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Inquire Harlem News Current trends: Condo Conversions not Co-ops
Inquire Harlem News Current trends: Condo Conversions not Co-ops
Tuesday, 12 August 2008 05:00
According to the latest Real Estate Statistics, NY state has approved only 12 buildings for residential co-op conversion so far this decade—and just two last year.
In fact, condos outsold co-ops in the first half of 2006 in Manhattan—a notable feat, considering that more than 75 percent of the borough’s for-sale housing is co-op. In the first quarter of 2007, according to Miller Samuel, 1,771 co-ops traded hands to 1,703 condos—a near dead heat, all things considered.
The likelihood is slim that Manhattan will soon see again a co-op creation boom on a par with that of the late 1980’s. Condos remain the for-sale housing development of choice among developers, lenders and marketers; and even newer rentals have crept onto the scene.
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