Will Sales/Closings/Market be Affected by Co-op Board Summer Breaks?

this gets built into the contract assumptions -- the boards are clear about their policies to review and if there is a wait -- it will be built in to the length of the contract.

This may be true for a Park Ave or Fifth Ave coop, but as a long time board member on both sides of the Park, we have always reviewed packages as expeditiously as possible year round.

So by the time the review happens, prices will have fallen another 23%.

look how slow it is now which is the most active selling season of a year
what do you think will happening in the slooooow summer month?
Nothing

or even worst

panic selling at very depressed prices to the few buyers who are willing to look at merchandise during the hot and humid summer days

The vast majority of boards for NYC coops do not 'shut down' operations for the entire summer. It is more common to skip the August meeting only. Regardless of approvals, many capital projects occur during the summer months when tenants are away, facade work continues, annual meetings are often held in June. The board needs to be around and can't just check out for25% of the year.

I think "panic selling" is not what we'll see dominating the market this summer. More wishful thinking by buyers whose eyes are still bigger than their wallets than based in any reality. Prices may continue to trend downward, but for now the economic news is not as dire every day as it was being reported all winter, and that has an effect of the mercurial "sense of things" people have about how the economy is doing. While this isn't over, I wouldn't exactly say panic is in the air.