Time to read [4 minutes]
- One In Five Families Acquired A New Pet During The Pandemic
- Pet HOA Rules That Favor Pet Owners Can Alienate Non-Owners Of Pets
- Nearly Two-Thirds Of Households Have A Pet
Coming out of the pandemic and the isolation it created, pets went from companion status to family members. One in five families acquired a pet during the pandemic, and now 63% of families own a pet. For those uninitiated with Manhattan co-op boards, some boards actually have a 50-pound weight limit on dogs. I tracked Manhattan pet stats for a decade and found that an average of 6% of quarterly sales were in buildings with this specific weight limit feature. About 5 years ago, my source dried up, but I would imagine the market share is slightly larger now. My fantasy is to be at the board meeting with a weighing-in ceremony for the dog whose owners are buying an $18 million Park Avenue co-op for all cash. Fido makes the weight limit of 50 pounds. A few months later, the building staff notices the dog being taken out for its daily walk and observes Fido gaining weight, prompting a warning to the owner. Following the board’s meeting on the weight limit violation, it must decide on a course of action. Of course, I’m making this scenario up since I’m not aware of “weighing-in” ceremonies and assume it’s just a certification, but, like HOAs, third-party rules can get out of hand.
How To Think About The Value Impact Of Pet Rules
I grew up with two dogs as a kid, and as an adult, I grew up with two cats (my kids brought them home from the ASPCA with teary eyes, so I had no choice in the matter) – we sadly lost both cats earlier this year after 18 years of charmed living. During my appraisals of more than 8,000 homes, I have inspected many Manhattan apartments where a dog is jumping on me constantly, or the cat is following me around, hissing at my feet. The owner usually does nothing about it because they love their pet and assume everyone feels the same. I like cats and dogs, but less so when their owners allow their pets to physically or verbally assault me.
One aspect of HOA or co-op rules is that, despite the fact that more than half of all US households have pets, regulations made for them can adversely impact households that don’t like pets. The Cooperator has a great piece on many examples of pet life in multi-families: Pet-Friendly Policies: Dog Day Directives
Sometimes we see co-op buildings, especially in prestigious locations like Park Avenue, Fifth Avenue, and Central Park West in Manhattan, that are very strict. Their boards often think that being strict enhances value by creating an “exclusiveness” mystique for the building. I find that stance in the market is more likely to hurt value. In our local market, this mindset was born out of the era before the proliferation of condos in new developments that provide significant competition. High-end co-ops have seen their values fall for the past 15+ years, so the severe strictness can damage shareholder value, accelerating the consumer movement towards condos.
Final Thoughts
Restrictions on multi-family occupants by boards or HOAs can be counterproductive in terms of protecting or enhancing property values by limiting exposure to potential buyers. These restrictions are akin to the proliferation of private listings, which reduce exposure for the seller and information for the buyer. Providing an overtly strict living situation can damage long-term value. The point I am making here is for boards or associations to consider the impact of being excessively strict on rules over the units in the building.
The Actual Final Thought – HOAs need to be the Chilean Sea Bass of Patagonia Toothfish.
[CRE] Lessons Learned: 5 Years After The Pandemic
I’m looking forward to participating in this one – it should be a great discussion, especially with Jonathan Schein as moderator.
Collateral Risk Network 2.0 Meeting August 6-7, 2025
My friend, colleague, and former director of the Appraisal Subcommittee, Jim Park, is bringing his talents to revitalize the Collateral Risk Network(CRN). For more information on CRN, please visit this link. He asked me to share this event announcement with my readers. The event is being held this summer in Washington, DC, at the NAHB HQ. I hope to attend, schedule permitting.
[Podcast] What It Means With Jonathan Miller
The latest episode [Manhattan’s Big Beautiful Market] is just a click away. The podcast feed can be found for all three platforms we use are here:
Apple (within the Douglas Elliman feed) Soundcloud Youtube
Did you miss the previous Housing Notes?
Housing Notes Reads
- Mass. Condo Market Shows Signs of Softening Amid ‘Peak Uncertainty’ [Banker & Tradesman]
- Luxury market 'as strong as ever' [Inman]
- State of U.S. Tariffs: June 17, 2025 [The Budget Lab]
- Elliman to head sales at Rotem Rosen’s condos near Billionaires’ Row [The Real Deal]
Market Reports
- Elliman Report: Manhattan Sales 2Q 2025 [Miller Samuel]
- Elliman Report: Florida New Signed Contracts 6-2025 [Miller Samuel]
- Elliman Report: New York New Signed Contracts 6-2025 [Miller Samuel]
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