Location Is Forever: The Cooperative Renaissance

The motto that the three things that matter most about real estate, “Location, location, location!” still reigns as the quintessential summation of luxury real estate. When working with a buyer, proximity to a child’s school, a favorite lifestyle amenity, or a favorite park or playground often tops their wish list. Rightfully so, location is arguably among the most influential factors in determining a property’s enduring value – you can customize and create the kitchen of your dreams or update dated décor, but a location is forever.

 

Despite this, Park-front properties took a momentary backseat during the pandemic as many buyers shifted from prime locations to shiny new buildings chock-full of amenities or homes that offered private outdoor spaces that provided a much-needed respite. However, as life returns to a new normal, buyers are coming back to Park-front properties with an increased sense of enthusiasm, interest, and appreciation.

 

Simultaneously, I am also seeing a marked return to cooperatives. Representing roughly 75% of New York City’s housing inventory, a co-op building is run by a board of directors that make decisions and govern over bylaws that protect the building’s value and the quality of life of its residents. In order to compete with their condominium and new development counterparts, many co-op boards are relaxing their once stringent policies in favor of flexibility specifically allowing buying in trusts, not just summer renovations, and pied-a-terre use.

 

Cooperatives have proven to be better value in this market as well, with many new condominiums not in A+ locations selling for more than co-ops on Central Park. Not surprisingly, a co-op in a prime location is back at the top of the wish list with the realization that a Peloton with a Park view checks all of the boxes too!

 

About Lisa:

Lisa K. Lippman is the #1 agent at Brown Harris Stevens, an honor that she has held for the past six consecutive years. For more, visit: https://www.bhsusa.com/real-estate-agent/lisa-lippman