Okay, so I'm thinking about buying in a coop building in Queens, so I've been looking at lots of data. I'm wondering what others would conclude on some of the market data that can be gleaned from various RE websites. So in the 100 unit building I'm looking at, Propertyshark.com only shows records for 9 sales. (I'm not sure how far PS.com goes back, the oldest date listed is 2004. I believe the... [more]
Okay, so I'm thinking about buying in a coop building in Queens, so I've been looking at lots of data. I'm wondering what others would conclude on some of the market data that can be gleaned from various RE websites.
So in the 100 unit building I'm looking at, Propertyshark.com only shows records for 9 sales.
(I'm not sure how far PS.com goes back, the oldest date listed is 2004. I believe the unit went coop in the early 1980s. Also, in their "Units & Related Parcels" section, Propertyshark shows records for the 9 sales since 2004, but also shows blank records for another 4 apts, one of which is the one I'm looking at that is not listed, the former resident having recently relocated to a cemetery. It also lists a couple of rows for seemingly illogical unit numbers such as "Coop Unit Null" or "Coop Unit Res.")
Working on the old notion from Communist Bloc days, it seems to me that only 9 sales since 2004 out of 100 units, indicates that the tenants are "not voting with their feet." That is, they are staying put, which I usually assume is good thing.
Would anyone else care to suggest alternative hypotheses? I think the place is easy on subletting, is it possible people are moving and subletting? Or this being an inexpensive building, (highest sale on record $250K) can people just not afford to move?
I'd appreciate your thoughts.
In my random perusing, I've seen a number of buildings with a much higher percentage of sales, especially those with very high maintenance!
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Response by sisyphean
about 17 years ago
Posts: 152
Member since: Jul 2009
Sorry about the typo - it should read:
Resident satisfaction and coop sales records
NOT Residenct (sic)
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Response by NWT
about 17 years ago
Posts: 6643
Member since: Sep 2008
Propertyshark, like SE, pulls its sales data from ACRIS. ACRIS's sales records for co-ops go back only to 2004 (July, I think.)
If you want to put some work into it, you could use ACRIS to track UCC1 and UCC3 filings, checking names and apartment numbers to distinguish new sales from refinancings. That'd still only reflect sales with mortgages, though.
Nine sales in five years just indicates a building with low turnover, for whatever reason. Or the sponsor may still own a lot of shares. The financials, when you get them, should show the percentage.
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Response by nicktrippel
about 17 years ago
Posts: 8
Member since: Jun 2009
NWT. Thank you. Your comments are quite helpful. Among other things, I didn't realize ACRIS included refinancings.
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Response by NWT
about 17 years ago
Posts: 6643
Member since: Sep 2008
Not the refi amount, unfortunately. Just the record that it took place.
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Response by 30yrs_RE_20_in_REO
about 17 years ago
Posts: 9913
Member since: Mar 2009
"Would anyone else care to suggest alternative hypotheses?"
The Sponsor only sold 18 units in the initial offering, so the 9 units represents 50% of the shareholders?
Sorry about the typo - it should read:
Resident satisfaction and coop sales records
NOT Residenct (sic)
Propertyshark, like SE, pulls its sales data from ACRIS. ACRIS's sales records for co-ops go back only to 2004 (July, I think.)
If you want to put some work into it, you could use ACRIS to track UCC1 and UCC3 filings, checking names and apartment numbers to distinguish new sales from refinancings. That'd still only reflect sales with mortgages, though.
Nine sales in five years just indicates a building with low turnover, for whatever reason. Or the sponsor may still own a lot of shares. The financials, when you get them, should show the percentage.
NWT. Thank you. Your comments are quite helpful. Among other things, I didn't realize ACRIS included refinancings.
Not the refi amount, unfortunately. Just the record that it took place.
"Would anyone else care to suggest alternative hypotheses?"
The Sponsor only sold 18 units in the initial offering, so the 9 units represents 50% of the shareholders?