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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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SPINOFF: Home Price tumble affects Co-op?
we have to sell our co-op in a couple of months. with this house market keep going down, wonder how it will affect our co-op sale  any thoughts? we're in a really good school district.
Message edited 6/25/2008 9:21:55 AM.
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Posted 6/25/08 9:20 AM  |
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Prudential Douglas Elliman Real Estate
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: SPINOFF: Home Price tumble affects Co-op?
IMO a great school district could definitely help your sale, but DH and I are currently looking at homes and from our personal experience & preference, house prices at at such a low right now that we'd much rather spend an few extra thousand and get a whole house then get a 2/2, 2/1, etc co-op. JMO!
Best wishes to you though!
ETA: to correct my typos 
Message edited 6/25/2008 9:34:41 AM.
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| Posted 6/25/08 9:32 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: SPINOFF: Home Price tumble affects Co-op?
I was actually just looking at some co-op listings in Queens last week. Prices seem to be about where they were two years ago which surprised me.
But I guess when you can get a decent 2br co-op in Queens for around 250k, I don't see them going down that much since 250k IMO is a great deal for the five boros.
I know that the Queens co-op market is a lot stronger than the Long Island co-op market though.
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| Posted 6/25/08 9:36 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: SPINOFF: Home Price tumble affects Co-op?
Posted by ave1024
I was actually just looking at some co-op listings in Queens last week. Prices seem to be about where they were two years ago which surprised me.
But I guess when you can get a decent 2br co-op in Queens for around 250k, I don't see them going down that much since 250k IMO is a great deal for the five boros.
I know that the Queens co-op market is a lot stronger than the Long Island co-op market though.
prices have come down in Bay Terrace a bit- most b/c the Towers at Waters Edge flooded the Market by elimating the rental units
when I moved into the building in the fall of 2006 1 bedroom were listed in the $375-$400K range
now they are listed at $295K
I think lower prices co-ops will be ok- esp in Queens where single family homes are $$$$
it's the higher end of the co-op market that will be more affected IMO- b/c if you can get a house for the same price or a little more- I think people are going to choose a house
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| Posted 6/25/08 9:40 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: SPINOFF: Home Price tumble affects Co-op?
Posted by Beth1210
Posted by ave1024
I was actually just looking at some co-op listings in Queens last week. Prices seem to be about where they were two years ago which surprised me.
But I guess when you can get a decent 2br co-op in Queens for around 250k, I don't see them going down that much since 250k IMO is a great deal for the five boros.
I know that the Queens co-op market is a lot stronger than the Long Island co-op market though.
prices have come down in Bay Terrace a bit- most b/c the Towers at Waters Edge flooded the Market by elimating the rental units
when I moved into the building in the fall of 2006 1 bedroom were listed in the $375-$400K range
now they are listed at $295K
I think lower prices co-ops will be ok- esp in Queens where single family homes are $$$$
it's the higher end of the co-op market that will be more affected IMO- b/c if you can get a house for the same price or a little more- I think people are going to choose a house
agreed as well. Very well put 
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| Posted 6/25/08 9:43 AM |
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julybride0706
LIF Adult
Member since 3/07 1376 total posts
Name:
kaitlyn
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Re: SPINOFF: Home Price tumble affects Co-op?
that's good to know.
i guess when we sell - hope for those that want to stay in queens but can't afford a house 
Message edited 6/25/2008 10:16:36 AM.
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| Posted 6/25/08 10:06 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: SPINOFF: Home Price tumble affects Co-op?
Posted by Beth1210
prices have come down in Bay Terrace a bit- most b/c the Towers at Waters Edge flooded the Market by elimating the rental units
when I moved into the building in the fall of 2006 1 bedroom were listed in the $375-$400K range
now they are listed at $295K
I think lower prices co-ops will be ok- esp in Queens where single family homes are $$$$
it's the higher end of the co-op market that will be more affected IMO- b/c if you can get a house for the same price or a little more- I think people are going to choose a house
Those are luxury co-ops and IMO were way overvalued to begin with.
I am talking about co-ops in the 200-250k range. Those really haven't taken much of a hit.
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| Posted 6/25/08 10:09 AM |
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gforce
My other love!
Member since 5/08 1744 total posts
Name:
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Re: SPINOFF: Home Price tumble affects Co-op?
well, we were looking into buying a co-op around end of April, then we decided that we might as well buy a house and not have to worry about board approval. We were looking at coops in Brooklyn, now we are in contract for a house on Long Island for only a few thousands more.
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| Posted 6/25/08 10:35 AM |
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: SPINOFF: Home Price tumble affects Co-op?
It depends on where you live. I own a co-op in Manhattan. It is my understanding that the Manhattan markets are not as affected by the tumble in home prices. Most buyers that are looking in Manhattan are not comparing prices to co-ops or houses elsewhere. In addition, there are alot of European buyers entering the Manhattan market as the dollar weakens. The threat to co-ops was that condos were flooding the market. However, most condos are new construction starting at $1000 - $2000 per sq ft  Co-ops can be priced much lower than that and can be an attractive sale.
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| Posted 6/25/08 10:54 AM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: SPINOFF: Home Price tumble affects Co-op?
Posted by ave1024
Posted by Beth1210
prices have come down in Bay Terrace a bit- most b/c the Towers at Waters Edge flooded the Market by elimating the rental units
when I moved into the building in the fall of 2006 1 bedroom were listed in the $375-$400K range
now they are listed at $295K
I think lower prices co-ops will be ok- esp in Queens where single family homes are $$$$
it's the higher end of the co-op market that will be more affected IMO- b/c if you can get a house for the same price or a little more- I think people are going to choose a house
Those are luxury co-ops and IMO were way overvalued to begin with.
I am talking about co-ops in the 200-250k range. Those really haven't taken much of a hit.
That has been the case in my building. It's just a regular co-op with no extras but it's in a good location so the values are holding pretty well.
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| Posted 6/25/08 10:55 AM |
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MST9106
My life:)
Member since 6/06 9589 total posts
Name:
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Re: SPINOFF: Home Price tumble affects Co-op?
Posted by ave1024
I was actually just looking at some co-op listings in Queens last week. Prices seem to be about where they were two years ago which surprised me.
But I guess when you can get a decent 2br co-op in Queens for around 250k, I don't see them going down that much since 250k IMO is a great deal for the five boros.
I know that the Queens co-op market is a lot stronger than the Long Island co-op market though.
You're 100% correct...my mom owns a co-op in Woodside and the prices have not budged! There is actually a waiting list of people waiting for apts to become available thus it warrants the stable price. Right now, for a 2 bedroom co-op in mint condition, my mom can easily get $289K...my grandmother's studio goes for $159K...crazy but true! BTW...my mom bought her place back in '99 for $40K...
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| Posted 6/25/08 11:22 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: SPINOFF: Home Price tumble affects Co-op?
Woodside is a real hot area right now due to it's proximity to Manhattan.
So is Sunnyside and Astoria.
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| Posted 6/25/08 11:50 AM |
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KrisT
Two Boys for Me!!
Member since 1/07 5213 total posts
Name:
Kristin
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Re: SPINOFF: Home Price tumble affects Co-op?
Posted by ave1024
I was actually just looking at some co-op listings in Queens last week. Prices seem to be about where they were two years ago which surprised me.
But I guess when you can get a decent 2br co-op in Queens for around 250k, I don't see them going down that much since 250k IMO is a great deal for the five boros.
I know that the Queens co-op market is a lot stronger than the Long Island co-op market though.
I totally agree with this. I am in Forest Hills and have not seen any change. I also think its especially true because the houses in my area are SO much more than the co-ops, that I don't think its often that for $50K more you can get a house. You either have the budget for a house in FH or you don't.
Message edited 6/25/2008 12:12:02 PM.
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| Posted 6/25/08 12:11 PM |
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