Brooklyn Co-op: Hold out or take the low offer?

Hi folks,

I’m staring a tough decision and would appreciate some advice. Thanks a lot in advance.

The place:

Paid $501k in July 2020 for a Co-op in Brooklyn, good location Monthly cost is $2700 with coop fees

One year later, I put it on the market and moved in with my partner. My job is now remote, we’re starting a family, etc. Since July, I have just received my first offer of $495k. After some negotiations, I believe this is the max price the buyer will offer.

In order to sell the place I have to pay:

6% Realtor ($30k) 5% “Flip Tax” ($24k)

This leaves me with a $441k net. Obviously this is a tough offer to accept, but with a lack of activity, I feel pressure to accept. Each month of no activity is more money out of my pocket and I don’t know enough about the real estate market to bank on it picking up. The Coop rules prevent me from renting it out.

Help!

submitted by /u/Soloflex
[link] [comments]

Hi folks, I’m staring a tough decision and would appreciate some advice. Thanks a lot in advance. The place: Paid $501k in July 2020 for a Co-op in Brooklyn, good location Monthly cost is $2700 with coop fees One year later, I put it on the market and moved in with my partner. My job is now remote, we’re starting a family, etc. Since July, I have just received my first offer of $495k. After some negotiations, I believe this is the max price the buyer will offer. In order to sell the place I have to pay: 6% Realtor ($30k) 5% “Flip Tax” ($24k) This leaves me with a $441k net. Obviously this is a tough offer to accept, but with a lack of activity, I feel pressure to accept. Each month of no activity is more money out of my pocket and I don’t know enough about the real estate market to bank on it picking up. The Coop rules prevent me from renting it out. Help! submitted by /u/Soloflex [link] [comments]

<a href="Read More“>View Full Article

Need More Commercial Real Estate Leads?SAVE 40% this month!

Our commercial valuation calculator was created to evaluate commercial real estate. In 6 quick steps you will know your NOI, CAP RATE, and IRR.

Now you can get your own branded version of our calculator!