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Land Lease Coop Sales During COVID

Started by multicityresident
about 5 years ago
Posts: 2431
Member since: Jan 2009
Discussion about
I keep noticing listings from the only land lease in our neighborhood going into contract. You know your neighborhood is in trouble when only the land lease listings are moving? https://streeteasy.com/building/420-beekman-hill#tab_building_detail=1
Response by George
about 5 years ago
Posts: 1327
Member since: Jul 2017

You can get a 2BR with a nice-sized outdoor space for 20% down on a $650K price - that's only $130K of cash needed. For people who have the income to support the $5K maintenance but don't want to tie-up a lot of cash, and who really want to own, this is a unique property that could be compelling. The broker babble also presents the building as being rather progressive - free WiFi, pet friendly, foreign nationals OK, etc.

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Response by Aaron2
about 5 years ago
Posts: 1698
Member since: Mar 2012

I could whip up a lot of enthusiasm for PHB. A good layout.

Warburg's virtual staging removes the wall between the LR and DR (and probably the kitchen and the DR as well, for those who want to live in one big EIK). I'm really tired of broker's nasty virtual decorating ideas and their arrogance in thinking they know what I want.

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