A buyer with whom I began working not long ago really, really wanted a co-op that her parents originally saw with her in mind.
Yet I could see that it couldn’t have been more unsuitable for her, a wisp of a young woman who works nights, though my veiled concern for her safety was only one issue. (Because of appropriate restrictions in the Fair Housing Act, I told her what I say to everyone I represent: Be sure to walk around the neighborhood at night.)
The other reasons I felt the apartment was a mistake had to do with these things: the absence of a laundry in the 10-unit building; a prohibition against installing a washer/dryer; the lack of a laundromat nearby; the large amount of space so that her parents could visit occasionally from where they live overseas; her idea that she might want to rent out a bedroom or two in the future; the necessity of upgrading the single bath; and an evasion better left undescribed to purchase the place.
“But,” she sputtered, when I expressed these notions and urged her to consider buying a condo instead, even at a higher price, “it’s a bargain.”
A bargain is something that sells for below the market value. In fact, the unit had undergone a 33 percent price cut nearly three months prior to each of us having seen it and still there were no takers.
Moreover, the identical co-op one floor above “hers” with a slightly higher asking price was taken off the market a half year after seeking a buyer in vain.
Nobody wants those apartments. That is what the market is resoundingly communicating.
They are not by any stretch of the imagination worth their offering prices. They are not a bargain.
If they were a bargain, they’d have been sold by now, wouldn’t they?
Tomorrow: A decade of price history may surprise you
To take your bite out of the Big Apple, start your search for a new home here.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022