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:
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
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!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665
Cellular: (917) 805-0783