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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Anyone bought a coop in 2007, 2008 and sell it recently...
Did you have to take a big hit (sell for a lot less).
House prices are less now then they were when we bought. But likewise we would not get what we paid for our coop...
However since coops are generally less expensive then houses, the theory is (from what I have heard and I do have some experience in real estate) that while prices ARE lower on coops the movement is not as huge as say a house that would have been $800k and is now $650k.
So my question is if you bought a coop w/i the last cple yrs & sold...how much did you lose (or did you break even, make more etc) when you sold?
Feel free to FM and thanks for your help 
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Posted 8/3/10 9:44 PM  |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
I bought in Feb of 06 and sold last summer (July accepted offer, Oct Closing).
I actually closed for 15k more than I paid but I put around 20k in work in...so technically I did lose money but not alot. I was really happy with where we ended up. I was also in a really high demand area in an amazing building.
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| Posted 8/3/10 9:51 PM |
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eddiesmommy
best buds!
Member since 5/09 11524 total posts
Name:
Melissa
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
We bought ours, a 3BR in Smithtown (and 3BR co-ops are rare), in 2006. In 2008-2009 we had it on the market for over a YEAR! Yes, we were asking too much for it. But what we were asking was less than what we paid for it, AND we would be breaking even.
In theory, what you said, makes sense. Buyers need to be approved for less, need less money for a down payment. It did NOT work out that way.
We had a TON of low ball offers, where we would have ended up owing a significant amount. Then we had 2 reasonable accepted offers, but their financing fell through on. One bc they didnt have 20% down and no one would underwrite PMI for their mortgage. The other, bc of the tightening of the lender belt, their mortgage also fell through.
We just took it off the market after over a year bc we didnt HAVE to move, and werent willing to be in debt 20+ thousand dollars (after commission, closing etc) if we didnt HAVE to move.
Message edited 8/3/2010 9:58:37 PM.
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| Posted 8/3/10 9:58 PM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
Posted by eddiesmommy
We bought ours, a 3BR in Smithtown (and 3BR co-ops are rare), in 2006. In 2008-2009 we had it on the market for over a YEAR! Yes, we were asking too much for it. But what we were asking was less than what we paid for it, AND we would be breaking even.
In theory, what you said, makes sense. Buyers need to be approved for less, need less money for a down payment. It did NOT work out that way.
We had a TON of low ball offers, where we would have ended up owing a significant amount. Then we had 2 reasonable accepted offers, but their financing fell through on. One bc they didnt have 20% down and no one would underwrite PMI for their mortgage. The other, bc of the tightening of the lender belt, their mortgage also fell through.
We just took it off the market after over a year bc we didnt HAVE to move, and werent willing to be in debt 20+ thousand dollars (after commission, closing etc) if we didnt HAVE to move.
I see what your saying.
My dilemma is, I am thinking say we lose 20k on the coop, if we can get into a house that is selling today for 100k less then it was when we bought--then when the market comes back we will be 80k ahead of the game (just using round figure here  ).
I guess I would have to put it on the market and see how it shakes out...
Thank you both for your help
Message edited 8/3/2010 10:01:06 PM.
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| Posted 8/3/10 10:00 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
We bought in 2004 and after closing costs and realtor fees lost about $20,000.
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| Posted 8/4/10 8:20 AM |
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creddy5
LIF Infant
Member since 8/09 158 total posts
Name:
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
We bought a one bedroom coop in 06 and sold last summer. We got more than what we paid by almost 25K but when you factor the closing costs, real estate commission, etc we made a couple bucks. I think it's so important to price your coop at a fair price that you are comfortable with & can afford or it will just sit on the market. Good luck!
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| Posted 8/4/10 10:45 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
Can't hurt to bump for more replies
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| Posted 8/5/10 9:12 AM |
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Teachergal
We made a snowman!
Member since 1/08 3239 total posts
Name:
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
Just to give you a comparison, I bought my co-op in 2004 and sold for $35k more than I bought it for.
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| Posted 8/5/10 9:53 AM |
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Katareen
5,000 Posts!
Member since 4/10 7180 total posts
Name:
Katherine
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
We bought in 2008 and my RE agent said we would be LUCKY to get back what we paid for it.
So we'll basically lose part of our downpayment, and whatever we pay for lawyer and RE fees.
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| Posted 8/5/10 10:19 AM |
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fabrichick
LIF Adult
Member since 5/05 2479 total posts
Name:
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
Not an expert but I do live in a co-op and there is just so much inventory and not enough buyers. My neighbors upstairs practically gave their 2 bedroom away b/c they had 2 kids and were busting at the seams.
You can walk in Great Neck on and weekend and the amount of open houses is amazing...
I imagine right now seller will be taking a hit.
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| Posted 8/5/10 10:58 AM |
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queensgal
Smile
Member since 4/09 3287 total posts
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
Posted by fabrichick
Not an expert but I do live in a co-op and there is just so much inventory and not enough buyers. My neighbors upstairs practically gave their 2 bedroom away b/c they had 2 kids and were busting at the seams.
You can walk in Great Neck on and weekend and the amount of open houses is amazing...
I imagine right now seller will be taking a hit.
I think this is an important point. It depends on where your coop is. There are certain areas that have been more affected by the downturn than others. Same goes for the area where you are considering buying the house.
I just looked last weekend and saw a coop in my building listed for 80K more than what we paid in 2008 (It had one more bathroom, but I don't think a bathroom is worth 80k). So my question would be, what will they actually GET for it? They might end up getting MUCH less than asking.
You can look on MLSLI and pull sold homes/coops in your area. This is a better guage than what people are asking, some people live in pipe dreams and price things way too high.
Remember to factor in closing costs and realtor fees for selling and buying the new place. Also, some coops charge fees to sell/buy, etc.
Your theory makes sense and I had a friend who works in real estate who did exactly what you suggest. I am just saying it doesn't always work out that great, you need to run the numbers and look at specifics for your town, etc.
Good luck!
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| Posted 8/6/10 8:22 AM |
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DiamondGirl
You are my I love you
Member since 7/09 18802 total posts
Name:
DiamondMama
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
Thank you everyone, I really appreciate all your input, experiences etc
Real estate really can drive you nuts 
I guess it comes down to putting it on the market and seeing what type of offers we get.
I don't know why I feel scared to do this. On the one hand we do not have to move bc we have 2 bdrms and are happy. But knowing that we can get a house if we get a decent offer is exciting and scary all at once I suppose.
In any event you have been so helpful
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| Posted 8/6/10 9:51 AM |
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bride07
Ava Rose you are an angel!!!
Member since 3/09 6115 total posts
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
Posted by fabrichick
Not an expert but I do live in a co-op and there is just so much inventory and not enough buyers. My neighbors upstairs practically gave their 2 bedroom away b/c they had 2 kids and were busting at the seams.
You can walk in Great Neck on and weekend and the amount of open houses is amazing...
I imagine right now seller will be taking a hit.
It's the same way in the city. There is just way to much inventory and not enough buyers. Plus you have a lot of desperate sellers - who are priced well below current market prices.
We have been trying to sell our apartment in the city for almost a year and a half. Over this time we dropped the price 4 times. We bought in 2005.
At this point we lost everything we put into the apartment ( brand new kitchen, bathroom, hardwood floors, moldings). And just break even so we do not own the bank money. But def lost all the $$$ for all the renovations.
We will still keep trying to sell before our  arrives b/c we know we will make it up with what we buy. There are some great deals out on LI for houses.
Message edited 8/6/2010 2:43:39 PM.
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| Posted 8/6/10 2:42 PM |
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randella
Love my little man
Member since 8/05 16290 total posts
Name:
Randi
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Re: Anyone bought a coop in 2007, 2008 and sell it recently...
We are in a condo, and bought in 2005.
We sold our place for $110K less than what we paid, plus we put money in by doing the kitchen and a couple of other things, so no ROI there. However, we sold quickly.
We were fortunate enough to be in a position that we had capital for a down payment on our house-- and yes, we are paying a lot less for a house than we would have if we were able to sell our apt for more if it was a different market. So, it's really a wash.
Also, the value of the home will only go up at this point, so it's not like you are going to be taking another hit.
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| Posted 8/6/10 4:29 PM |
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