

The co-op board is the most notorious, ambiguous, racist, elitist group you could find in NYC. Maintenance fees absurd for a low amenity old building solely to price the riff raff out of their building.

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Rib-I t1_j0v822c wrote

I bought into a Co-Op last year. They allowed 90% Financing, which was so key for my wife and me. We make pretty decent income but that down payment for some other places (25%+) was brutal and significantly reduced our options. We still went through the finance enema and the board certainly took their time, but man, I hope this takes hold elsewhere.

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TheFaustianMan t1_j0uo5v5 wrote

I bought a coopshares because the price was far more affordable than “high end” condos that have no regulatory oversight on building fees, and are overpriced for what you get. My friend moved into one for a fortune only to find out she doesn’t have a doorman! Because the management company held a vote and most people didn’t vote because they were subleasing. I know it’s not a popular view, but vetting people to make sure they can afford shares and aren’t going to rent it for exorbitant rents, have foreigners buy it and use it as an “investment” while it falls into disrepair, sits empty and you can’t sue the owner because their in China for damages (broken pipes) is one of the advantages of a coop board. I don’t live in a super high end coop, but they’re not changing and still have to most desirable addresses in Manhattan.

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P0stNutClarity t1_j0o8fou wrote

Ahhh coops going the way of yellow cabs. You love to see it. Adopt or get dropped.

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MyPiedaterre t1_j0pzg6l wrote

Most co-ops in nyc are just middle class housing. Laws might be put in place to prevent discrimination or change the vetting process but theyre not going away

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P0stNutClarity t1_j0rbzq9 wrote

UES coops are middle income?!? Lmao these rules are largely imposed by those coops in rich neighborhoods not a coop in East Flatbush where middle income people don’t have liquid reserves to make all cash offers anyway

I never said they were going away. I said they were adopting. Did yellow cabs go away? No but they did adopt.

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