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Old 08-09-2020, 02:14 PM
 
2 posts, read 1,373 times
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I plan on selling my condo in Hackensack to move to Fort Lee as l spend much of my time in the area to shop at the Asian supermarkets, eating at the Korean/Chinese/Asian restaurants and patronizing other Asian businesses.



I've noticed that Fort Lee has many co-ops in addition to some condo buildings. Are there any caveats regarding co-ops that l should be aware of? How does one go about performing due diligence on the financial condition of the co-op? Do any of the buildings built in the 70's have needed structural repairs that could cost a bundle or are they generally well maintained and in sound condition?



Do certain condos or co-ops have "bad" reputations? l have a friend on the board of one of the well known condo buildings in Fort Lee. The negatives he mentioned were eye opening, but my guess is that every building has pros and cons.



I am leaning towards co-op because l want to keep my real estate exposure in NJ to a minimum, but l might spend extra for a condo if l find something that is appealing. Any advice, recommendations or common sense tips are appreciated.
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Old 08-10-2020, 07:49 PM
 
23 posts, read 27,344 times
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You better check the monthly maintenance first. That will drop your jaw
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Old 08-10-2020, 08:34 PM
 
3,768 posts, read 1,297,717 times
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Quote:
Originally Posted by Rh-2262 View Post
I plan on selling my condo in Hackensack to move to Fort Lee as l spend much of my time in the area to shop at the Asian supermarkets, eating at the Korean/Chinese/Asian restaurants and patronizing other Asian businesses.



I've noticed that Fort Lee has many co-ops in addition to some condo buildings. Are there any caveats regarding co-ops that l should be aware of? How does one go about performing due diligence on the financial condition of the co-op? Do any of the buildings built in the 70's have needed structural repairs that could cost a bundle or are they generally well maintained and in sound condition?



Do certain condos or co-ops have "bad" reputations? l have a friend on the board of one of the well known condo buildings in Fort Lee. The negatives he mentioned were eye opening, but my guess is that every building has pros and cons.



I am leaning towards co-op because l want to keep my real estate exposure in NJ to a minimum, but l might spend extra for a condo if l find something that is appealing. Any advice, recommendations or common sense tips are appreciated.
what are the negatives if you don't mind sharing?

I know monthly fees are quite high, but most include utilities and taxes.
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Old 08-10-2020, 09:28 PM
 
11,647 posts, read 15,611,667 times
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Originally Posted by jotarony View Post
You better check the monthly maintenance first. That will drop your jaw
Yup... insane.
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Old 08-11-2020, 07:14 AM
 
2 posts, read 1,373 times
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Originally Posted by blahblahyoutoo View Post
what are the negatives if you don't mind sharing?

I know monthly fees are quite high, but most include utilities and taxes.

The negatives mentioned for this particular condo were deadbeats in arrears on maintenance fees, and "politics" on the board and alleged financial mismanagement. He claims that the situation is "improving".


I'm fully aware of the maintenance fees associated with condo/ co-op living. I'm in the process of gathering Intel on buildings in the Fort Lee area to facilitate making a sound purchase decision.
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Old 08-11-2020, 05:31 PM
 
4,428 posts, read 3,720,880 times
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The "politics" on the board is something that is very variable, and can change from year to year depending on who is on the board. I do agree though that some buildings might be more prone to drama and politics than others.
I am not certain about the maintenance covering all utilities but you are correct that for many it is all inclusive.
I don't know how easily you can find out about those in arrears but it is a real concern. I have no specific knowledge regarding any particular building. It sounds like you are doing a good and thorough investigation.
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