Inna, Home Buyer in Brooklyn, NY

I am in a buyer's market for coop in Midwood area of Brooklyn. Asking prices are higher than than what the same properties were sold 3 years ago

Asked by Inna, Brooklyn, NY Sat Jul 24, 2010

and, therefore, apartments stay listed forever.I do not see any coops sold in Brooklyn for the past 9 months. Condos, however, are going at $400 per sq.f. fast and easy. How this can be explained?

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10
What goes up must come down. If it does not come down after a few minutes the elevator must be broken.
I would look somewhere else. I found that walk ups sell much slower but you cant beat the price just like this rare penthouse on the 25th floor. Check it out I did. It left me breathless but still very interested. They are having an open house this Sunday come and enjoy the view. It is wort it . It blows the comps out o the window.
Regards

Gabe
0 votes Thank Flag Link Fri Aug 26, 2011
The fact is, co-ops are harder to sell in today's market because the banks are more strict and it decreases the buyer base. Banks want 700+ credit scores in order to finance 90% of the loan, if lower scores then the bank will only finance 80% of the loan. Also many co-op buildings have high maintenance fees and when added with the mortgage many buyers then become unqualified for a loan.

I could go on, but I just wanted to give you an idea of some of the things that make it take longer for co-ops to sell in this difficult market.
Web Reference: http://www.KandHhomes.com
0 votes Thank Flag Link Sun Aug 8, 2010
There is an upward movement in the NY market. But its not that crazy also.
Remember that todays market is a buyers market.
0 votes Thank Flag Link Thu Aug 5, 2010
The main reason now is a mortgage rate . Let say you are looking for 2 bed 2 bath coop it will cost you around
300000 in good area and building plus around 600 (can cover 100000 in mortgage) maintenance and you will have to wait for parking spot for years. On the other hand you can get 2 bed 2 bath condo with parking for 400000-450000.
Call me if you have any questions.



Nikalai Salianski
WILK REAL ESTATE LTD.
626 Avenue U
Brooklyn, NY 11223
Mobile: (347) 524-2813
Fax: (718) 872-7071
0 votes Thank Flag Link Wed Jul 28, 2010
For the units that have sold ,the buyers are setting price. For the apartments that remain on the market it's just asking price
0 votes Thank Flag Link Mon Jul 26, 2010
Dear Inna,

First of all, in terms of actual closed sales in Brooklyn, according to the Brooklyn MLS, there have been 332 co-ops sold and closed since October 1, 2009 up to and including today. If you are just looking at the Midwood neighborhood, there have been 20 co-ops that have sold and closed. These figures I just gave you do not include co-ops currently in contract. Also, these figures do not include sales that have occurred privately, and these sales are often found on the Realist website.

Asking prices for co-ops have increased in some areas due to high demand for housing that is low cost, primarily because mortgages for more expensive homes and for condos are more difficult to obtain since the housing crisis.

Condos do not always sell quickly and easily. Please be aware that many condo units previously on the market are removed because they have been rented out or occupied with a rent with option to buy, so they are taken off the market at that point. As a result, the visible inventory of available condo units may appear to be down, and the statistics may be skewed by the fact that some of the units are ultimately rented out. (They may be straight rentals or rent with options to buy.)

In order to for a buyer to obtain bank financing for condos, normally 51% of the condo units need to have been sold. In order to get to the 51% sold mark, a developer may offer incentives, such as price breaks, or free parking. In these instances, condos may move more quickly than co-ops. Also, obviously a condo is more attractive to buyers who meet the financial qualifications since it is true ownership, whereas a co-op is owning shares in a corporation.

We would like to speak with you about your specific homebuying needs, because we are very experienced when it comes to co-ops and condos. Are you seeking a co-op or a condo? What is your price range? Currently, David and I have a beautiful co-op in the heart of Midwood in a doorman building. We just did an open house earlier today on this unit, but if you call us and the unit meets your needs we will arrange for a showing.

Our office is located in the heart of Midwood at 2926 Avenue J. Please call us at the mobile numbers below. We'd love to hear from you and help you!

Best regards,

David Rogoff & Bonnie Chernin
Fillmore Real Estate - Branch 19
917-593-4068 - David mobile
646-318-5031 - Bonnie mobile
E-mail: davidrogoff@fillmore.com
0 votes Thank Flag Link Sun Jul 25, 2010
Hi Inna
What is your price range and what size and condition coop are you looking for?

You cannot go by what properties sold for 3 years ago that is not be realistic today. Supply and demand
dictates the market. Also are you paying cash or going for a mortgage.

Please contact me directly and I will be more than happy to help you find a coop in midwood
madelinepadovano@fillmore.com
0 votes Thank Flag Link Sun Jul 25, 2010
Dear Inna:

When you own a coop you actually own shares of stock in a corporation as opposed to real property, as is the case with a condo. Due to this fact it is harder to find comparable sales information on coops.

In addition, the price that a coop or condo owner asks is based on their motivations to sell and their want and needs. Some sellers find it to be more important to get a certain price as opposed to a timely sale. They are simply not that motivated. Usually a non-motivated seller will not sell in the end or may wait years to try to get their price. Even then they will usually just come down in price in order to sell or not sell at all.

With condos, the majority of them are owned by developers looking to sell who are very motivated. Based on that they will price their condos competitively so as to make sure they sell in a timely fashion. Most coops are privately owned by an end user who has different motivations and emotional attachment because it is their home. This can also be said of condo owners who are selling their primary residence.

My office is located in the Midwood area and we sell lots of coops there. If you want you can contact me and I can give you comparable sale information that may help you. As my associate Susan Heifitz stated below, you can also contact her or visit her open house and I am sure she will be able to find you a coop that is competitively priced and that would meet your needs. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sun Jul 25, 2010
Hi Inna:
I'm not sure you have total and/or accurate information. I have found several coops sold in Brooklyn recently - just not in Midwood. First, asking prices and sales prices are usually several percentage points apart. Also, if a particular agent or company is dominant in a particular coop building, they may be pricing the units higher to make their homeowners happy. However, without a full analysis of the areas you've been looking, a blanket statement would be incomplete. My suggestion would be to ascertain what you want, where you want to live, how much you want to spend and then get the best deal you can using a buyer's agent. Good luck!

Ralph Windschuh
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Sun Jul 25, 2010
Why not come over to my open house today in Midwood....414 Elmwood Avenue Apt. 2A and check out this beautiful 1 bedroom co-op that is totally renovated. I'll be there from 12 to 2 pm.....

Thanks......

Susan Heifetz
Madison Estates
2922 Avenue R
Brooklyn, NY
718-645-1665
0 votes Thank Flag Link Sun Jul 25, 2010
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