I’m Scott Harris from Brown Harris Stevens, your New York City residential real estate thought leader for over 15 years.
My favorite part of this video, besides the content, is how the lighting makes my hair look like I dyed it blonde.
This is not actually a new ‘do, just lighting.
But if we can’t laugh at ourselves, then we don’t get to laugh at anyone else…
This month, I wanted to talk about cooperative apartments, because buyers seem to be having trouble enough with the market- layer onto that rules coops are imposing on buyers!
Just that buyers are avoiding anything that smells risky.
High monthlies, high bar to pass over, challenges to renovation, etc.
What I mean is that buildings that require all-cash, with 3-4x purchase price in liquid assets function completely outside of the realm of reality.
And most buyers, unfortunately, do not.
High earners don’t want to be bothered by these rules in many cases.
Think about your life, everything is on demand: Netflix, Amazon, Internet Delivery, etc.
I would argue that in many ways these rules keep community together and are a throwback to quieter, more genteel days.
But mostly people are annoyed by it.
That alone may create massive demand in a building that wasn’t there!
In all seriousness, a building’s not allowing a washer/dryer can subtract hundreds of thousands of dollars from an apartment’s value.
Technology has made these appliances safer, more efficient, and perfectly fine for apartments.
Perhaps allow 70 or 75% instead of 50%, or less.
Given the purchase prices, I don’t see allowing 70-75% LTV mortgages to be risky.
Instead of requiring multiples of the purchase price in liquid assets after closing, this could be reduced.
Rejecting buyers when the market is not cooperating, isn’t very
cooperative, is it?
If you know someone looking to buy or sell, please be in touch!