Can you tell me the avg maintenance for a 2br/1bth co-op in 11215?

Asked by Keely Savoie, 11215 Wed Jan 27, 2010

How should maintenance affect the asking price of the unit?

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Mitchell Fel…, Agent, Brooklyn, NY
Wed Jan 27, 2010
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Dear Keely:

The average maintenance amount for a 2 bedroom co-op in the 11215 zip code based on active listings on The Real Estate Board of New York's web site is $1039.00 per month.

The maintenance on a co-op will have an effect on the ultimate selling price because it factors into the total living expense associated with owning the co-op. The more costly it is to own the co-op, the fewer buyers there will be who can afford it. If there are less buyers who can afford the co-op theoretically the price should be less. It is the simple economic rule of supply and demand.

However, there are so many factors that come into play the significance of the maintenance amount can become almost a moot point. The key idea for a buyer is to figure out what their monthly budget is and then look at all the properties that fit within said budget. If the maintenance is lower, you can afford to borrow more money and still stay within the monthly budget. If the maintenance is higher, you will have to borrow less to stay within the monthly budget.

In the end, hopefully one of the properties the buyer looks at will meet their needs AND fit within the budget. I recently posted an entry on my Brooklyn Real Estate Blog regarding the opportunities available to buyers purchasing co-ops in today's market, take a look:
http://www.homegain.com/blogs/mitchellsfeldman-507663/How-to…

Other items that can have an effect on a co-ops value are the co-ops sublet policy, pet policy, number of units privately owned and the flip tax policy as well as the over all financial health of the co-op.

With regard to the asking price, that is solely determined by the property owner and many factors come into play including the seller's wants and needs. However, if you want to sell you have to be priced realistically otherwise you probably will not sell. You can research comparable sale information on web sites like http://www.Trulia.com, http://www.Zillow.com and http://www.PropertyShark.com to find out what been going on lately in your area. I do believe that the best way to get an idea as to how much your co-op is worth would be to have a professional real estate agent meet with you, take a look at your co-op, go through the details and then formulate an opinion of market value.

If you have a co-op you are thinking of selling, please contact me, I can share many other insights with you and perhaps even help you sell it! Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665
Cellular: (917) 805-0783
Email: MitchellSFeldman@aol.com
1 vote
Joseph Hasti…, Agent, Bayside, NY
Sun Jan 31, 2010
Hi Keely. In my experience it is difficult to figure an "average" maintenence charge. Remember that a large portion of your maintenance charge is property tax which is where you derive your deductability from. That can be up to a 50% deduction of the yearly carry charges.

Remember, maintenance covers an assortment of things. Among these things are care and cleaning of the common areas, garbage disposal, liability insurance, snow removal, etc.

It's also important to know that any building amenities tie into the maintenance charge as well. This would range from things such as a doorman (ther's usually more than one and they get a salary), common area like a garden or roof deck, gym, laundry room, etc. Many people love amenity laden buildings. Some don't care either way and others want as few as possible because of the added charges. You also don't make mention to this point.

In my experience maintenance charges have a negligable effect on pricing. Comparable value within the building is the determining factor in price. You can also get a feel for comps based on a search of recently sold properties within a small radius of your building.

Do yourself a favor. Hire a broker to help in the sale of your co-op. Realistically, you simply won't be able to reach the most amount of qualified buyers by yourself. Statistically you have little more than a 1% chance of selling on your own. Good luck.
0 votes
Alen Moshkov…, Agent, New York, NY
Fri Jan 29, 2010
Hi Keely..

I'm sorry but I have to disagree with one of my colleagues below. Maintenance "ABSOLUTELY" reflects the selling price. Buildings which carry have higher monthly charges typically have lower asking prices to balance things out.
Maintenance is different from building to building and it won’t really help you much if we work with averages. Typical maintenance $1.50 per square foot, some are higher some are lower.
Look at the building and what’s included. Are there any amenities, door man (full time or part time), super, etc… The more employees the higher the maintenance will be.
Since you are the seller, you will know what your building offers. Look at both, active comps and sold comps and price competitively.
If you need a more specific answer Keely I’ll be happy to look at your building and tell me what I think a fair asking price should be.

All the best,
~Alen
0 votes
Karima Escof…, , Brooklyn, NY
Wed Jan 27, 2010
Maintenance does not affect the asking price. Maintenance is charged by the cooperative not the seller. You as the buyer have to decide if you can handle the monthly maintenance of the coop in question as well as your mortgage. They are two separate charges paid to two separate entities.
Web Reference:  http://www.kmerealty.com
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