Advice selling coop townhouse, River Park
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Anonymous
| Other than landscaping I think it looks great, op. |
Anonymous
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$3000/mo co-op fees is absurd. Sure they maintain the minimal,exterior areas, but it’s all overpaid. You would need to be in a home well over $1MM to have that much in taxes and upkeep, and if you did a bunch of stuff diy, it would be far less.
It’s really as simple as that. It’s $36k/yr down the tubes that will never be recovered. |
Anonymous
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Ironic that in NYC coops are extremely popular. But in DC people don’t understand them.
Even when including property taxes, insurance, utilities it is high. BTW I have owned a condo and a coop. My coop they covered heat, water, gas, property taxes, window replacement, hvac replacement in common charges which my condo did not so that is clearly worth more per month. But $3,000 is a lot. You should join board and work to improve financials |
Anonymous
| Americans, save nyc, just don’t get coops. I’ve given up trying to explain them. To a far lesser degree they don’t understand condos either. |
Anonymous
We get them…we just don’t like them and have better ownership structure alternatives in condos townhomes and fee-simple rowhomes. Can you explain why it’s worth paying $36,000/ year in fees/taxes for this co-op? |
Anonymous
Coops are actually a better set up. But people can’t get over you own shares instead of real property and the fear of board approval of you and rental restrictions. I owned a well run coop and it appreciated 300 percent during my ownership. We had an amazing board. When we were newly married we lived in a one bedroom and I recall people thought I was very rich as it was well maintained and beautiful. I even had a dentist and doctor in building. |
Anonymous
| Some coops can be a good deal. I don't think this one is, since it's possible to get condo townhouse units in the same neighborhood for lower monthly payments. Some people may be willing to pay a premium for a barrel roof but not most. The high rise units in river park are extremely cheap not counting the monthly fee, and I think the townhomes are going to have to adjust in similar ways. |
Anonymous
This is a logical analysis. Very rare to see anyone think like this on a coop. |
Anonymous
| I would get some new photos taken now that spring has passed and everything is green - that patio is a very attractive feature this time of year and I'd stage it accordingly. |
Anonymous
| The reserve study for River Park suggests that special assessments of perhaps several hundred thousand dollars for the townhome units could eventually come due to take care of the deferred maintenance needs. This likely means they must triple the current already wildly excessive HOA fees or pay in large lump sum special assessments. New aluminum barrel roofs are needed at $150,000 each. New soffits are required. The HVAC chiller broke down last summer. The recently redone HVAC piping is leaking. TheHOA is essentially broke. The project may no longer be economically viable. This 62 year old coop development is essentially unmarketable. |
Anonymous
| This community is among the few real estate investments in DC that has lost money in the last decade. I sold my Goodman home in this community for about $450K roughly 15 years ago when the coop rates were roughly half the current amount. |
Anonymous
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Coops are great. I owned one. However, they don't appreciate much at all.
The 2020 price if you get should be fine, you saved on rent almost six years and got a lot of tax write offs. |
Anonymous
| Wow it never sold. |
Anonymous
This is too bad. I love this community and adore those Goodman homes. I live in Virginia, but would have loved to a have bought a place in River Park. |
Anonymous
| I love them too. I am just not at a point in my life that living in district makes sense. But I do think they are cool |