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It's funny seeing this thread because with all the talk about unaffordable rents and housing and bidding wars my mom who is a semi-retired realtor who specialized in coops in the Bronx and Westchester tells me how difficult selling 1 and 2 br coops are right now despite all the media hype (part of why she's basically retired although she still has her real estate license and can sell if she wants to). This thread kind of proves what she's saying, good luck!
Glad I sold my Westchester coop in 2019 and went back to renting for now.....
It's funny seeing this thread because with all the talk about unaffordable rents and housing and bidding wars my mom who is a semi-retired realtor who specialized in coops in the Bronx and Westchester tells me how difficult selling 1 and 2 br coops are right now despite all the media hype (part of why she's basically retired although she still has her real estate license and can sell if she wants to). This thread kind of proves what she's saying, good luck!
Glad I sold my Westchester coop in 2019 and went back to renting for now.....
we were looking in hartsdale at one point at a 2 bedroom condo in high point .
It's funny seeing this thread because with all the talk about unaffordable rents and housing and bidding wars my mom who is a semi-retired realtor who specialized in coops in the Bronx and Westchester tells me how difficult selling 1 and 2 br coops are right now despite all the media hype (part of why she's basically retired although she still has her real estate license and can sell if she wants to). This thread kind of proves what she's saying, good luck!
Glad I sold my Westchester coop in 2019 and went back to renting for now.....
The middle to slightly upper middle class market is hurting in NYC. It’s a confluence of factors mainly driven by the lower appeal of the city as well as relatively high interest rates in savings.
Up to about a year ago, my wife and I were actively looking in NYC. We were looking at condos/ coops/ homes in Brooklyn and Manhattan. Now NYC isn’t even an option. We’re also not in a hurry to buy because the interest, post tax, that our down payment money is collecting is paying for 6 months of rent currently.
We’re not the only ones in this position.
It's funny seeing this thread because with all the talk about unaffordable rents and housing and bidding wars my mom who is a semi-retired realtor who specialized in coops in the Bronx and Westchester tells me how difficult selling 1 and 2 br coops are right now despite all the media hype (part of why she's basically retired although she still has her real estate license and can sell if she wants to). This thread kind of proves what she's saying, good luck!
Glad I sold my Westchester coop in 2019 and went back to renting for now.....
Thanks for the wishes. Yes, it seems close to impossible. Started with 830K (per the advice from my realtor, who has sold the apartments in the area for 20 years) down to 749K now, and we have only 1 person wanting to see it at the previously scheduled Sunday open house. Amazingly low demand.
The middle to slightly upper middle class market is hurting in NYC. It’s a confluence of factors mainly driven by the lower appeal of the city as well as relatively high interest rates in savings.
Up to about a year ago, my wife and I were actively looking in NYC. We were looking at condos/ coops/ homes in Brooklyn and Manhattan. Now NYC isn’t even an option. We’re also not in a hurry to buy because the interest, post tax, that our down payment money is collecting is paying for 6 months of rent currently.
We’re not the only ones in this position.
Exactly right. I think this is the reason for all this pain. Unfortunately, I need to sell at the wrong time for the market.
$749k for a 2 bedroom apartment on the Upper East Side in a building with a doorman?
That is dirt cheap, I'll buy it and rent it out.
Renting is a huge pain in any coop. In ours, need to pay the initial fee for the application (like $1000 or so), and pay to the board 10% of the rent. Need to get a permission from the board to rent. This is only allowed for 2 years. One can get a permission to rent for the 3rd year, but it has be exceptional circumstances and the monthly fee goes up to 25%. That's why no one is buying coops as investment properties. It's not worth it.
So what can one do to sell in this market? Unfortunately, I cannot wait for the better future and lower rates. I am in a bind.
If you can wait until June -July, I would. You may catch someone who’s desperate and will pay closer to $800K and needs to buy something in that particular area in time for schools in September.
You can also try to see if your realtor can put out feelers for where the market is. If it’s closer to $700K currently then you’d have a choice to make.
You listed for $830K and are currently at $750K. That’s a pretty standard 10% discount in a bad market.
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