Sales expert sees co-op market uptick.Activity in the city's co-op and condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. market has turned a bit more frenetic fre·net·ic or phre·net·ic also fre·net·i·cal or phre·net·i·cal adj. Wildly excited or active; frantic; frenzied. [Middle English frenetik, from Old French frenetique as buyers turn anxious to close sales before mortgage rates rise further, while asking prices in some market segments have firmed, reports Karen Berman, vice president/director of sales for The Argo Corporation. "The economy remains the market's strongest dynamic," observes Berman, who reports: * Renters are entering the market in significant numbers, enticed by 10-year low co-op and condo prices, low interest rates and the general sense prices and rates are due for a rebound soon. * There are two classes of co-op buildings. those redlined out of the mortgage market by banks because of heavy sponsor ownership positions, and those with nearly all units occupied by shareholders. These lending practices artificially lower prices in the many co-op buildings with sound finances and fiscally-secure sponsors. While this lending unorthodoxy can't last much longer, it creates bargains today for savvy buyers who do their homework. * Reversal of fortunes: some coop/condo owners are downgrading downgrading A reduction in the quality rating of a security issue, generally a bond. A downgrading may occur for various reasons including a period of losses, or increased debt service required by restructuring a firm's capital to include more debt and less , selling their apartments and becoming renters, because they've been hurt by the regional economy. * More people. especially relocating executives, upwardly mobile Wall Streeters and newlyweds are actively looking to invest in Manhattan. * Some outer borough neighborhoods such as Forest Hills remain a tough sell, primarily because of "too much product on the market. " * Space conscious "bargain hunters Bargain Hunters was a game show on ABC in the summer of 1987, hosted by Peter Tomarken. Games Each episode featured six contestants, with two playing one of the following games — Bargain Quiz, Bargain Trap and Bargain Busters — at a time. " are toting tape measures, giving scrutiny to square footage comparisons. "It's a market where opportunities abound," says Berman. "This is an excellent time to trade up - one can buy a larger residence at a low price while interest rates are still down - and be positioned for the next round of price inflation, which is inevitable. " "It is a mistake to downgrade Downgrade A negative change in the rating of a security. Notes: For example, an analyst may downgrade a stock from strong buy to buy, or a bond rating agency may downgrade a bond from AAA to AA. ," says Berman. "Granted, the employment picture gives some people no other option, but selling now is the equivalent of giving up on the stock market in October 1987 or on New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. in 1975. Prices will rebound, and the smart money understands the concept of market timing. " The Argo Corporation provides complete residential and commercial sales, management and leasing services to building owners, cooperative corporations, condominiums, individuals and corporations throughout the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . |
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