Reply to Advice selling coop townhouse, River Park

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Hello!

Background: I’ve lived in this coop for 3+ years: [url]https://redf.in/cPenNa[/url]. Unfortunately due to a changing family situation we’ve moved out and are selling. We love the neighbors, and location (walkable to metro, Wharf, Navy Yards), gated community pool and gym. The coop fees are steep at $3,000, but if you consider the price is half off a similar home just down the street and that the fees include maintenance (interior and exterior), HVAC, property taxes, most utilities and amenities, it comes out about even if you had a larger mortgage and has to pay your own maintenance.

House has been on the market for 60+ days, unfortunately we’ve had limited showings, and moderate traffic for four open houses. I’ve lowered the price a few times. It’s now $559,900k from $625K, very reasonable for a 4bed2ba by the What. Our listing agent has been supportive and is saying to hold tight and trust the process.

Question: [b]Everything I’m reading from the news and anecdotally from friends is that DC is a hot real estate market with quick sales over listing. What do you think is holding back interest for our home? Is it just the coop fee? [/b]The reason we could afford the house was bc we didn’t have the down payment for a $900k+ mortgage, but we could afford the monthly. I thought there would be a bunch of folks like me like that were held back from buying only bc of lack of a large savings for down payment. Are DC buyers in the market now only those well off enough who could afford expensive townhomes and drop cash for it?

[/quote]

First, the “hot market” with homes selling at over asking before an open house even happens is in the nicer inside-the-beltway suburbs.

Second, yes it is the coop fee. I get what you are saying about running the numbers, but you don’t build equity in coop fees. Your home is in an amazing community and I know I would love living there—but I wouldn’t buy due to the coop fee.[/quote]

You can build equity via coop fees in certain cases. [b]My coop I bought in 1991[/b] had a high underlying mortgage at a high interest rate, the board actually raised common charges in 1992, in 1992 was $580 for a one bedroom with no parking spot. They did really good fiscal management and through a combination of refinancing and paying down mortgage [b]I sold it 8 years later for triple my purchase price [/b]

My concern this coop with super super low interest rates in 2020-2021 how was underlying mortgage not refinanced. And how was it not paid down. Who is managing this place, you should join board [/quote]

Not arguing your point, but you bought at a time of fairly deep national recession and sold into a booming economy.  That has to be part of the equation.  [/quote]

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