For the last few years in big cities like Manhattan, new housing developments and condos overtake the co-op resale market. But, as competition for homes remains fierce and prices continue to climb in these already barely affordable markets, some buyers are returning to the co-op structure hoping to find some respite from soaring prices.
A few years ago, new developments were exciting, as a few were popping up to try to curb the overpopulation problem. They presented an option to have a brand new unit. which can be rare in old cities like New York. So, it makes sense why they were so popular initially, and why sales of other property types would fall. But now that developments have cropped up all over and overpopulation has only gotten worse, people are turning back to the co-ops in the hopes of finding a better deal. Even though these co-ops are uptown and traditionally more expensive, they actually provide relief from the expensive projects that buyers are fighting for in trendier areas. The one big obstacle for buyers hoping to return to co-ops is that the boards remain strict and difficult to win approval from.