Don’t Forget About Condos! Scott’s VIDEO JULY 2018

This month I come to you from 107th street and Broadway, sitting in a three-bedroom condominium that will be coming to market in a few weeks.

These views and finishes are amazing, from a high floor looking west, south and east.

So – Let’s talk about condos.

What’s different about condos is that you can use them as investment properties from day one, renting them out to tenants immediately.

The approval process to purchase is also streamlined compared to coop purchases.

Proof of funds, a few signatures, and you’re good to go.

Only townhouses and building purchases

have less red tape.

Their flexibility makes them usually more expensive in turn, and broadly appealing to foreign buyers who haven’t established credit scores and financing history in the US.

And while condos make up about 30% of all existing inventory, they comprise about 50% of active listings.

And prices of condos can be more volatile, with prices rising faster than coops when the market goes up- and dropping more quickly in a softening market.

Prices can also be impacted by a soft rental market, as investors value condos based on the return they can get from rental income. Lower income – lower valuation.

Real estate taxes can also be a little higher on a relative basis to cooperatives in many cases.

We can discuss why at another time.

Right now, condos prices have softened relative to coops.

All of this is to say that if you’re considering buying, I would suggest you take a look a condos as part of your search. You may be surprised at the values you find.

If this has interested you, thank you in advance for sharing with your friends.

And if you’d like to discuss the power of accurate pricing in a market like this, you can click through directly from the video.

I look forward to next month with you and thanks for checking out my videos.

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