Days and Confused / comparing coop and condo Days on Market : Manhattan Loft Guy

Manhattan Loft Guy

Oct. 24, 2006 - Days and Confused / comparing coop and condo Days on Market

Parsing the most recent Miller Samuel report for the Manhattan coop and condo apartment market, one comparison caught my eye as unusual.

In Q3 06, the average Days on Market for coop apartments was 145; for condos, 155. (Miller Samuel uses “from last list date” to –presumably – publicly reported sale as its definition.)

Having struggled with enough coop Board packages, I know that coops generally (should) take a lot longer to close (from time of contract) than condos, because “all” that a condo application has to do is to persuade the condo to waive its right of first refusal. In my experience, condo closings should take at least 30 days less than coop closings, again measured from time of contract to closing.

So a ten-day spread for coops and condos in Miller Samuel for the last quarter struck me as odd, since the spread ran the ‘wrong’ way.

Miller Samuel did not break out DoM for coops separately from condos in its ten year market report (darn that Jonathan Miller) but I was able to cobble together eight quarters of data from the cache on the PruDE site.

Turns out that this ‘backwards spread’ is still (to me) anomalous, but it is also consistent: in every one of these quarters, condos were on the market 8 to 12 days longer than coops.

	Coop DoM	Condo DoM
Q3 06	145	155
Q2	138	149
Q1	132	144
Q4 05	133	141
Q3	129	137
Q2	98	107
Q1	90	99
Q4 04	91	102

I can’t for the life of me figure out why – unless the condo segment includes new developments that don’t close until the Certificate of Occupancy is issued, which can be a year after contract. Weird….

Comments (1) :: Post A Comment! :: Permanent Link
View more entries tagged with: Miller Samuel, Days On Market, Dom

Oct. 26, 2006 - re: Days and Confused / comparing coop and condo Days on Market

Posted by Jonathan J. Miller

Your logic is correct but the condo data includes new development. Thats why its longer.

Permanent Link

Write a Comment

Your Name:

RealTown Members: Click here to login

Your E-Mail:

Your Website:

Subject:

Your Comment:

Notifications:

Notify me by email when new comments have been posted to this entry.

Privacy:

Private Comment - Do not publish this comment to the public.

Verification:

To verify that you are a human and not a script, please enter the verification word from the image into the box on the right.

on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate

Favorite Links

Manhattan Users Guide (be sure to search the archives)
The Gotham Center for NYC History
Matrix the Real Estate Economy
Hopstop (door-to-door subway instructions)
MTA subway site, including maps + schedules
NYC Dept of Education site
NY State Assn of Independent Schools (find private schools)
cul-cha!
the local TriBeCa newspaper
"the weekly newspaper of lower Manhattan"
Brooklyn, but a great blog

Links

• Home
• View my profile
• Archives
• Email Me
• Blog Manager