With the influx of foreign buyers to the New York City market and the addition of numerous condominium developments, it has been easy to spot the lackluster performance of co-ops versus condos. Warburg Realty president, Frederick Peters, takes this issue on in his most recent blog post, "Can Co-ops Keep Up?".
Peters points out that more buyers are "opting out for the simplicity of condo purchases." He lays out a series of recommendations that were part of a brainstorm among industry leaders. Unfortunately, he doesn't describe that forum, but the recommendations include some sensible changes. Here they are with our comments:
As anxious co-op sellers routinely watch qualified buyers opt for condos, we are pleased that an industry leader is trying to address these concerns.