Buying in Manhattan--what's the scoop?

[Anonymous]

Scoop ya money out ya pockets

[Anonymous]

Condo and Co-op fees in those buildings are probably $3000 plus.

[Anonymous]

Anonymous wrote:Condo and Co-op fees in those buildings are probably $3000 plus.

no the whole point of a co-op is they are often income capped, so they are affordable housing for people who don't have that kind of cash.

you'd pay that in a new high rise. except the latest news is these are not selling.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Condo and Co-op fees in those buildings are probably $3000 plus.

no the whole point of a co-op is they are often income capped, so they are affordable housing for people who don't have that kind of cash.

you'd pay that in a new high rise. except the latest news is these are not selling.

Not in NYC. It's a different model. The pp suggesting higher fees is right.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Condo and Co-op fees in those buildings are probably $3000 plus.

no the whole point of a co-op is they are often income capped, so they are affordable housing for people who don't have that kind of cash.

you'd pay that in a new high rise. except the latest news is these are not selling.

Not in NYC. It's a different model. The pp suggesting higher fees is right.

I'm sorry but you're wrong. My BFF has just bought in a co-op and been through all this. There are buildings, even new buildings where the income cap is $60,000 by law to make sure that key workers like teachers etc are not living too far outside the city.

You really need to know what you're talking about before you make incorrect, blanket statements.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Condo and Co-op fees in those buildings are probably $3000 plus.

no the whole point of a co-op is they are often income capped, so they are affordable housing for people who don't have that kind of cash.

you'd pay that in a new high rise. except the latest news is these are not selling.

Not in NYC. It's a different model. The pp suggesting higher fees is right.

I'm sorry but you're wrong. My BFF has just bought in a co-op and been through all this. There are buildings, even new buildings where the income cap is $60,000 by law to make sure that key workers like teachers etc are not living too far outside the city.

You really need to know what you're talking about before you make incorrect, blanket statements.

Nope. What you're thinking of is a tiny percentage of the overall stock in the city. There are only like 30k or so Mitchell-Lama apartments left in NYC.

Normal NYC co-op apartments aren't income-capped LOL.

[Anonymous]

No one wants to buy at the listed prices. Sellers believe that if they just wait a little longer, demand will catch up and they will get more money.

As a result:

"One in Four of New York’s New Luxury Apartments Is Unsold
A quarter of the new condos built since 2013 in New York City have not yet found buyers, according to a new analysis of closed sales."

https://www.nytimes.com/2019/09/13/realestate...opment-new-york.html

Picture an empty apartment — there are thousands in Manhattan’s new towers — and fill it with the city’s chattiest real estate developers. How do you quiet the room?

Ask about their sales.

Among the more than 16,200 condo units across 682 new buildings completed in New York City since 2013, one in four remain unsold, or roughly 4,100 apartments — most of them in luxury buildings, according to a new analysis by the listing website StreetEasy.

“I think we’re being really conservative,” said Grant Long, the website’s senior economist, noting that the study looked specifically at ground-up new construction that has begun to close contracts. Sales in buildings converted to condos, a relatively small segment, were not counted, because they are harder to reliably track. And there are thousands more units in under-construction buildings that have not begun closings but suffer from the same market dynamics.

Projects have not stalled as they did in the post-recession market of 2008, and new buildings are still on the rise, but there are signs that some developers are nearing a turning point. Already the prices at several new towers have been reduced, either directly or through concessions like waived common charges and transfer taxes, and some may soon be forced to cut deeper. Tactics from past cycles could also be making a comeback: bulk sales of unsold units to investors, condos converting to rentals en masse, and multimillion-dollar “rent-to-own” options for sprawling apartments — a four-bedroom, yours for just $22,500 a month.

[Anonymous]

^^ yeah these unsold apts are the high end luxury apts that are looking for foreign investors.

Not your every day apt for your every day schmo.

[Anonymous]

Who in their right mind would want to buy in nyc now? Market tanking & city will eventually be underwater

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Condo and Co-op fees in those buildings are probably $3000 plus.

no the whole point of a co-op is they are often income capped, so they are affordable housing for people who don't have that kind of cash.

you'd pay that in a new high rise. except the latest news is these are not selling.

Not in NYC. It's a different model. The pp suggesting higher fees is right.

I'm sorry but you're wrong. My BFF has just bought in a co-op and been through all this. There are buildings, even new buildings where the income cap is $60,000 by law to make sure that key workers like teachers etc are not living too far outside the city.

You really need to know what you're talking about before you make incorrect, blanket statements.

Nope. What you're thinking of is a tiny percentage of the overall stock in the city. There are only like 30k or so Mitchell-Lama apartments left in NYC.

Normal NYC co-op apartments aren't income-capped LOL.

Thank you. I'm the pp who noted it was a different model. I happen to work for the city's housing agency and literally wrote the rule on modern income restricted housing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Condo and Co-op fees in those buildings are probably $3000 plus.

no the whole point of a co-op is they are often income capped, so they are affordable housing for people who don't have that kind of cash.

you'd pay that in a new high rise. except the latest news is these are not selling.

Not in NYC. It's a different model. The pp suggesting higher fees is right.

I'm sorry but you're wrong. My BFF has just bought in a co-op and been through all this. There are buildings, even new buildings where the income cap is $60,000 by law to make sure that key workers like teachers etc are not living too far outside the city.

You really need to know what you're talking about before you make incorrect, blanket statements.

Sure. Show me a building in Manhattan that someone making $60k a year can afford an apartment in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Condo and Co-op fees in those buildings are probably $3000 plus.

no the whole point of a co-op is they are often income capped, so they are affordable housing for people who don't have that kind of cash.

you'd pay that in a new high rise. except the latest news is these are not selling.

Not in NYC. It's a different model. The pp suggesting higher fees is right.

I'm sorry but you're wrong. My BFF has just bought in a co-op and been through all this. There are buildings, even new buildings where the income cap is $60,000 by law to make sure that key workers like teachers etc are not living too far outside the city.

You really need to know what you're talking about before you make incorrect, blanket statements.

You should know what you are talking about. Yes, there are those income capped apartments. If the price is capped too, those apartments get thousands of applications per each that becomes available. If it’s an HDFC coop and the price is not capped (but your income is), good luck competing with trust fund kids, because getting a mortgage for one of those is next to impossible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Condo and Co-op fees in those buildings are probably $3000 plus.

no the whole point of a co-op is they are often income capped, so they are affordable housing for people who don't have that kind of cash.

you'd pay that in a new high rise. except the latest news is these are not selling.

Not in NYC. It's a different model. The pp suggesting higher fees is right.

I'm sorry but you're wrong. My BFF has just bought in a co-op and been through all this. There are buildings, even new buildings where the income cap is $60,000 by law to make sure that key workers like teachers etc are not living too far outside the city.

You really need to know what you're talking about before you make incorrect, blanket statements.

Nope. What you're thinking of is a tiny percentage of the overall stock in the city. There are only like 30k or so Mitchell-Lama apartments left in NYC.

Normal NYC co-op apartments aren't income-capped LOL.

Thank you. I'm the pp who noted it was a different model. I happen to work for the city's housing agency and literally wrote the rule on modern income restricted housing.

Sure you did.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Condo and Co-op fees in those buildings are probably $3000 plus.

no the whole point of a co-op is they are often income capped, so they are affordable housing for people who don't have that kind of cash.

you'd pay that in a new high rise. except the latest news is these are not selling.

Not in NYC. It's a different model. The pp suggesting higher fees is right.

I'm sorry but you're wrong. My BFF has just bought in a co-op and been through all this. There are buildings, even new buildings where the income cap is $60,000 by law to make sure that key workers like teachers etc are not living too far outside the city.

You really need to know what you're talking about before you make incorrect, blanket statements.

Nope. What you're thinking of is a tiny percentage of the overall stock in the city. There are only like 30k or so Mitchell-Lama apartments left in NYC.

Normal NYC co-op apartments aren't income-capped LOL.

Yeah what? There are such a small number of those apartments and there are serious lotteries to get in. I live in a $3m coop and our maintenance is $2800/mo. There’s definitely no income cap where I live; more like an income/asset floor..

[Anonymous]

Look for a Sponsor Unit, no coop or condo board drama!