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Coops are basically throwing money into a wishing well with no way to get it out unless a group of people agree to allow you to get out. It is a 50 year lease with all the rent money up front. That is why they are so "cheap". The loan from the bank is the up front payment. If this is your cup of tea, so be it.
Coops are basically throwing money into a wishing well with no way to get it out unless a group of people agree to allow you to get out. It is a 50 year lease with all the rent money up front. That is why they are so "cheap". The loan from the bank is the up front payment. If this is your cup of tea, so be it.
Coops are cheap. Including the $10 million coops on Park Avenue?
Coops are cheap. Including the $10 million coops on Park Avenue?
Go back and crawl under your rock.
Look at the title and look at the question about the coops are so cheap in Westchester? They are cheap because there is no market for them. That is the way economics works in a free market system.
Look at the title and look at the question about the coops are so cheap in Westchester? They are cheap because there is no market for them. That is the way economics works in a free market system.
Dude, you have no freaking idea what you are talking about. There is a SHORTAGE of listings on Garth Road. I have the data. They've always been much cheaper than Manhattan because people pay a huge premium to live in Manhattan. It's that simple.
Full disclosure - I do not own a coop on Garth Road or anywhere.
Dude, you have no freaking idea what you are talking about. There is a SHORTAGE of listings on Garth Road. I have the data. They've always been much cheaper than Manhattan because people pay a huge premium to live in Manhattan. It's that simple.
Full disclosure - I do not own a coop on Garth Road or anywhere.
Unfortunately for your case, I talked to several realtors, all of whom confirmed my views and observations, which is why I am relating them. In addition, all confided with me that they would never purchase a coop as a primary residence unless there was no other options. Signing a long term lease and paying for it in advance is a dubious proposition which unfortunately infects Metro NYC and no where else in the country. There are historical reasons for this state of affairs.
Unfortunately for your case, I talked to several realtors, all of whom confirmed my views and observations, which is why I am relating them. In addition, all confided with me that they would never purchase a coop as a primary residence unless there was no other options. Signing a long term lease and paying for it in advance is a dubious proposition which unfortunately infects Metro NYC and no where else in the country. There are historical reasons for this state of affairs.
Here are the MLS stats on Garth Road for the last 12 months:
Active Listings - 18
Under Contract - 20
Sold - 91
Expired - 15 (presumably some were relisted and sold)
Like I sad, you and your alleged realtors friends can crawl back under your rocks.
Here are the MLS stats on Garth Road for the last 12 months:
Active Listings - 18
Under Contract - 20
Sold - 91
Expired - 15 (presumably some were relisted and sold)
Like I sad, you and your alleged realtors friends can crawl back under your rocks.
Very poor research. I actually went to the public records and researched how many were pulled. You see, there is much more to real estate and knowledge is better than blustering.
To reiterate, coops are nothing more than long-term, pre-paid lease arrangements, and to sub-lease (sell shares), you need the landlord's (Board) approval. They are cheap for a reason. Long-term leases are a poor arrangement unless one has no other choice. Pretty much everyone realizes this except you.
Very poor research. I actually went to the public records and researched how many were pulled. You see, there is much more to real estate and knowledge is better than blustering.
To reiterate, coops are nothing more than long-term, pre-paid lease arrangements, and to sub-lease (sell shares), you need the landlord's (Board) approval. They are cheap for a reason. Long-term leases are a poor arrangement unless one has no other choice. Pretty much everyone realizes this except you.
2,900 coops sold in WC in the last 12 months, providing further proof that either you have some sort of agenda, or you are just a plain idiot.
Average price single family: $335/sq ft
Average price condo: $314/sq ft
Average price coop: $212/sq ft
The market has spoken.
You just brought up a different issue because I destroyed you on the issue of supply and demand.
Do you know how many more coops there are in WC than condos? A lot. And a lower price doesn't mean there is less demand, it means that people will pay less for them than a condo. So what? Who cares. There still is a shortage of listings in desirable areas such as Garth Road.
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