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I was wondering what everyone's opinion on the Long Island, NY market when it comes to co-ops. I was originally looking for a condo when I began my home search a year ago, then looked at houses but realized it would be too much for me to handle (young single female/Full Time worker). I'm in the process of purchasing a co-op on the South Shore (Babylon). It's a single bedroom, about 80% renovated and I'm going to renovate the last piece (put some money into it). I'm in a great location and I don't think/hope that I wouldn't have a problem when it comes to sell down the line. I even noticed that today the interest rates jumped up so I guess I timed it right when purchasing. Anyways, I was just wondering what everyones thoughts are on coops on long Island when it comes to market trends. I tried doing market trend research but am only coming up with information on houses, not co-ops. I know that they hardly appreciate much but just wondering if anyone out there may have any sites/information that would benefit me!
I was wondering what everyone's opinion on the Long Island, NY market when it comes to co-ops. I was originally looking for a condo when I began my home search a year ago, then looked at houses but realized it would be too much for me to handle (young single female/Full Time worker). I'm in the process of purchasing a co-op on the South Shore (Babylon). It's a single bedroom, about 80% renovated and I'm going to renovate the last piece (put some money into it). I'm in a great location and I don't think/hope that I wouldn't have a problem when it comes to sell down the line. I even noticed that today the interest rates jumped up so I guess I timed it right when purchasing. Anyways, I was just wondering what everyones thoughts are on coops on long Island when it comes to market trends. I tried doing market trend research but am only coming up with information on houses, not co-ops. I know that they hardly appreciate much but just wondering if anyone out there may have any sites/information that would benefit me!
Thanks!
I literally just closed on my co-op 2 weeks ago. I bought in East Rockaway...I'm not sure about Suffolk, but Co-ops are moving in SW Nassau. They're a more affordable option for someone like you or me just starting out or a retiree.
You will always have a harder time selling a coop than any other piece of property, that said, for someone in your position it is probably the way to go.
I was wondering what everyone's opinion on the Long Island, NY market when it comes to co-ops. I was originally looking for a condo when I began my home search a year ago, then looked at houses but realized it would be too much for me to handle (young single female/Full Time worker). I'm in the process of purchasing a co-op on the South Shore (Babylon). It's a single bedroom, about 80% renovated and I'm going to renovate the last piece (put some money into it). I'm in a great location and I don't think/hope that I wouldn't have a problem when it comes to sell down the line. I even noticed that today the interest rates jumped up so I guess I timed it right when purchasing. Anyways, I was just wondering what everyones thoughts are on coops on long Island when it comes to market trends. I tried doing market trend research but am only coming up with information on houses, not co-ops. I know that they hardly appreciate much but just wondering if anyone out there may have any sites/information that would benefit me!
Thanks!
Way too many rules, regulation, board of director approvals, ect.......
Condo still has some rules, but not as half as much as the BS with Co-Ops
I wouldn't have gone down the co-op road in such an area, as the value of shares will likely not appreciate as much as a home especially as the property ages, but when it comes time to sell, perhaps you will find someone similarly situated as you and hopefully you can recoup what you paid.
Your situation-yes, but get a 2 bedroom for better resale value.. Rules of a co-op are not necessarily bad... Prevents renters who don't take care of the property like owners do, prevents renovations that can compromise the safety of the units. Babylon is a good area for this especially if you can walk to the train station.. My co-op took a while to sell. I lost a buyer once because there were more than 10% owners in arrears..but this was middle island and in 2010... Make sure the co-op has capital for improvements. Make sure that the co-op board is active in monitoring the property manager and the budget. Make sure the board is made up of owners!
I'm going to make this very clear for you; if you are planning on living in the CO-OP for the rest of you life then go ahead and get it. BUT, if you ever plan on selling it then prepare for some headaches. I can tell you for a fact that everyone that I've know that had a co-op and when they wanted to sell it had some sort of hassle from the board. A family member just recently sold their co-op but their PIA board basically turned down 2 potential buyers because they didn't like one thing or another about the buyer. It took them over a year to sell when it should have taken a few months.
Do yourself a big favor and spend the extra money on a Condo, not a co-op. Get a deed. You will save yourself a lot of headache later. Good luck.
I literally just closed on my co-op 2 weeks ago. I bought in East Rockaway...I'm not sure about Suffolk, but Co-ops are moving in SW Nassau. They're a more affordable option for someone like you or me just starting out or a retiree.
I remember you from the last thread that I created on here! Congrats! I'm hoping to be closing in the next 2 weeks also .
I'm going to make this very clear for you; if you are planning on living in the CO-OP for the rest of you life then go ahead and get it. BUT, if you ever plan on selling it then prepare for some headaches. I can tell you for a fact that everyone that I've know that had a co-op and when they wanted to sell it had some sort of hassle from the board. A family member just recently sold their co-op but their PIA board basically turned down 2 potential buyers because they didn't like one thing or another about the buyer. It took them over a year to sell when it should have taken a few months.
Do yourself a big favor and spend the extra money on a Condo, not a co-op. Get a deed. You will save yourself a lot of headache later. Good luck.
I originally started out looking for a condo for the main reason of a deed vs shares. I'm well aware that a condo/house is a much better investment. Unfortunately in my location the Condo prices are comparable to homes and when it came down to my monthly expenses it would just be too much for me to handle, just being one person. Luckily, the coop that I'm investing in doesn't seem to have many restriction on selling and the board/coop is pretty relaxed when dealing with the interview and approving people. I know there is a flip tax but I'm pretty sure that is comparable to other coops. I think the largest hurdle would be the prospected buyer gaining financing since they have a few more qualifications to pass through. The area is also amazing where I'm moving, hoping for no more Sandy's though .
Co-ops are fine. Everyone needs housing on LI and its a great option compared to renting.
With that being said...2 bedrooms sell wayyy faster than 1 bedrooms. I would buy the 2 bedroom unit even if its just you. Think family, guests, storage, etc.
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