I am an interior designer and have worked with quite a few clients in this area over the past few years. I know at least 4 that purchased storage rooms with their Condos. 15 Broad (starck building) sold them at the closing and they were gone right away. The rooms are fairly large and I believe went for about $20,000. The value has increased tremendously by now. The other clients live at 90 John, it just opened up. ( be@john) Those rooms are smaller and also sold out immediately. There is absolutely a demand for them and owning one would enhance the value of an apartment greatly Felcitas
felicitas:
You are comparing apples with oranges. Co-ops are very different from condos. Condos, you own. Co-ops you do not own the apartment, you own shares in a corporation. The buildings you refer to are new and the owners bought additional space in the form of storage and were fully aware that their apartment did not include storage. The shareholders in our building purchased shares that included storage space and laundry facilities. If our spaces (storage or laundry) are sold off, the values of our shares will decline. Understand, this is the key difference. Anonymous
"the values of OUR shares will decline."
Who is our? you mean your shares... and how do you know that? Are you a real estate expert? Do you do any research into apartments without common storage and those with in terms of resale value?
You think that if someone comes to look at your apartment and they see the cramped, unpainted, disorganized rooms they say..."Wow amazing common storage, I'll buy the apartment." Get real....The rooms are a disaster, not delineated and have little or no value to any potential buyer, especially since most of the vertical space is wasted, most you can't get to the back and people store prohibited items all over the place.
And what about apartments who have no storage on their floor, or those on floor where people just took all the space and don't let anyone else in? what is their loss in value? What about people who want to buy a place as a pied-a-terre? why would they care so much about storage in their purchase consideration? What about those subletting? Sublettors do not have a right to have storage. Their interest in retaining the common storage is 0 value.
It is not OUR shares at all.
And what about the fact that some future Board can regulate the rooms and create a seniority list or a new purchase letter that prohibits new people from using the storage rooms? Then where will the value be at resale?
The conversion of the rooms will raise the value of all those who buy and the ones that don't will see capital improvements within a short period of time thus raising their value too. In addition, the ones who don't buy can take the money they didn't have to put into an assessment and redo a bathroom or raise the ceiling. I am sure a future buyer is a lot more interested in a new bathroom than putting their old luggage next to someone's old television.
Not to mention the economics of having a larger reserve $400,000 and more maintenance coming in every year. I am sure a potential buyer will like see that on our balance sheets rather than a door open to shopping bags left from Bonwit Tellers .. Yes I have seen them.
If our storage is sold off the value of the shares of those who bought will rise instantly and the ones that didn't can see a more than likely gain over time. I can't state the future, but neither can you... anonymous. To state the value of "OUR" shares will drop is just plain wrong.
RobbyG of 23B
p.s. can we get a name on these postings? anonymous is just not enough for me to respond in kind. Rob
My apartment is " worth" 100 shares and there is minimal storage available that " comes with it" as I am lucky enough to live on a floor that has a little bit of access. I would love to purchase additional shares to own my own room. Or if you like to hear it differently " own more shares which equal square footage in the building" I don't think it makes a difference at all if the building is a Coop or a CONDO. An apartment with additional private storage space is more desirable than one without.
Posts
2 comments:
I am an interior designer and have worked with quite a few clients in this area over the past few years.
I know at least 4 that purchased storage rooms with their Condos. 15 Broad (starck building) sold them at the closing and they were gone right away. The rooms are fairly large and I believe went for about $20,000. The value has increased tremendously by now.
The other clients live at 90 John, it just opened up. ( be@john) Those rooms are smaller and also sold out immediately. There is absolutely a demand for them and owning one would enhance the value of an apartment greatly
Felcitas
felicitas:
You are comparing apples with oranges. Co-ops are very different from condos. Condos, you own. Co-ops you do not own the apartment, you own shares in a corporation. The buildings you refer to are new and the owners bought additional space in the form of storage and were fully aware that their apartment did not include storage. The shareholders in our building purchased shares that included storage space and laundry facilities. If our spaces (storage or laundry) are sold off, the values of our shares will decline. Understand, this is the key difference.
Anonymous
"the values of OUR shares will decline."
Who is our? you mean your shares... and how do you know that? Are you a real estate expert? Do you do any research into apartments without common storage and those with in terms of resale value?
You think that if someone comes to look at your apartment and they see the cramped, unpainted, disorganized rooms they say..."Wow amazing common storage, I'll buy the apartment." Get real....The rooms are a disaster, not delineated and have little or no value to any potential buyer, especially since most of the vertical space is wasted, most you can't get to the back and people store prohibited items all over the place.
And what about apartments who have no storage on their floor, or those on floor where people just took all the space and don't let anyone else in? what is their loss in value? What about people who want to buy a place as a pied-a-terre? why would they care so much about storage in their purchase consideration? What about those subletting? Sublettors do not have a right to have storage. Their interest in retaining the common storage is 0 value.
It is not OUR shares at all.
And what about the fact that some future Board can regulate the rooms and create a seniority list or a new purchase letter that prohibits new people from using the storage rooms? Then where will the value be at resale?
The conversion of the rooms will raise the value of all those who buy and the ones that don't will see capital improvements within a short period of time thus raising their value too. In addition, the ones who don't buy can take the money they didn't have to put into an assessment and redo a bathroom or raise the ceiling. I am sure a future buyer is a lot more interested in a new bathroom than putting their old luggage next to someone's old television.
Not to mention the economics of having a larger reserve $400,000 and more maintenance coming in every year.
I am sure a potential buyer will like see that on our balance sheets rather than a door open to shopping bags left from Bonwit Tellers .. Yes I have seen them.
If our storage is sold off the value of the shares of those who bought will rise instantly and the ones that didn't can see a more than likely gain over time. I can't state the future, but neither can you... anonymous. To state the value of "OUR" shares will drop is just plain wrong.
RobbyG of 23B
p.s. can we get a name on these postings? anonymous is just not enough for me to respond in kind.
Rob
My apartment is " worth" 100 shares and there is minimal storage available that " comes with it" as I am lucky enough to live on a floor that has a little bit of access.
I would love to purchase additional shares to own my own room. Or if you like to hear it differently " own more shares which equal square footage in the building"
I don't think it makes a difference at all if the building is a Coop or a CONDO. An apartment with additional private storage space is more desirable than one without.
Post a Comment