Days and Confused / comparing coop and condo Days on Market
Parsing the most recent Miller Samuel report for the Manhattan coop and condo apartment market, one comparison caught my eye as unusual.
In Q3 06, the average Days on Market for coop apartments was 145; for condos, 155. (Miller Samuel uses “from last list date” to –presumably – publicly reported sale as its definition.)
Having struggled with enough coop Board packages, I know that coops generally (should) take a lot longer to close (from time of contract) than condos, because “all” that a condo application has to do is to persuade the condo to waive its right of first refusal. In my experience, condo closings should take at least 30 days less than coop closings, again measured from time of contract to closing.
So a ten-day spread for coops and condos in Miller Samuel for the last quarter struck me as odd, since the spread ran the ‘wrong’ way.
Miller Samuel did not break out DoM for coops separately from condos in its ten year market report (darn that Jonathan Miller) but I was able to cobble together eight quarters of data from the cache on the PruDE site.
Turns out that this ‘backwards spread’ is still (to me) anomalous, but it is also consistent: in every one of these quarters, condos were on the market 8 to 12 days longer than coops.
|
|
Coop DoM
|
Condo DoM
|
|
Q3 06
|
145
|
155
|
|
Q2
|
138
|
149
|
|
Q1
|
132
|
144
|
|
Q4 05
|
133
|
141
|
|
Q3
|
129
|
137
|
|
Q2
|
98
|
107
|
|
Q1
|
90
|
99
|
|
Q4 04
|
91
|
102
|
I can’t for the life of me figure out why – unless the condo segment includes new developments that don’t close until the Certificate of Occupancy is issued, which can be a year after contract. Weird….
© Sandy Mattingly 2006
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