2005SUBMARINER Posted April 10, 2007 Report Share Posted April 10, 2007 hellow RWG members , what type of property co-oop vs condo is a better choice ? i live in NYC & the realestate is ridiculus priced !! houses in my nieghborhood range from $600k to the millions wayyyyyyyyyy out of my budjet . but there is very nice 2bd 960sq ft co-oop list for $179k with 600monthly maintenance , that i can do but ! what is the difference between condo & co-op or are they both bad investments ? thanx ed . Quote Link to comment Share on other sites More sharing options...
Tim Posted April 10, 2007 Report Share Posted April 10, 2007 They are both good ways to buy--with a couple of caveats. Any of the co-ops or condos generally lag behind sales of town houses or detached houses. When values are going up, condo/co-ops don't go up quite as fast. When markets go down or sales slow, condos/co-ops slide faster. Generally. But it depends very much on the market. In someplace like NYC this would be entirely different because most of the properties in that market are condo/co-ops. In Manhattan I don't think ANY property is a bad investment so far as investment in real estate goes. The three "L's" of real estate always apply. Location location location! That being said, it is not considered a very strong real estate market lately, but again depends where you live. Sometimes you have a more difficult time getting a loan for a co-op because ownership of all the properties is shared among all the owners. In the past you could not get a VA loan for a co-op but that may have changed. You are not finding a 2bdr in Manhatten for that price are you? Sounds like the Bronx! /Tim Quote Link to comment Share on other sites More sharing options...
2005SUBMARINER Posted April 10, 2007 Author Report Share Posted April 10, 2007 They are both good ways to buy--with a couple of caveats. Any of the co-ops or condos generally lag behind sales of town houses or detached houses. When values are going up, condo/co-ops don't go up quite as fast. When markets go down or sales slow, condos/co-ops slide faster. Generally. But it depends very much on the market. In someplace like NYC this would be entirely different because most of the properties in that market are condo/co-ops. In Manhattan I don't think ANY property is a bad investment so far as investment in real estate goes. The three "L's" of real estate always apply. Location location location! That being said, it is not considered a very strong real estate market lately, but again depends where you live. Sometimes you have a more difficult time getting a loan for a co-op because ownership of all the properties is shared among all the owners. In the past you could not get a VA loan for a co-op but that may have changed. You are not finding a 2bdr in Manhatten for that price are you? Sounds like the Bronx! /Tim NO no no lol not manhattan nyc staten island NYC They are both good ways to buy--with a couple of caveats. Any of the co-ops or condos generally lag behind sales of town houses or detached houses. When values are going up, condo/co-ops don't go up quite as fast. When markets go down or sales slow, condos/co-ops slide faster. Generally. But it depends very much on the market. In someplace like NYC this would be entirely different because most of the properties in that market are condo/co-ops. In Manhattan I don't think ANY property is a bad investment so far as investment in real estate goes. The three "L's" of real estate always apply. Location location location! That being said, it is not considered a very strong real estate market lately, but again depends where you live. Sometimes you have a more difficult time getting a loan for a co-op because ownership of all the properties is shared among all the owners. In the past you could not get a VA loan for a co-op but that may have changed. You are not finding a 2bdr in Manhatten for that price are you? Sounds like the Bronx! /Tim thanx for your help man ! Quote Link to comment Share on other sites More sharing options...
eddhead Posted April 10, 2007 Report Share Posted April 10, 2007 hellow RWG members , what type of property co-oop vs condo is a better choice ? i live in NYC & the realestate is ridiculus priced !! houses in my nieghborhood range from $600k to the millions wayyyyyyyyyy out of my budjet . but there is very nice 2bd 960sq ft co-oop list for $179k with 600monthly maintenance , that i can do but ! what is the difference between condo & co-op or are they both bad investments ? thanx ed . Hi Ed, I am an Ed too. I live in a condo in NYC which i purchased after first shopping for co-ops so I think I can help you out. Basically when you buy a co-op you are buying shares of a a private incorporated company that owns the building you plan on living in. The purchase comes with a proprietary lease on the apt you plan to live in that never expires. So you don't own the apartment per se, but you have have an ongoing lease that is collateralized by your shares in the building. So your mortgage is for the shares, and the lease. Your common charges include all the building maintenance charges as well as a portion of the mortgage on the building itself. Therefore a portion of your common charges is tax deductable.. the portion that relates to the mortgage on the building. With a condo you are buying your apartment.. the building your apartment is in has already been paid for by the developer. Your common charges are strictly against the upkeep of the common areas and the amenities.. there is no mortgage payment to the building. Your mortgage payment is against the purchase price of the condo itself. So you own the unit. Condo's tend to be priced higher than co-ops by 25% or more depending on the builiding, age, location, etc.. In a condo becasue you own the unit, you have more flexability. Generally, you do not require board approval to purchase, sell, or rent, and you require board approval for only the most extensive renovations. In NYC condos tend to sell for between $1000 and $1300 per sq foot. Co-ops are priced lower but have higher maintenance fees because a portion of those fees is used to pay off the mortgage on the building itelf.. that is the portion that is tax deductable. Generally you need board approval to buy, sell, and rent your unit out. When you sell, you have to pay a sellers tax to the coop board. And all renovations require approval. Co-op boards can be very inflexible and unwieldy.. most will not allow you to rent out ur apt. When I was shopping for coops, you could get a nice one id a decent area for about $700-900 sq ft. In terms of resale, I think that is more dependant on location than anything else. The NYC market remains surprisingly reslient and strong although not nearly as stong as it used to be. Here is an excellent link to a report on current real estate in Manhattan: http://prudentialelliman.com/NYCPhotos/ret...rts/mmo1q07.pdf Finally, I am not sure where you are shopping, but if you found a 950 sq ft apt in manhattan for $179K i would venture to guess there was a typo someplace... they just do not exist. Good luck, and let me know if i can help further. Quote Link to comment Share on other sites More sharing options...
2005SUBMARINER Posted April 10, 2007 Author Report Share Posted April 10, 2007 man you shed great light into this subject ! your better than my broker !!! im not going to co-oop ! man im glad you guys could help me out with this stuff!! im gonna look for condo's in my area ..& im not in manhattan im live in staten island ny .. condos of the same dimention in my area go for about $300 thanx again for your help !! Quote Link to comment Share on other sites More sharing options...
eddhead Posted April 10, 2007 Report Share Posted April 10, 2007 man you shed great light into this subject ! your better than my broker !!! im not going to co-oop ! man im glad you guys could help me out with this stuff!! im gonna look for condo's in my area ..& im not in manhattan im live in staten island ny .. condos of the same dimention in my area go for about $300 thanx again for your help !! I also used to own a condo in staten island which i rented out.. .over by forest ave, rite accross the street from clove lakes park. If I can help, let me know. Quote Link to comment Share on other sites More sharing options...
2005SUBMARINER Posted April 10, 2007 Author Report Share Posted April 10, 2007 I also used to own a condo in staten island which i rented out.. .over by forest ave, rite accross the street from clove lakes park. If I can help, let me know. hey cool i live in grymes hills about 5 mins from clove lake ! i love this area nice n quiet Quote Link to comment Share on other sites More sharing options...
2005SUBMARINER Posted April 10, 2007 Author Report Share Posted April 10, 2007 I also used to own a condo in staten island which i rented out.. .over by forest ave, rite accross the street from clove lakes park. If I can help, let me know. yes i was actualy looking at a condo in that area cross the street from clove lake , its a small building off forest ave .. theres not a lot of condos in this area .. Quote Link to comment Share on other sites More sharing options...
eddhead Posted April 11, 2007 Report Share Posted April 11, 2007 yes i was actualy looking at a condo in that area cross the street from clove lake , its a small building off forest ave .. theres not a lot of condos in this area .. Arcadia Garders II. It is a pretty nice little building.. I owned a 1 BR there for a while which I rented out.. had very good luck with tenants, the last of whom purchased the apt. If you need a broker,PM me.. i know a good one in SI. Quote Link to comment Share on other sites More sharing options...
2005SUBMARINER Posted April 11, 2007 Author Report Share Posted April 11, 2007 Arcadia Garders II. It is a pretty nice little building.. I owned a 1 BR there for a while which I rented out.. had very good luck with tenants, the last of whom purchased the apt. If you need a broker,PM me.. i know a good one in SI. cool thanx i will !!!! did you leave NYC ? .. Quote Link to comment Share on other sites More sharing options...
eddhead Posted April 11, 2007 Report Share Posted April 11, 2007 cool thanx i will !!!! did you leave NYC ? .. No, I live in mid-town manhattan. Can't beat Pastosa's home made ravioli though! Quote Link to comment Share on other sites More sharing options...
Tim Posted April 11, 2007 Report Share Posted April 11, 2007 No, I live in mid-town manhattan. Can't beat Pastosa's home made ravioli though! Well we're Movin' on Up! To the east side! To a dee-luxe apartment in the sky, We're movin' on up! To the east side! We've finally got a piece of the pie! Fish don't fry in the kitchen, Beans don't burn on the grill. Took a whole lotta tryin' Just to get up that hill. Now we're up in the big leagues, Gettin' our turn at bat! As long as we live, It's you and me, baby! There ain't nothin' wrong with that! Hooray, We're Movin' on Up! To the east side! To a dee-luxe apartment in the sky! We're Movin' on Up! To the east side! We've finally got a piece of the pie! Quote Link to comment Share on other sites More sharing options...
2005SUBMARINER Posted April 11, 2007 Author Report Share Posted April 11, 2007 (edited) No, I live in mid-town manhattan. Can't beat Pastosa's home made ravioli though! WOW excellent ! your near to all the cool gen watch stores ! staten island has the cheezzy mall & b&m jewlers sell gen rolex , but are preety snoby! p.s. hey pronto pizza in forest ave are excellent also ! Edited April 11, 2007 by 2005SUBMARINER Quote Link to comment Share on other sites More sharing options...
eddhead Posted April 12, 2007 Report Share Posted April 12, 2007 WOW excellent ! your near to all the cool gen watch stores ! staten island has the cheezzy mall & b&m jewlers sell gen rolex , but are preety snoby! p.s. hey pronto pizza in forest ave are excellent also ! Some of the best Pizza I ever ate was on the north shore of Staten Island. Personal faves Deninos, Joe and Pats, and the Broccol Rabe pie at the Roadhouse. Hard to beat!! Quote Link to comment Share on other sites More sharing options...
2005SUBMARINER Posted April 14, 2007 Author Report Share Posted April 14, 2007 Some of the best Pizza I ever ate was on the north shore of Staten Island. Personal faves Deninos, Joe and Pats, and the Broccol Rabe pie at the Roadhouse. Hard to beat!! i gotta check those out !! Quote Link to comment Share on other sites More sharing options...
2005SUBMARINER Posted April 14, 2007 Author Report Share Posted April 14, 2007 Some of the best Pizza I ever ate was on the north shore of Staten Island. Personal faves Deninos, Joe and Pats, and the Broccol Rabe pie at the Roadhouse. Hard to beat!! hey ED what do ya think about silver lake area ? i was offered a 2bd house cross the st from silver lake for $359k its an old home 1920 but i think the location might be a good one . the only thing thats not good is the school zone ! grymes hills have much better schools . Quote Link to comment Share on other sites More sharing options...
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