Overpriced?

Saw a few units with an agent the other week. Some initial impressions: 1) The selling agent is kind of rude. Scoffed at my questions the whole time. Hope she does not live in the building. 2) Wonderful fit and finish. 3) Overpriced for a coop. Prices same or higher compared to similar new condo developments in the area. This is despite being a coop (the residential part of the "condop" is still a... [more]

Saw a few units with an agent the other week. Some initial impressions: 1) The selling agent is kind of rude. Scoffed at my questions the whole time. Hope she does not live in the building. 2) Wonderful fit and finish. 3) Overpriced for a coop. Prices same or higher compared to similar new condo developments in the area. This is despite being a coop (the residential part of the "condop" is still a coop, no way around that), despite the land-lease, and despite the high maintenance charges. Add to that poor mortgage options (ARM only, from what I could gather) and no tax abatement (which is common in the area). What gives? My question for the people buying or considering this building: how do you justify the premium price? Common wisdom has it that a coop should be 10-30% under the condo price, especially if it is on the land lease! [less]