Page 7 - CooperatorNews New York June 2022

COOPERATORNEWS.COM COOPERATORNEWS — JUNE 2022 7 without ever setting foot in the property they’re buying, video tours and previews have become a useful tool for both buyers and brokers. The quality of these videos has improved to the point where a pro- spective purchaser can get a virtual ex- perience close enough to being there to eliminate properties from their list that don’t meet their requirements. That op- portunity to preliminarily screen prop- erties makes virtual tours extremely convenient, saving home-hunters a good amount of legwork when they’re ready to hit the pavement to view prospects in person. But, says Dixon, “Today’s buyers start with virtual. The trend was happening before the pandemic anyway, and the pandemic greatly accelerated it. There’s more and more emphasis on video and virtual, but that won’t necessarily sell an apartment without a viewing.” n THE OPEN HOUSE... continued from page 6 ‘summer’ or ‘weekend’ residences in up- state New York, Long Island, New Jersey, and elsewhere. With the ebbing of the pan- demic, many have chosen to stay in their second homes permanently or near-per- manently, and to spend less time in their New York apartments. That sea change has resulted in thou- sands of long-time city residents who are no longer using their units as a primary res- idence wanting to capitalize on those un- derused abodes. That desire has led many into direct collision with their buildings’ long standing policies against any kind of subletting or habitation by non-owners. Pied-a-Terre Pied-a-terre is a phrase one doesn’t hear much anymore. In French, it literally means ‘a foot on the ground.’ In New York real estate parlance, it commonly refers to a small apartment, a studio or junior one bedroom that’s owned and used occasion- ally by someone whose primary residence is outside the city, but who needs an occa- sional place to stay—say a doctor or busi- ness executive who works long shifts. The pied-a-terre is an auxiliary residence, not a primary one, and is rarely larger than a space meant for one person. The confluence of Airbnb as a profit center, COVID-19, and the misuse of the term pied-a-terre has created a new wrin- kle in co-op life. In some buildings, long- term shareholders are reportedly pressing boards to change their bylaws and the rules surrounding occupancy to provide them with the opportunity to host ‘guests’ for pe- riods ranging from one week to a month. PIED-A-TERRE... continued from page 6 This proposed change is often referred to— incorrectly—as a ‘pied-a-terre rule.’ In reality, it may be a subtle semantic New York. “Each property is an individual With the increasing popularity of condo- workaround to provide a way for share- holders no longer living the majority of the on a case-by-case basis and on the whim of strictive subletting policies may be neces- time in their units to use those units as an their current board, which can change an- additional income stream, a la Airbnb. The nually. Most co-ops have historically been condominiums for many buyers. Share- question boards should be asking when resistant to allowing their shareholders to holders beware, though; there’s a difference considering this change is how many ‘cous- ins’ of the shareholder should be permitted and more properties are reevaluating the the door, literally, for shareholders to profit to stay in the unit, for how long, and how flexibility of these policies, and sometimes from their individual units at the cost of often. The concept is ripe for abuse. In one going beyond what is within their normal building security and community cohesive- long-established co-op in Lower Manhat- tan, several long-standing board members the effects of the pandemic, where short- are pushing for such a scheme—but not term stays were in higher demand, as well considering a change to the building’s over- all policy forbidding subletting. “Co-ops are not monolithic,” says Zack Elias, sales manager at brokerage REAL jor consideration for many existing co-ops. spin of the roulette wheel, and they operate miniums in the New York market, less re- sublease for the short term. However, more between reconsidering sublets and opening standards. The reshaping is in part due to ness. as generally remaining competitive in the current real estate market.” Subletting restrictions are, in fact, a ma- sary to keep co-op units competitive with n