Selling a Coop in DC - How To Market a DC Co-op Effectively

By
Real Estate Agent with Keller Williams Capital Properties DC AB15253
https://activerain.com/droplet/4Sxs

Selling a coop in DC is different than selling a condo. The fees for a coop tend to be higher than for a condo because the taxes, insurance, many utilities and exterior maintenance are included in the fee.  It is really important to show the difference in costs between a coop and a similarly sized condo - so that the buyer will understand the benefits of owning your coop! 

For instance, your coop might be for sale for $250,000 with a coop fee of $800.00.  That might scare off a buyer UNLESS they understand that that $800 includes $150.00 for taxes, $250.00 for the underlying mortgage, and $75.00 in utilities (including basic cable.) Suddenly that coop fee looks more like $325 ($800 minus $150 plus $250 plus $75). The buyer compares your coop at $250,000 with its 850 square feet of living space and an adjusted monthly fee of $325 to a condo at $375,000 with 850 square feet and a $400 condo fee each month.  Now your coop looks like the deal of the century! 

If you are thinking of selling your coop in the DC metro area, don't make the mistake of hiring an agent who doesn't understand coops and how to market them. Save yourself time and money by calling a coop expert like the Lise Howe Group! As Washington natives we have sold many coops in the DC area and we would like to sell yours!  Just give us a call at 240-401-5577 or email us at lise@lisehowe.com

If you would like to get the value of your coop in the DC metro area, just click here!  We would love to put together a comparative market analysis of your coop with no strings attached! 

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Topic:
Home Selling
Location:
District of Columbia District of Columbia
Tags:
lise howe group
the lise howe group listings
dc coops for sale
dc coops listed
dc coops listed by lise howe
lise howe group coop listings

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Ambassador
4,095,174
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Lise- interesting.  I'm not that familiar with the differences between a condo and coop.  Hope you had a great day today. 

May 10, 2015 10:52 AM #1
Rainmaker
1,773,914
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Kathy Streib - I went to Durham NC to see my husband's grandson graduate from Duke today- Quite a mother's day gift to the graduate's mom! no more college bills! I loved being back at Duke today since I graduated from there 42 years ago! 

May 10, 2015 10:56 AM #2
Ambassador
1,770,300
Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

It sure is Lise, I have had a few experiences with CO-OP's, so good of you to provide some documentation. Well done blog.

May 10, 2015 01:19 PM #3
Rainmaker
2,312,842
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Lise. The selling of a coop compared to a condominium is totally different, no different that the mortgage for each. Most of the coops we do are in the NYC area.

Make it a great week!

May 10, 2015 06:22 PM #4
Rainmaker
1,814,929
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond

Lise, always wondered how they worked...we don't have them here.

May 10, 2015 10:34 PM #5
Ambassador
3,937,330
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lisa it is an advantage to the Buyer the utilities are included in the coop fee, but it does make it a little more challenging to qualify for financing since the coop fee is included in the Debt-To-Income Ratios.

May 11, 2015 05:26 AM #6
Ambassador
3,984,754
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

We have a condo in FL and the monthly fee includes the cable which many people don't understand right off the bat. You need to look at apples and apples.

May 11, 2015 08:31 AM #7
Rainmaker
3,123,210
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

it is interesting to learn about. We dont have coops here, just condos. Have a good night

May 11, 2015 10:47 AM #8
Rainmaker
1,773,914
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

George Souto - when a lender here qualifies a coop buyer they will break out a reasonable amount for the utilities from the overall coop fee. You are right though - it is complicated. Not every lender is qualified to lend on coops - it requires special training. 

May 11, 2015 12:34 PM #9
Rainmaker
5,678,832
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is good information for prospective cooperative sellers and buyers.

May 13, 2015 03:40 AM #10
Rainmaker
3,250,431
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Lise

Thanks for sharing an informative post on Selling co-ops.

Good luck and success.

Lou Ludwig

May 15, 2015 12:36 PM #11
Ambassador
4,095,174
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

 

What I learned

May 16, 2015 11:26 AM #12
Rainmaker
1,034,735
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I prefer co-ops Lise, not too many on this coast but we have several in Naples. Here via Kathy Streib

May 16, 2015 10:52 PM #13
Rainmaker
3,814,171
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Lise. I knew the difference between co-ops and condos but never knew you were a group.

May 16, 2015 11:04 PM #14
Rainmaker
1,578,443
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

Lise Howe We have no Coops in our area that I am aware of, but now that you have brought it up; I will check this morning in the MLS. Have a wonderful Sunday!

May 16, 2015 11:13 PM #15
Rainmaker
3,301,875
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

I am glad that I didn't miss your post this week thanks to Kathy's summary!

May 17, 2015 12:07 AM #16
Rainmaker
1,864,583
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Lisa, this is a great explanation of co-op and condo differences. Thanks.

May 17, 2015 03:00 AM #17
Rainer
2,825
John Rutledge
May 17, 2015 07:12 AM #18
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Lise Howe

Assoc. Broker in DC, MD, VA and attorney in DC
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