Home Selling in Philadelphia>Question Details

Jaime Moss, Real Estate Pro in Bryn Mawr, PA

Is it true that Philadelphia will now SELL apartments in one apartment building, (ex. co-op) as they do in NY?

Asked by Jaime Moss, Bryn Mawr, PA Wed Apr 13, 2011

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Jamie...there are a few coops in cc and burbs...until recently the market based ones with limited to basically 1901 walnut...recently, 1919 chestnut also went to market based sales.
other coops like at 18th and JFK are not market based and you have to sell back to the coop when you leave/die at very reduced rates....so, perhaps you have heard of 1919 chestnut which is realtively new to the market.
0 votes Thank Flag Link Wed Apr 13, 2011
I have sold both co-ops and condos they are different. If you need answers to a deal or possible deal you should be talking to your Broker.
Web Reference: http://www.greatpare.com
0 votes Thank Flag Link Mon Jun 27, 2011
Hi Jaime,

I am reading behind the lines when I suggest that Co-Op properties (Shared Ownership) are generally not a option for the broad market; Center City only has only several, nothing like NYC. However, many previous apartment buildings, both small brownstones and larger facilities, have been gradually 'converted' to condominiums by their owners or developers. Sometimes individual units can be approached as a 'Lease Purchase' arrangement (Two Simultaneous Contracts) that are helpful to both the buyer and seller. Some very attractive studio and one bedroom options exist. Cash is king and will leverage a nice purchase price. If the building is approved for conventional Fannie Mae and FHA financing, the sales flow nicely. If you require addition details please contact me directly. 215.531.2000
0 votes Thank Flag Link Wed Apr 13, 2011
Coop means it's shared owner ship these are condo's .you can sell it the same you do a regular listing just have the PA condo association booklet to give them plus what ever paper the condo's require it
0 votes Thank Flag Link Wed Apr 13, 2011
We've always had co-ops in Philadelphia, since the 70's at least. I don't see how the City of Philadelphia could sell the units, though. Do you mean foreclosure units within an existing co-op?
0 votes Thank Flag Link Wed Apr 13, 2011
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