Homes are selling in an unusual fashion in New York City, according to a report by Coldwell Banker Warburg.
The real-estate sector is still adjusting to rising mortgage rates, recession fears, and a strong job market.
“A tornado is completely unpredictable — no one knows what path it will take. And it can raze one house to the ground while leaving the neighboring house intact,” Peters explained to MarketWatch. “While much of this may be attributable to condition,” Peters explained in the report, such as supply chain issues, or the fact that many co-op boards make buyers wary of apartments that need renovation, “there remains a quality of randomness to what sells and what doesn’t,” he added.
Co-op apartments, or co-operative apartments are a big-city phenomenon, where one shares ownership of a building jointly with other occupants. In other words, you’re not buying the property when you purchase a co-op, you’re buying shares in a nonprofit corporation that allows you to live there.
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