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!
David Rogoff & Bonnie Chernin
Fillmore Real Estate - Branch 19
917-593-4068 - David mobile
646-318-5031 - Bonnie mobile