Does anyone know of any nice places that are affordable? I am looking to move out of our 1 bdrm mother daughter house into one of the above. Also, what is the better avenue owning a condo or co-op? I am not sure how this works?
pinky
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Re: apt/condo/co-op?
owning a co-op is cheaper but the resale value of a condo is higher There are places that you need approval for everything you would want to do if you buu a co-op
Soon2BMrsA
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Re: apt/condo/co-op?
DJ Pill posted alot of info about owning a co-op on the HOME thread.
try the mlsli.com site, you can enter your criteria and you may find something you like.
nov04LIbride
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Re: apt/condo/co-op?
In what area are you looking? We have a condo in mid-Suffolk and I love our development. They go from $250,000 for a small one bedroom to $325,000 for a 2 bedroom.
DjPiLL
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Re: apt/condo/co-op?
Posted by pinky
owning a co-op is cheaper but the resale value of a condo is higher
That is not necessarily true. Since co-ops are WAY cheaper than condos... the room for growth and appreciation is greater because co-ops have a higher ceiling to go up.
My co-op complex has had 40% sales price increases in the PAST YEAR alone!
nov04LIbride
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Re: apt/condo/co-op?
Posted by DjPiLL
That is not necessarily true. Since co-ops are WAY cheaper than condos... the room for growth and appreciation is greater because co-ops have a higher ceiling to go up.
My co-op complex has had 40% sales price increases in the PAST YEAR alone!
So has our condo. I don't think you can say (with any certainty) that you'd be making more money with one over the other. Depends on the complex and area.
DjPiLL
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Re: apt/condo/co-op?
Posted by nov04LIbride
So has our condo. I don't think you can say (with any certainty) that you'd be making more money with one over the other. Depends on the complex and area.
Of course but the person above made a generalization that co-ops do not appreciate as much as condos do... and thats simply a false statement.
ckgmwedding
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Re: apt/condo/co-op?
The difference between a condo and co-op to end this debate is NOT resall value. That has nothing to do with it.
With condo's you own a dead to the land it is on(a small portion) and generally, the monthly association fees are lower.
Co-ops- you are member of the association that owns your building- they are priced lower as a result- you don't own the land per say. Cost of buying tends to be much lower and association fees are a lot higher. But it has nothing to do with how much you will make off of the property as it appreciates.
Hope that helps!
Edited to say: I would buy if you can afford to and plan to stay for at least a couple of years in that area. Renting is just throwing your money to the wind.
DjPiLL
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Re: apt/condo/co-op?
Posted by ckgmwedding
Cost of buying tends to be much lower and association fees are a lot higher.
Actually... co-op fees are not THAT much more when you break down what you are paying for exactly.
I pay $560 a month for my fees. That may seem like a lot when you first look at it. But realize right away that half of that is my portion of the real estate taxes and the underlying mortgage interest for the property.
So my only real 'fee' in my case is about $280 a month.
Condos also have homeowners association fees as well. Some of these fees can easily run 100-200 a month. Then you have to pay your real estate taxes separately.
Condos also have a much higher probability of getting slammed with assessments because most condo associations do not maintain a strong enough capital reserve. If (for example) repairs have to be done on the streets... they have to get that money from the owners.
Some co-ops have insanely high maintenance fees... I won't argue with that. But a lot of co-ops (the financially well off ones) have very reasonable fees that almost equal your condo fees.
cocoa
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Re: apt/condo/co-op?
buying in general is the smarter thing to do. renting sometimes is smarter but generally, you are just wasting your money. buying is usually more per month than renting, but if you can afford that extra money, then do it b/c in the end, you own something!
suezboss
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Re: apt/condo/co-op?
Posted by DjPiLL
Posted by pinky
owning a co-op is cheaper but the resale value of a condo is higher
That is not necessarily true. Since co-ops are WAY cheaper than condos... the room for growth and appreciation is greater because co-ops have a higher ceiling to go up.
My co-op complex has had 40% sales price increases in the PAST YEAR alone!
DITTO
suezboss
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Re: apt/condo/co-op?
Posted by DjPiLL
Posted by ckgmwedding
Cost of buying tends to be much lower and association fees are a lot higher.
Actually... co-op fees are not THAT much more when you break down what you are paying for exactly.
I pay $560 a month for my fees. That may seem like a lot when you first look at it. But realize right away that half of that is my portion of the real estate taxes and the underlying mortgage interest for the property.
So my only real 'fee' in my case is about $280 a month.
Condos also have homeowners association fees as well. Some of these fees can easily run 100-200 a month. Then you have to pay your real estate taxes separately.
Condos also have a much higher probability of getting slammed with assessments because most condo associations do not maintain a strong enough capital reserve. If (for example) repairs have to be done on the streets... they have to get that money from the owners.
Some co-ops have insanely high maintenance fees... I won't argue with that. But a lot of co-ops (the financially well off ones) have very reasonable fees that almost equal your condo fees.
Plus, with our Co-op, the Water and Heat is included in addition to all the Taxes, so it really isn't too bad.
