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Showing posts from December, 2013

Right Building, Wrong Apartment

A few days ago, I met with my attorney and we had a discussion about the two bedroom property that I made an offer on in October.  While he agreed that the space was good and the price was not bad, he was concern that the coop was being mismanaged. I have had some of the same concerns as well. I had been doing some reach online and the feedback has not been positive. I observed documents on Trulia, Zillow and Streeteasy that shows that in 2008 and 2009, at the height of the economic downturn, the property values on the cooperative started to nose dive. Then banks started to refuse mortgage applications for the building. The coops has yet to recover and the prices have continued their downward slide. Another pressing concern was that the coop has not properly budgeted for needed repairs and expenses. In 2012, The building had a operating cost of $6.4 million dollars but had only budgeted for $6 million. That means that the cooperative is operating at a loss. My attorney said that for a…