Co-ops Real Estate Valuator

OUTPUT 1: Comprehensive Valuation of Co-op at 123 Main Street Co-op Details: Location: 123 Main Street Square Footage: 950 sq. ft. Number of Bedrooms: 2 Number of Bathrooms: 1 Age: 15 years old Floor Number: 4th floor Special Features or Upgrades: Renovated kitchen and bathroom Maintenance Fees: $1,200 per month Share Price: $300,000 Market Trends: The local real estate market is currently experiencing high demand for co-ops, with limited inventory available in the area. Recent Comparable Sales: 567 Broadway, New York, NY - sold for $550,000 in June 2022 789 Fifth Avenue, New York, NY - sold for $600,000 in May 2022 101 Park Avenue, New York, NY - sold for $525,000 in April 2022 Building Factors: Amenities: 24-hour doorman, gym, rooftop terrace with panoramic city views Rules: Strict set of rules and regulations to maintain a high standard of living for residents Financials: Good standing, healthy reserve fund, and low operating expenses Valuation: Based on the co-op's location, square footage, number of bedrooms and bathrooms, age, and floor number, the fair market value is estimated to be between $550,000 and $600,000, based on recent comparable sales. However, the co-op's renovated kitchen and bathroom, as well as the building's amenities and financials, could add value to the property. Taking into consideration the co-op's maintenance fees and share price, the recommended listing price would be $585,000, which falls within the estimated fair market value range. Recommendations for maximizing the value of the co-op include highlighting the renovated kitchen and bathroom in the listing, emphasizing the building's amenities and financial stability, and staging the property to showcase its full potential. Overall, the co-op at 123 Main Street is a desirable property in a high-demand market, and with the right marketing strategy and attention to detail, it has the potential to sell quickly and at a favorable price. OUTPUT 2: Comprehensive Valuation of the Park View Co-op Co-op Details The Park View Co-op is a 1,200 square feet, 2-bedroom, 2-bathroom co-op located in the heart of downtown. The building was built in 1960 and is situated on the 3rd floor. The co-op features a recently renovated kitchen and bathrooms, and has a monthly maintenance fee of $1,000. The share price for this co-op is $500,000. Market Trends According to recent market data, the local real estate market has been appreciating steadily over the past year, with an average increase of 5% in sale prices. This is a positive trend for the valuation of the Park View Co-op. Recent Comparable Sales Based on recent comparable sales, we can estimate the value of the Park View Co-op as follows: A similar co-op located 3 blocks away sold for $550,000. This suggests that the Park View Co-op is likely worth at least this amount. Another co-op in the same building as Park View sold for $480,000. This co-op likely has less desirable features or amenities compared to Park View, but still provides a useful data point. A nearby co-op of similar size and amenities sold for $510,000. This is a good indication of the value of the Park View Co-op. Considering these recent comparable sales, the estimated value of the Park View Co-op is between $510,000 and $550,000. Building Factors The Park View Co-op offers a range of amenities, including a fitness center, laundry facilities, and 24-hour security. The building has a strict set of rules and regulations, which help maintain a high standard of living for its residents. The building's financials are in good standing, with a healthy reserve fund and low operating expenses. These building factors contribute positively to the valuation of the co-op. Valuation Based on the co-op details, market trends, recent comparable sales, and building factors, we estimate the value of the Park View Co-op to be around $530,000. This estimate takes into account the recent comparable sales as well as the positive building factors. However, the final valuation may be influenced by factors such as the co-op's condition and location within the building. If the co-op is in excellent condition and has a desirable location within the building, it may be worth closer to $550,000. Conversely, if the co-op is in poor condition or has a less desirable location, it may be worth closer to $510,000. Recommendations Based on our analysis, we recommend that the client list the co-op for sale at a price of $550,000, as this is the upper end of the estimated value range. However, we also suggest that the client consider factors such as the co-op's condition and location within the building when setting the final listing price. It may be necessary to adjust the price based on these factors. Additionally, we recommend that the client take steps to improve the co-op's condition and appearance to maximize its value. This may include cosmetic upgrades or repairs, such as painting or replacing fixtures, as well as staging the co-op to make it more appealing to potential buyers.