Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am not sure whether people new to coops understand that legally they are renters with long-term leases and not owners.
Using the term "renter" scares people into thinking they may not have lifetime rights to the unit. You do have lifetime rights to the unit because you own shares in a corporation that gives you those rights.
Would you rather live in a condo that goes down in value, or a coop that goes up in value?
An important correction. You have rental rights to two coops, and the Board alliws you to sublease them. Coop renters must get Board permission because they are not owners, they are renters.. The distinction is important for those who are not familiar with Coops.
You are not a coop renter, you are a coop OWNER. I have never heard the term "coop renter."
Every coop board has its own policy regarding leasing the unit you OWN to a renter. Some never allow it. Some allow it if your company is sending you overseas for a few years. Some allow it for two years at the most, but limit the number of units that can be rented at any time.
The one thing that does bother me about coops is you have to disclose all your income, tax and asset information to people with whom you will be sharing an elevator.
l saw 26 co-op listings for Garth Road. I researched and someone posted that realtors own many of the co-ops and can't sell them. Is that true? I know someone who owned there years ago and had a tough time selling. Personally, I like E. Hartsdale better, people are friendly and the community has a city vibe.
You are concerned with 26 listings on a a street that is lined with well over 1,000 apartments?
Here are the stats off the MLS.
Active Listings - 22
Units Under Contract - 21
Units Sold in the Last 365 Days - 112
Not only can you sell a coop on Garth Road, but there is a SHORTAGE OF LISTINGS.
l saw 26 co-op listings for Garth Road. I researched and someone posted that realtors own many of the co-ops and can't sell them. Is that true? I know someone who owned there years ago and had a tough time selling. Personally, I like E. Hartsdale better, people are friendly and the community has a city vibe.
The problem with E. Hartsdale Avenue is the often nightmarish traffic on E. Hartsdale Avenue. You can wait many light cycles trying to get across Central Avenue. But yes, it is more of a city vibe if that's what you like.
You are not a coop renter, you are a coop OWNER. I have never heard the term "coop renter."
Every coop board has its own policy regarding leasing the unit you OWN to a renter. Some never allow it. Some allow it if your company is sending you overseas for a few years. Some allow it for two years at the most, but limit the number of units that can be rented at any time.
The one thing that does bother me about coops is you have to disclose all your income, tax and asset information to people with whom you will be sharing an elevator.
Well this is legally incorrect.
A person (s) owns shares (which are quite meaningless) and leases from the corporation. Board approval is normally required prior to any sale of shares. Ditto with any sub-leasing. This is a major consideration.
You are concerned with 26 listings on a a street that is lined with well over 1,000 apartments?
Here are the stats off the MLS.
Active Listings - 22
Units Under Contract - 21
Units Sold in the Last 365 Days - 112
Not only can you sell a coop on Garth Road, but there is a SHORTAGE OF LISTINGS.
Good to know the sales are strong on Garth Rd. Both Garth Rd. and E. Hartsdale always look so congested with so many people living so close together, it's not easy getting used to such crowding coming from a private home. I looked at a few ,co-ops on E. Hartsdale, they were ok, but when I went out into the hallway, it stunk of tobacco smoke and I got an immediate headache. I wondered if second hand smoke blew into apartments from the hallway or from neighboring apartments, yuk. The smoke issue and pet issue (barking dogs) make me hesitant to downsize and sell my home for a co-op. My friend lives in a smoke free and pet free co-op in White Plains, but I would bet those are hard to find.
A person (s) owns shares (which are quite meaningless) and leases from the corporation. Board approval is normally required prior to any sale of shares. Ditto with any sub-leasing. This is a major consideration.
Forget the legal term. Everyone refers to it as coop ownership. It's yours for the rest of your life if you choose not to move. It is the equivalent of ownership.
The shares give you that right. They can't take the shares away from you, unless you default on the maintenance.
Good to know the sales are strong on Garth Rd. Both Garth Rd. and E. Hartsdale always look so congested with so many people living so close together, it's not easy getting used to such crowding coming from a private home. I looked at a few ,co-ops on E. Hartsdale, they were ok, but when I went out into the hallway, it stunk of tobacco smoke and I got an immediate headache. I wondered if second hand smoke blew into apartments from the hallway or from neighboring apartments, yuk. The smoke issue and pet issue (barking dogs) make me hesitant to downsize and sell my home for a co-op. My friend lives in a smoke free and pet free co-op in White Plains, but I would bet those are hard to find.
Every coop except one on Garth Road does not allow dogs. I don't know what the smoking rules are.
Garth Road is surprisingly quiet. Some traffic during morning rush hour. But it's nothing like East Harstsdale Avenue, which is a major east-west road.
Forget the legal term. Everyone refers to it as coop ownership. It's yours for the rest of your life if you choose not to move. It is the equivalent of ownership.
The shares give you that right. They can't take the shares away from you, unless you default on the maintenance.
What is important is not what people call it, it is what are your legal rights.
You own stock, which you have to get permission from the Board before you can sell. This is an important consideration. I once looked at the database containing all coops put up for sale, and what I immediately noticed were the number that couldn't be sold. Sometimes waiting for Board approval will terminate a sale.
There is a reason condos sell for much more, the owner has deed of ownership and can sell to whomever they want whenever they want, without any prior approval from a Board. In the coop agreement, the owner of the shares is called a leasee with different rights than an ordinary leasee since it is a coop.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
