We’ve all heard the stories about co-ops. With the detailed applications, interviews and the risk of the dreaded: board rejection, buyers were happy to lean into the condo market. Over the last decade Condos became readily available in NYC and with their relaxed rental rules and easy liquidity, they were instantly the most desirable property prospect in town. So much so, that condos quickly gained value in the market and now they cost A LOT more than co-ops. How much you ask? On average 20-25% more – with new construction condos hovering around $3k per square foot. With that kind of price differential, co-ops are now starting to catch the eye of savvy buyers who are looking for VALUE in this market (Hello guest bedroom). Smart buyers are starting to rethink their options and do a little extra paperwork in exchange for the financial and privacy benefits that co-op ownership offers.
