The building owns 20 units that are for sale. It was 25 but 5 have been sold in the last month.

8 individuales have units for sale (no doubt in a rush to cash out) and one of that group has been sold.

The building contains roughly 600 apartments.

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Forget it Jake……It’s CHINATOWN!

I hear you, I don't want to be contrary for no reason.

I agree the overall percentage is low.

I'd say the numbers also reflect an initial spike of listings that will die down.

Thing is, I consider the other non market rate co-ops to be comps and that WPH is mucho overpriced.

If the units sell quickly at WPH that will indicate the market doesn't agree wth my opinion.

How can you say that after all we have discussed? They are NOT market rate so how can they be comps? I give up!

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Forget it Jake……It’s CHINATOWN!

According to my June 2008 newsletter delivered yesterday, it quotes as a reference the first week in June 2008 as William Penn House owning 16-18 apartments (I am not sure why there is not an exact number). It is at a cost of 4 million dollars. WPH paid this out of the reserves and a 3 percent interest rate they will continue to lose at least $120,000 each year as this goes on. We are now temporarily "open Market" despite the membership vetoing this in past. At least six or more owners have been told they need to sell their apartments for whatever the market will bear. I do not believe that people are cashing out. I believe that most folks expected to be able to turn their units in any condition to the board for repurchase and the board can not afford a repurchase now because of work and renovation to the garage and lobby projects. Many of our neighbors and friends in the building who have upgraded their units will be listing soon. It will now be up to the market to decide the values. I agree with Bryson662001 that there is no comp to compare and the Kennedy analogy is misleading given amenities, location, and past funding to the coop.

You are correct in that context- don't give up.

But people do compare and $280K vs $90K for a similar set up is hard to swallow (IMO).

Perhaps the other co-ops will be induced to follow...but I don't know if that's a good thing or a bad thing ???

It is my position that the condos in Center City, of a similer age, in similer condition and with similer amenities, are the new comparables. And I am giving up. If anyone has questions I will be happy to answer them, otherwise I am done for a while. 1546 has worn me down.

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Forget it Jake……It’s CHINATOWN!

Never My Intent... Would You Like A Market Rate Swiss Pastry Shop Pastry On Me?

No thanks. Even if you could get them to LOWER their prices to market rate the stuff still stinks imo

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Forget it Jake……It’s CHINATOWN!

[quote=Bryson662001;804803]I am also confused about what this could be. Nothing in the current inventory matchs this description. In addition to the one you mention (which I agree is a dog because of the location) the building owns one combo for $468,732. and an open market combo was just sold for 589,900. You are correct that there is much confusion flying around here since there are many people who just refuse to educate themselves but instead rely on rumors.

I heard the presidents unit is under contract now (listed $589,900)
Had you heard the figure it may sell for as I am about to list my unit and there are no comps out there. Thanks in advance.

Do you mean the manager who is retireing or the board president?
I know what I think my unit is worth based on it's upgrades and square footage compared to the condo's in Allan Domb's portfolio but I would still be guided by my realtor's oppinion who would be AD if I was listing.

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Forget it Jake……It’s CHINATOWN!