unsold apt's

To return to the original topic -- the city is working to turn some unsold condos into affordable housing.

http://www.citylimits.org/content/articles/viewarticle.cfm?article_id=3756

thanks for the link, prospectus.

does anyone know how to get a list of bankrupt or struggling condo developments?

i just started going to open houses this weekend so my research begins.

lmboogie wrote: thanks for the link, prospectus.

does anyone know how to get a list of bankrupt or struggling condo developments?

i just started going to open houses this weekend so my research begins.

I would just "bunny hop" around Prospect Heights and Park Slope. I imagine most if not all of the new developments are bankrupt or struggling. Even the pre-war building coops/condos seem o be having fire sales.

my point was... i don't want to buy something that is going bankrupt or the development is struggling to pay their debt off. i would rather get into something that is established.

lmboogie wrote: my point was... i don't want to buy something that is going bankrupt or the development is struggling to pay their debt off. i would rather get into something that is established.

You bring up a point. My question is if you buy a condo in a struggling building, will your condo be foreclosed on even though you make your tax and other payments on your C/O? I know coops share one of C/O on a building but condos get their own.

lmboogie wrote: my point was... i don't want to buy something that is going bankrupt or the development is struggling to pay their debt off. i would rather get into something that is established.

Check out StreetEast.com or Property Shark. They track prices and the number of unit sold or under contract. Curbed and RealDeal.com might also have good gossip. That way you can try and find buildings that are strong enough so that you'd want to live there, but weak enough to maybe drop their prices.

lmboogie wrote: my point was... i don't want to buy something that is going bankrupt or the development is struggling to pay their debt off. i would rather get into something that is established.

...why not a co-op?

Idlewild wrote: [quote=lmboogie]my point was... i don't want to buy something that is going bankrupt or the development is struggling to pay their debt off. i would rather get into something that is established.

You bring up a point. My question is if you buy a condo in a struggling building, will your condo be foreclosed on even though you make your tax and other payments on your C/O? I know coops share one of C/O on a building but condos get their own.

A lot of people in Florida bought condos in buildings that later hit financial trouble. Because they owned their apartments, they had deeds to their individual condo units, they weren't thrown out. But the buildings weren't being maintained and so they live at half-empty, half-lit buildings and they don't know who to complain to about heat, air conditioning, peeling paint, etc. And the market value of their condos is probably now much less than whatever they paid...

Coop owners don't actually own their apartments. They own shares in the company that owns the building. So if the building goes bankrupt, they have lost their entire investment. The good news is that so far, the prices of existing coops seem to be strong. Listings are closing in PH at about where they were last year, give or take $30,000 for a one bedroom, according to Street Easy.

It's the prices of new luxury condos that seem to be soft and falling. All those empty, new things along Bergen and Dean...