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I'm confused as well. Why would any seller accept less than the maximum selling price? If the offer is too low, can't the seller just move on to the next applicant?
Location: Read the Marketing Handbook, and Income a Guide.
2,013 posts, read 1,631,017 times
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Quote:
Originally Posted by Jennbrazil
I'm confused as well. Why would any seller accept less than the maximum selling price? If the offer is too low, can't the seller just move on to the next applicant?
A motivated seller might take a less than max offer today to get the deal done. The next applicant might be a flake or a tire kicker or window shopper or moves slower than a turtle.
Maybe the unit is in pathetic condition. Maybe the seller is a lawyer representing and estate, Aunt Sally died and none of heir kin want or qualify to live there.
Every month the unit does not sell is another month of paying Maintenance. If the seller is in a hurry they might take a less than maximum offer. My guess is this is slow process. A seller might want to take the money and run.
Buyers have to be qualified. If they are not, it’s No Sale. Except for all cash buyers, some sort of financing would be needed. Getting financing for this type of unit is not as simple as a condo, or a cooperative with this burdensome regulation.
Selling these units would be easy at these prices, however the all the rules and regulations make it much harder.
This building is a special case for many reasons.
You are right to ask, because indeed some sellers might be prepared to reject any offer less than maximum allowable.
Makes a lot of sense and I did not consider those reasons wildaboutharry. If my offer is rejected, will they move on to the next seller for me? And will the seller be put in touch with the next lottery number?
I looked at the recent sales on streeteasy. Doesn't look bad at all, and the sale prices are sorta reasonable. The 1br duplexes are interesting, however guests would have to go through your bedroom to get to the bathroom.
I think this was a Mitchell-Lama Coop from 1972 ( google it).
There are 24 Apartments offered, but there is a catch: It's actually a waitlist and you can make any offer you want. ( Here's the rub: The offer may not be accepted.)
Applicants will be asked to make an offer for the apartment they are interested in, while less than the than the Maximum Sales Price may be offered, it may not be accepted.
I know there will be a lot of comments due to the prime location, even if the sales prices advertised are beyond our means.
Again, Good Luck to All
I wouldn't get too excited about this building 609 Columbus Ave. This building might literally break the nyc mixed income housing process...selling old studios at over half a million and 3-4 bedrooms at $950,000 why not ask 1 million? I suspect it'll probably be like many NY lotteries empty/vacant, hundreds or thousands of log numbers before getting someone who qualifies and has the assets and income. This is a dead end lottery that is mildly amusing.
Perhaps the lottery will have units with some light renovations, offer ny specific programming like down payment assistance, sonyma/reduced interest programs. The building has new mortgages hence new mortgage agreements with the city... They borrowed/mortgaged millions in the last few years they probably had to make an offering plan to get city mortgages/loans.
The lottery appears to be selling/listing at market value or projected market value. Owners aren't currently getting ask/lottery values (other than the 3 bedroom apartments)...and right now literally any and all that qualify can buy not wait etc. Owners probably started listing when the coop decided/ was approved for the lottery with high resale values.
Most market apartments currently sold or listed for sale are mostly all original 50+years old from when the building was constructed in the late 1960s early 1970s, probably has a rundown hotel/institutional vibe going on. Maybe the lottery apartments will be renovated...but hey if you can afford $800-950k why wait when you can buy now lol. I'm sure the realtors are yelling buy now it's only going to go up.... If you have 10% have 95k saved and can afford $7000 a month it's a steal! Or you have 300-350k and max the asset limit and pay 5-6k a month. I don't know how they'll market this or who will be able to buy in. It's no wonder people are leaving the city, even "subsidized" housing for a family is basically $ 1 million. Best of luck I didn't apply for this one and feel troubled that this a housing lottery. It blows my mind. You can offer whatever you like literally now why have a lottery? This concept sets a dangerous precedent for nyc mixed income/low income housing. They select what offer... One floorplan or family could pay substantially less or more than another without any reasoning.
Last edited by candlestix; 12-29-2023 at 05:58 PM..
Location: Read the Marketing Handbook, and Income a Guide.
2,013 posts, read 1,631,017 times
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Quote:
Originally Posted by candlestix
I wouldn't get too excited about this building 609 Columbus Ave..
For that narrow slice of the population that hits the small financial target of qualifying it could be exciting. The building is one block to Central Park, and six blocks below 96th St.
All potential buyers, lottery or not, should examine the complex nature of this cooperative. Appreciation can’t be assumed in the same way as with other buildings. Finding a buyer when you are ready to move might be a challenge.
Got a request for docs. I don't fully understand how this one works (even with the awesome info you guys shared earlier in this thread). Has anyone gone through the process, viewed the building/apts? What is the advantage of this vs. a rent stabilized rental?
This is a co-op. So you would own it versus renting a home someone else owns. You would pay a monthly maintenance but you would also have a mortgage. But please make sure you research HDFC co-ops. They are different from traditional co-ops.
I just got asked for docs. Log 2XXX. I'm going to play along, but if anyone finds anything out, please add to the thread. I'm also not quite understanding making it an HC item while open to the general public.
Got asked to submit documents for this too log 2xxx. Will give it a shot.
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