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baghag
:P
Member since 5/05 10278 total posts
Name:
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What is a sponsor co-op?
I passed by a realtor's office with "sponsor coop" on some of the ads in the window. They also said "no board approval".
What is a sponsor coop? 
TIA!
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Posted 2/13/06 9:02 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: What is a sponsor co-op?
Hey Rebecca!
A sponsor sale at a co-op is a sale by the original owners of the building. It may be a single person or it may be the corporation itself. Either way, because it is a sponsor sale, you do not need to go in front of the board to be approved (WAAAAY easier!). My mom's was a sponsor and we have friends that are currently buying a sponsor. The closing time is much faster (usually) than it is with a regular co-op.
Are you guys looking?
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| Posted 2/13/06 10:41 AM |
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baghag
:P
Member since 5/05 10278 total posts
Name:
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Re: What is a sponsor co-op?
Ooooh! Sounds good, thanks Eileen! Nah, we aren't seriously looking, more like dreaming. 
Though i have noticed the prices coming down! 
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| Posted 2/13/06 11:07 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: What is a sponsor co-op?
Posted by baghag
Though i have noticed the prices coming down!
I noticed that also- we are going to wait another 18 months to 2 years to buy
my hubby is a mortgage broker- I want a house so badly- but I know he is right to have us wait-
he thinks the prices are going continue to drop over the next 2 years- even if they don't- we will still have more for down payment
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| Posted 2/13/06 4:31 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: What is a sponsor co-op?
Posted by Beth1210
he thinks the prices are going continue to drop over the next 2 years- even if they don't- we will still have more for down payment
There is absolutely no way prices will continue to drop over a continued two year span.
Read the last point in this article about "timing the bubble".
http://www.bankrate.com/brm/news/real-estate/20051219b1.asp
People have been trying to time the "bubble" for the past four years. Every year they say prices will come down... and every year they don't and the following spring there are new reports on record house sales.
Once the spring hits and the real estate season starts again... prices will continue to rise. Not at the levels we have seen in the past... but they will still rise nonetheless (maybe 5% or so).
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| Posted 2/13/06 4:44 PM |
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dandg
LIF Zygote
Member since 1/06 46 total posts
Name:
Gerard
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Re: What is a sponsor co-op?
Posted by DjPiLL
Posted by Beth1210
he thinks the prices are going continue to drop over the next 2 years- even if they don't- we will still have more for down payment
There is absolutely no way prices will continue to drop over a continued two year span.
Read the last point in this article about "timing the bubble".
http://www.bankrate.com/brm/news/real-estate/20051219b1.asp
People have been trying to time the "bubble" for the past four years. Every year they say prices will come down... and every year they don't and the following spring there are new reports on record house sales.
Once the spring hits and the real estate season starts again... prices will continue to rise. Not at the levels we have seen in the past... but they will still rise nonetheless (maybe 5% or so).
I disagree 100%.....check out this article:
http://moneycentral.msn.com/content/P143794.asp
People are starting to become smarter and are refusing to pay asking price for ridiculously over-priced homes. Just last month, a couple of friends of mine purchased homes for well below asking b/c the owners has such a hard time selling their house.
As some people might say: All good things must come to an end! Well, the end is near!
The handwriting is on the wall my friend!
Message edited 2/13/2006 7:47:45 PM.
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| Posted 2/13/06 7:46 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: What is a sponsor co-op?
Posted by dandg
I disagree 100%.....check out this article:
http://moneycentral.msn.com/content/P143794.asp
People are starting to become smarter and are refusing to pay asking price for ridiculously over-priced homes. Just last month, a couple of friends of mine purchased homes for well below asking b/c the owners has such a hard time selling their house.
As some people might say: All good things must come to an end! Well, the end is near!
The handwriting is on the wall my friend!
There is a major difference between prices going down from people's ASKING PRICES... and actual CLOSING PRICES going down.
If someone puts a 400k house on the market for 600k. Week 1 he lists it at 600k. Week 4 he decided to lower to 560k. Week 8 down to 520k. By week 32 he is down to 400k. This is whats happening right now... but that doesn't mean prices are going down.
I am telling you that once 2006 is over... the AVERAGE sales price of housing will be higher than the AVERAGE 2005. Why do you think they raised the 2006 conforming loan amount to 417k? Because housing is going UP. December home sales in NYC and Long Island hit a record high (and that is during the slow season).
What do you think is going to happen once the summer hits?
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| Posted 2/13/06 9:15 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: What is a sponsor co-op?
Here is another reason why the housing market won't dip this year.
LI Sales Figures down for January
Now when you read this article... at first you will see... "YEA prices are coming down!"
But there are two important things to look at. First off... the average price of a Nassau home went down only 2k (from 482k to 480k). Suffolk dropped 10k (to 390k). Those are very modest drops (especially for Nassau) for what is considered the slowest time of the year in Real Estate.
But what makes these prices even more modest is that the amount of homes for sale is at al all-time high. This surplus of housing will not be the case forever. There are a ton of people trying to "sell high". By the time the summer hits... there will be a lot more buyers and a lot less sellers. This is when you will see your price increases.
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| Posted 2/13/06 9:31 PM |
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