It's still too early in 2023 to say with any confidence exactly what will happen in New York City real estate this year, but we know that demand for housing in the Big Apple will always be high.
For buyers, the bidding wars of 2020 and 2021 seem to have ended. Rising interest rates have limited the ability of buyers to stretch their offers like they could when rates were low. The market seems to be stabilizing, at least in comparison to the craziness of a few years ago, and all the new condominiums that have been built in the last decade have given buyers many choices that didn't exist decades ago.
Why Consider a Co-op?
It used to be that if you wanted to buy in New York City, it almost had to be in a co-op. Co-ops, with their cranky, persnickety boards, were the only game in town – those boards, by the way, are precisely why the demand for condos is so high.
But the changes in the market over the past year and the unique situation most co-op sellers find themselves in make co-ops the best deal in NYC real estate right now.
Why? Co-op sellers are often selling out of necessity. They are often people trying to liquidate an estate or older owners whose life circumstances dictate they move elsewhere. In either case, they're motivated and can't afford to wait for a dream offer.
Furthermore, because of those difficult co-op boards, fewer buyers are interested in buying co-ops than condos, meaning there is less competition from other buyers and fewer reasons for sellers to turn down a fair offer.
Yes, co-ops – frequently in pre-war buildings – typically require renovations, and yes, you will have to deal with the co-op board. Still, in exchange, you'll get a gorgeous home with architectural details like high ceilings, crown molding, thick plaster walls, fireplaces, and patterned wood floors, all things you cannot find in new construction.
A Skilled NYC Real Estate Attorney Can Help
If you're interested in buying an NYC co-op, or any other type of home, you need advice from people who understand NYC real estate law. New York City isn't like other places in the country; you need to understand your rights and ensure your interests are protected. Call The Law Offices of Melvin Monachan at (347) 389-1682 or contact us online today to learn more.