Researching Coop Owners
For private homes and condos, ACRIS shows both sale prices and mortgage amounts. This is useful in all kinds of obvious ways. For coops, however, there doesn’t seem to be any information available. Presumably this is because you’re buying shares in the corporation not real estate, but people are taking out mortgages, right? So can…
For private homes and condos, ACRIS shows both sale prices and mortgage amounts. This is useful in all kinds of obvious ways. For coops, however, there doesn’t seem to be any information available. Presumably this is because you’re buying shares in the corporation not real estate, but people are taking out mortgages, right?
So can those be researched?
And … yeah. Sorry: ACRIS does have sales numbers.
Right, the purchase prices are on ACRIS. But for a condo or private home the mortgage documents are also on ACRIS. So you can look up how much they borrowed and what kind of loan it was (ARM or fixed, for instance). It seems like I can’t get that mortgage info for Coop. As @Minard Lafever points out they aren’t true mortgages.
Taking a look at @first mediation’s link. That is pretty awesome.
The city has a database of coop sales which is available online, but there is a significant lag time before the information is published. It is called the “rolling sales” list. Here is the link: http://www.nyc.gov/html/dof/html/property/property_val_sales.shtml
Takes some getting used to, and it is a lot of work, but well worth it.
Property Shark started listing coop sales in 2008 or so. I don’t know where they get the info.
I bought my most recent place 3 years ago and the purchase price is on property shark. The place I bought before that is not.
When you buy a co-op you don’t really get a mortgage, you get a co-op loan. You’re not buying real estate, you’re buying corporate shares that entitle you to a proprietary lease.
You can find it through Nexis public records, at least recent stuff. Deeds will give you deed information and buyer/seller, sale price and mortgage amount.
I think the sales price for co-ops only started to be required several years ago. From what I’ve been able to tell a lot of the info still doesn’t get entered. At least 3 apartments that sold in my building since it’s been price listing has been required have no information.
I think you can ask a broker for comps in a building if you’re interested in the history of sale prices..