NWR: co-ops

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Posted by Espo22

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Posted by BeachLovers

I always thought of that as a condo. Yeah, they are way cheap, hence the at least 2 year waiting list and the strict bedroom policy's. The kitchens are way tiny though, but there is a big pool per 2 or 3 buildings, it's litteraly off the beach! It's not a govt building or anything like that.

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well the difference between condo's and co-ops isnt about the price. The real difference is co-ops you own shares in the building but you buy it and pay for it the way you would any place and then you can rent it out or sell it the same way. Condo's can be a bit more expensive though, alot of condo's we looked at were $300k and up, meanwhile most of the co-op's we saw were around $200's k range. Although i just had my apt appraised and closing is wednesday and its a co-op and selling price is $310k. The other difference is maintenance, co-op has higher maintenance and condo's have lower maintenance fee's. Ive seen some co-op's for lets say $95k-low 100'sk but they were bc it was a small apartment and not up to date and needed work so thats why.

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The real main difference between a condo and a co-op legally is that a co-op you own shares in a corporation. The corporation owns the buidling and allows you use of a unit. You own how ever many shares you purchase and that is based on the size of your apartment. For instance an 850 sq foot or 1 bedroom apt will maybe give you 250 shares but a 1000 sq ft or 2-bedroom apt will give you 300 shares (for example.) you only own shares and are joint ownership with other tenants.

A condo you do not own shares. You own your unit and if your neighbor next door doesn't make his mortgage payment or common charges it will not affect your ownership of your unit.

If your neighbor in a co-op defaults it will bring your profit sharing down, which is the value of your apartment.

Hope this makes sense.

Many people think a condo is a townhouse and a co-op is a building, that is not the case either. A high rise building can be a condo so don't let looks fool you. It is all about ownership rights.

I found out the answer to this situation

Dayton Towers is part of the Mitchell-Lama Housing Program for low income families.

It is not a really a co-op. That is why there is a waiting list to get in there it is very cheap to live and you can stay along time.

Co-op city in the Bronx is part of the same housing program. You have to make under a certain amount of money to get in there.
HTH

This thread is making my head throb because I am under contract for a Co-op. My application to the board is due by Monday and paperwork I requested from various sources over 3 weeks ago has not come in yet.

So I am a bit nervous at the moment. if I do not get my paperwork in by Monday, I have to wait until Dec 3rd, and then we will not be able to close until after the new year.

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Posted by StacyJill2009

I found out the answer to this situation

Dayton Towers is part of the Mitchell-Lama Housing Program for low income families.

It is not a really a co-op. That is why there is a waiting list to get in there it is very cheap to live and you can stay along time.

Co-op city in the Bronx is part of the same housing program. You have to make under a certain amount of money to get in there.
HTH

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ahhh i knew it, bc theres no place you can get an apt in ny for $20k no matter what. Thats why i asked before if it was part of some housing program, only thing that made sense.

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Posted by TheLadyJ

This thread is making my head throb because I am under contract for a Co-op. My application to the board is due by Monday and paperwork I requested from various sources over 3 weeks ago has not come in yet.

So I am a bit nervous at the moment. if I do not get my paperwork in by Monday, I have to wait until Dec 3rd, and then we will not be able to close until after the new year.

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what paperwork are you still waiting for?