COOP appreciation in West New York, NJ vs NY

[Bailey1029]

Hello,
My boyfriend is selling his co-op in Edgewater. He is asking 248k! The HOA dues are only 700 a month and includes cable and heat/AC, and taxes. If you are interested let me know. I wish we could both live there as its a perfect place, however, I have a dog and they dont allow pets to live there. Happy to send you the link. His place is on Zillow. Address 1375 River road, apt 2B edgewater NJ.

[sirk98]

I owned a coop in Brooklyn once upon a time. Value wise, it worked out well when I sold.


Buying and selling were a nightmare. The added board approval variable, while great for those living in the building (ensure everyone buying in can afford their maintenance), it was really stressful (90 day closings, what if the board denies it after all the work of finding a buyer/agreeing to terms/etc)


One of the positives of the Coop model is the ability of the coop to take on a mortgage to cover large renovations/repairs/etc. This is baked into the maintenance and is tax deductible.


Condos may be able to get loans, but not like a Coop.

[hardstart1]

I have been keeping my eyes on the condos and co-ops in my area for the last 11 years, ever since I bought a condo of my own.

One thing about co-ops, at least here, is that they are significantly cheaper to purchase. For example, right now a 2 bedroom 2 bath 1,200sqft co-op sells for $160K while the same exact condo will sell for $275K.

The co-op has a much high maintenance cost, but that is to cover the property taxes. For example, the condos mentioned above have a $280 maintenance and $6,500/year in property tax, totaling $820/month. The co-op has just the maintenance fee of $760.

So in that respect, you have the benefit of getting into a nicer home for less money. BUT, if you are looking to make an investment, it won't be worth as much int he future and it will be harder to sell.