Market Conditions in 10128>Question Details

Brendan, Home Buyer in New York, NY

Did my apartment lose value before I even moved in?

Asked by Brendan, New York, NY Thu Jan 22, 2009

I signed a contract to purchase a coop on the UES on 10/31. Because of the coop process, I just received approval to purchase by the coop board this week. Have prices dropped since then?

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In a declining market it is very likely that prices have dropped while you were waiting to close on the property.
This will help....if you are financing, banks will not provide financing if the appraisal is less than the sale price of the property.

This protects both them and you from being partners in a home ownership that is not worth the present market value at closing.

Good luck
0 votes Thank Flag Link Thu Jan 22, 2009
Hello Brendan,

The best advice I could give you is... Ask your agent. He or she should be able to tell you that information. From 10/31/08 to present threre has been a decline in prices all over the Manhattan area. Now I am not saying that your apartment took a hit because:
I don't know the property you purchased
I dont know what you purchased it for
I dont know what the current comps are in the building.

All the Best
Paul Macapagal
0 votes Thank Flag Link Thu Jan 22, 2009
Check with you buyers agent, lender appraisal wont allow purchase apartment overvalued. Amendment executed contract based on appraisal value if less than agreed price back on 10/31. Seller may not accept reduction IF IT lost value. GOOD LUCk !
Web Reference:
0 votes Thank Flag Link Thu Jan 22, 2009
Yes, prices have dropped and will continue dropping. This is a buyers market. It is of course not a "rule" that the particular one you are purchasing has gone down too much in comparison to the actual price you are paying. You can try and renegotiate if you like...though keeping in mind that coops are a totally different animal from a house wherein the board can sometimes bite off its nose to spite its face and may not negotiate with you at all...if you tell us the building maybe one of us real estate professionals can help you get a comp for that building and/or area.
0 votes Thank Flag Link Thu Jan 22, 2009
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