Page 9 - NY Cooperator September 2020

COOPERATOR.COM THE COOPERATOR — SEPTEMBER 2020 9 an in-person appointment. We had mul- tiple offers on a tenant-occupied Brook- lyn multi-unit, sight unseen. We also companies, they create work for contrac- anticipate listings continuing to come to tors, electricians, plumbers, carpenters, market now that the gates have opened. security and building maintenance staff, Frankly, I see pent-up demand accelerat- ing sales over the next two months. Buy- ers who were preparing to buy and are tions firms, advertising for newspapers, still fortunate enough to be employed are creative and web design firms, photogra- moving forward with their plans. We are phers, real estate brokers, mortgage bro- hoping for more inventory now in Phase kers, lenders, title companies, furniture Two, and less competition. For sellers, stores, lighting stores, decorators, appli- the need to sell remains and is now three ance stores, hardware stores, etc.” months more urgent. Online search en- gines report a 30% rise in buyer engage- ment. “The results of sheltering at home for permit condo conversions with 15% of 100-plus days have sharply focused many units sold, while also including an af- people’s needs,” she continues. “Downsiz- ing sentiment is flipping to upsizing as this will help those in need of housing more jobs have migrated to work from assistance, \[which is\] an especially dire home,” and are likely to remain there. Priming the Pump R o b e r t a Axelrod, Direc- tor of Condo C o n v er sio n s for Time Equi- ties, Inc., offers some construc- tive ideas for both New York City and New York State to consider to help the co-op and condo industry regain its foot- ing on the heels of the pandemic and the negative factors at the forefront of many industry profes- that affected it prior to the arrival of CO- VID-19. “Just as one can take a seemingly dead itself—normally a very personal, contact- battery and revive it with the right charge heavy experience—will change. and a set of jumper cables, we, too, can help to restart our economy with a charge ular, the individual apartment market (as of the right stimulus,” she says, and one opposed to that for entire buildings)—is of those stimuli is changing the condo a micro-inspection process. Apartments conversion laws to make condo conver- sion easier again. “This simple stimulus get into units, and they want to ‘kick the formula costs no infusion of cash from tires,’ so to speak. The insidious nature of the public sector,” says Axelrod. “To the COVID-19 disrupted the normal apart- contrary, it generates funds for the public ment showing and selling templates. In- sector in the form of city and state trans- fer taxes, income taxes, and filing fees. and that in turn affected every step from And most importantly at this time of high listing to closing—and even extended af- unemployment, it generates increased ter closing, to move-ins and move-outs. jobs, thereby reducing unemployment and the cost of unemployment payments Rossi, “When we realized in March the from the government. “Condo conversions,” she continues, agents and staff to feel safe, supported, “not only help to stabilize neighborhoods and improve old housing stock, they also create jobs and work for many types of businesses. In addition to development architects and engineers, lawyers and ac- countants, advertising and public rela- As part of a solution to the current volatile marketplace situation, another of Axelrod’s suggestions “is to once again fordable housing component. In effect, need with New York unemployment ap- proaching 15%. An affordable housing contribution from both developers and purchasers on initial and future closings would be a source of private funds to help sup- port this important and critical public need.” Adapt or Die As the mar- ket navigates its emergence from COVID-19 torpor, another question sionals’, apartment owners’, and owner- wannabes’ minds is how the sales process The real estate sales market—in partic- are not an impulse buy; buyers want to spections of all types were prohibited, According to Elegran CEO Michael gravity of COVID-19, we wanted our continued on page 13 “Just as one can take a seemingly dead battery and revive it with the right charge and a set of jumper cables, we, too, can help to restart our economy with a charge of the right stimulus.” —Roberta Axelrod directory.cooperator.com Your one source for all the businesses and services essential to your co-op, condo, or HOA THE COOPERATOR DIRECTORY OF BUILDING SERVICES Search by location: Search Enter Category or Company and Location Above Add Your Business Search By Category Search Now Local Law 97 – Are You Ready? 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