price fixing
Sun Nov 22, 2009 20:07

At a recent board meeting the board mentioned that a shareholder was selling a unit for $149,000, and they told her it was too low. Are they price fixing? Is this legal?

    • Re: Price Fixing CDT, Tue Nov 24 23:20
      If you have access to the Habitat article archive, read this: http://www.habitatmag.com/archive/p_view_article.php?article_id=3803 An excerpt: [A board member] asked, "Legally, can boards even set... more
    • Price Fixing AdC, Mon Nov 23 21:56
      The main reason for a board to reject a low price offer on a coop unit happens to be value of the other units. When units are financed through a bank, there is a bank lender's questionnaire to fill... more
      • Re: Price Fixing Anonymous, Tue Nov 24 07:00
        I agree with AdC, Right of First Refusal is in a Condo not in a Co-op.
      • Think about it RLM, Mon Nov 23 23:44
        You live in a co-op. Your apartment is in the same line as one for sale. You're about to put yours on the market, and suddenly the other guy drops his price substantially because he's desperate for... more
        • Fiduciary Responsibility? AdC, Thu Nov 26 12:37
          I don't think fiduciary responsiblity stretches to the point in which you will be protecting the market price of certain apartments when they are listed. There are many reasons why an apartment is... more
          • Re: Fiduciary Responsibility? ~AR, Wed Dec 23 14:03
            "...However, the main reason why Boards worry is the drop in appraisal value of apartments and the ability to obtain financing on units with higher prices...." If I may add... that most of the time,... more
        • price fix Past Prez, Tue Nov 24 11:12
          I agree with RLM. We had to do this in our coop and later found out the 'agent' wanted the unit for his own profit.
    • price fixing idunno, Mon Nov 23 07:32
      I thought, in order to be price fixing, there must be cahoot. Who's the other party? Remember, the board has the right of first refusal. Buy it and resale it.
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