Boards face owners who cannot pay
March 09, 2009 09:30AM
New York City's co-op and condo boards are starting to hurt as more of their residents get hit by the recession. In some cases, boards are being approached by owners looking to defer their monthly maintenance payments. "Lots of upstanding people have suddenly had the rug pulled out from under them ... and obviously that's going to present a threat to a number of co-ops," said Marc Luxemburg, president of the Council of New York Cooperatives & Condominiums. In this week's Webcast, Luxemburg and Eva Talel, a partner at Stroock & Stroock & Lavan who represents co-ops and condos, talked to The Real Deal's Jen Benepe about how building boards are coping with maintenance deferral requests and other new financial problems related to the economic downturn. To watch the full Webcast click on the video below.
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Comments
Anonymous
Thar she blows,Real estate is going down. Going down big time. And to all the lying brokers who say nonsensical things like "there can never be a foreclosure in a Fifth Avenue co-op". And to all who saw nothing wrong with the wretched excess and greed which burrowed so deep in so many, your day or reckoning has arrived.
Comment #1 Posted By: Anonymous 03/09/09
Anonymous
so what is the previous poster attempting to say that hasnt been said many many times before? is it not possible that things have changed radically so quickly that even relatively conservative people got caught short by the rapidity that things have changed...if you have had a great job for 15 years and suddenly both you and your wife lose their job, does that somehow make it your fault?
Comment #2 Posted By: Anonymous 03/09/09
Anonymous
# 2, not at all your fault unless you bought a bubblized apartment not just to live in but to make a profit on. Those days are so over. You buy a home or apartment to live is, as shelter, a roof over your head. That was not the primary driver of the Manhattan bubble. People were buying to see a profit. People were buying because they bought into the insanity promulgated by CNBC and brokers that real estate prices only go up. Well now we'll see the Manhattan market way, way overshoot on the downside. Prices will drop to unprecedented lows. I'd say we're looking at a 70% blowup out the down side. Stay tuned all you deceitful brokers.
Comment #3 Posted By: Anonymous 03/09/09
Anonymous
I concur with #2. Both argument- and numberwise.
Comment #4 Posted By: Anonymous 03/10/09
Anonymous
I meant #3 of course... #2 was right as well though. Sympathies to those families who are now getting caught up in the steep downhill strangle. If it's any consolation, you are not alone.
Comment #5 Posted By: Anonymous 03/10/09
Anonymous
#1. Shut up. You and everyone like you is an idiot. How hard is it to stand over a fire and point out that there's a fire?
Comment #6 Posted By: Anonymous 03/10/09