Co-ops in Great Neck? (for sale, real estate, apartments)

[Nick79]

Hello, I noticed that there are tons of coops for sale in GN, way more than condos. Does anyone have direct, hands-on experience in buying into a coop on LI?Is it something you would recommend?Are the boards really strict?I really love the area and space is not a concern so I'm looking at condos/coops rather than SF homes. Thanks in advance!

[HI7]

Some boards are like a wall, other are more liberal. Ask realtors, they usually know. It is possible to buy coop in Great Neck, just be well-prepeared to meet the board.

[Kuota]

Stay away from C0-ops

[firteen888]

I recently moved into a co-op (islip) and love it. The board isnt very strict but it varies with different developements.

[Nick79]

Originally Posted by Kuota

Stay away from C0-ops

Can you elaborate a bit more?

[I_Love_LI_but]

If you want a coop in Great Neck, first make sure the maintenance is REASONABLE. If the coop board was/is a bunch of fools, the maintenance is way too high and is practically impossible to fix. Notice how some of the most expensive real estate in Manhattan have low maintenance compared to the prices to get into the building. It's because the rich know how to handle money. If the maintenance is ridiculous, forget the building. Second, drive a VERY HARD BARGAIN. There is a reason there are so many for sale and that is because they are less desirable than SF homes, period. Where there is a glut of coop apartments, there is room to offer less money because someone will take it. Third, plan to live in the coop for a reasonable amount of time. Don't buy one if you may have to move in a couple of years or you may very well be stuck with it and not be able to get rid of it at any price. Unfortunately that is how coops are. Make sure you really are going to stay there to make it worth your while because if you decide you want a SF home in 2-3 years, you may have a surprise coming when you can't sell the coop.

[LIgirl74]

I am not sure whether the person who told you to stay away from co-ops is b/c they don't hold their value as well or if b/c of the board requirements.

I can differentiate a co-op/condo to you as my husband and I were looking into both 4 years ago and ended up buying a condo.

Differences:

co-op:
board is usually more strict
you must be voted in by a board to be able to purchase a co-op in that bldg
you are buying into shares rather than owning the home
you must show your financials to the board to be voted in
you are not able to get a mortgage from credit unions for a co-op
you usually are required to put 20% down but some co-ops require less
if you want to sell one day and you get an amazing offer, and the board doesn't approve your buyer, you need to find another buyer who they will vote in and that person could make you a much less offer
if you want to make changes in your co-op, such as put up a wall, etc., you must ask for permission by the board and they can say no

condo:
no board to vote you in
no need to show your financials
you can get a mortgage loan from any bank that does mortgages as a condo is looked at more like a regular home which means you can put down whatever the bank allows
you own your interior walls in and not shares such as a co-op
you can make any changes in the condo without approval by the board as long as it's not to structure walls
you can sell to anyone you want b/c nobody needs to approve who you are selling your home too


A condo is looked at more in a way of owning a home; rather than a co-op which you own shares rather than the home. Also, maintenance fees in co-ops can be costly as opposed to paying condo maintenance fees and taxes.

Good luck with whatever you decide to go with and if you have any questions, don't hesitate to ask.

[Nick79]

All very good points, thanks for the input. One more question: I know GN is a predominantly Jewish area, which doesn't bother me at all, however, could the fact that I'm not Jewish potentially be a discrimination factor when it comes to the board approval process?I just don't want to feel totally UNwelcome. I'm very open to diversity so this wouldn't be an issue on my part.