Well, our real estate broker (Barak Realty) has been busy and managed to get our apartment listed as a “house of the week” in the NY Post. Thing is, they had to stretch the truth a bit and they said Dan and I were both interior designers. Still, it’s great press!
Are you still showing the apt ?
@Mark – Sorry, missed your comment until now (server hasn’t been sending notification e-mails). We’re now in contract, buyers are board approved, and we should be closing in about a month.
Hey, I actually looked at your 720 FW Apt. Very nice. I’d be really interested in hearing your thoughts on the building if you have the time.
Thanks!
Sean
@Sean – The building is good. The board has been pretty responsible over the past 10+ years and that’s lead to things getting fixed before they’re much of a problem (unlike Castle Village’s wall that fell on the Henry Hudson). While other coops have huge maintenance increases from time to time ours have always been small and predictable.
They did refinance the underlying mortgage at a good time a few years ago. I worry a little bit about the fact that they increased the size of the mortgage at that time to pay for exterior work on the building. Yes, the cost of the mortgage went down even though the principle went up, but given that it’s a balloon mortgage, eventually it has to get paid. Still, that’s really small potatoes compared to the issues some buildings in the area are facing.
One thing to know is that larger apartments have much better maintenance charges than small apartments and it affects the prices. Back in 87/88 when the shares were allocated the Board was comprised of people from large apartments so they gave themselves a good deal on maintenance. One bedroom apartments with courtyard views pay almost as much maintenance as 2 bed, 2 bath apartments with unobstructed views of Ft. George Hill. So there’s a big price difference between 1 bathroom apartments and 2 bathroom apartments that’s due to the maintenance and the fact that the smaller apartments don’t tend to have good views.
There is a little drama from time to time with the Board and the staff – but as a shareholder you just ignore it and it’ll change in a few years anyway. In general it’s probably less drama than in many coops and a big part of it is rooted in differing views of the coop. Some people try to push for rules and policies you’d find in a luxury building, others push for things to be more relaxed. The fact of the matter is that the building is somewhere in between. It’s one of the best buildings in Washington Heights, but it’s not “full service” and it is Washington Heights, not downtown…
So all in all, a very solid building.