Neighbors Vetted
Emily Beare, a luxury agent with brokerage CORE, said that while some clients outright reject looking at co-ops, others still seek them out.
“They actually like the fact that their neighbors are vetted, that if you’re living there, you’re the end user and that it’s not going to be a building where you’re investing and renting out the units,” Beare said. “You’ll know your neighbors.”
With options increasing in Manhattan, buyers are no longer tied to a specific neighborhood, according to Teplitzky. Apartment hunters who start their search on the Upper East Side, for example, may end up buying downtown in Tribeca, a reality that Teplitzky said is guiding how she advises sellers of co-op units. Next week, she plans to list an Upper East Side co-op with an asking price that’s slightly below its market value -- a way to stand out in a sea of other co-op apartments competing against the wave of shiny new condos.
“The good news,” Teplitzky said, “is that you can get a very good deal in a co-op now.”
This article was provided by Bloomberg News.