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I'm in the market for a coop. I was quoted $1K for a 2bd coop in westbury which includes: all utilities, parking and taxes. Seems very high although I'm aware that property taxes in LI are significantly higher.
I know that all coops are different, but this will help me see the broader picture by area.
I'm in the market for a coop. I was quoted $1K for a 2bd coop in westbury which includes: all utilities, parking and taxes. Seems very high although I'm aware that property taxes in LI are significantly higher.
I know that all coops are different, but this will help me see the broader picture by area.
I tell you what...this is not cheap, but if it's all in, in a brand new building, this is not the end of the world. You have to think that some of this is like the building's mortgage (hence co-op not condo), plus relatively high taxes on a new res. unit, plus relatively high utility costs, plus parking. I wouldn't say it's too out of line, but I'm sure older buildings may be a better deal.
The building is not brand new. The highest number I've found online for other 2bdr in the area is $875. As I go now and look at more places in nearby towns, i hope to gather some additional data here.
Something interesting i've found is that older buildings might not have high fees because they might not even have a mortgage anymore. Nevertheless, the older the structure gets, the higher the risks are for major repairs when they actually happen.
I'm in the market for a coop. I was quoted $1K for a 2bd coop in westbury which includes: all utilities, parking and taxes. Seems very high although I'm aware that property taxes in LI are significantly higher.
I know that all coops are different, but this will help me see the broader picture by area.
That seems about right for monthly maintenance(M/M). Keep in mind that once a year, January for me, that you get the STAR Program discount for that month. Therfore Jan's M/M is like $100. And as you mentioned this inludes taxes, heat, water/sewage, lawn care, swimming pool, parking, security, gym etc. If you look at it like that its not a bad deal. Especially when tax's alone out here are $700 a month and heating bills are $500 in a cold winter.
That seems about right for monthly maintenance(M/M). Keep in mind that once a year, January for me, that you get the STAR Program discount for that month. Therfore Jan's M/M is like $100. And as you mentioned this inludes taxes, heat, water/sewage, lawn care, swimming pool, parking, security, gym etc. If you look at it like that its not a bad deal. Especially when tax's alone out here are $700 a month and heating bills are $500 in a cold winter.
Hey Rocafeller05:
Thanks for sharing your opinion. I really need to figure how much of the quote I got will actually go to the taxes. But if taxes are as high as you say, then it will make sense.
Also, pardon my ignorance but....what is the STAR program
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pros&cons between condos and coops. In what way do you personally favor condos?Well, I have read tons of info about
Condos have much lower maintainance fees and you own your own place (except for the outside). I don't think that there are very many coops on LI. Maybe a few in Huntington Village and Babylon Village , in older buildings. I think that condos sell for more than coops.
pros&cons between condos and coops. In what way do you personally favor condos?Well, I have read tons of info about
Condos have much lower maintainance fees and you own your own place (except for the outside). I don't think that there are very many coops on LI. Maybe a few in Huntington Village and Babylon Village , in older buildings. I think that condos sell for more than coops.
Yes, you are correct. At least, based on my research and the information given to me by my agent, YES: condos sell quicker and have lowe maintenance fees.
Based on the information given to me, condos are priced much higher than coops for a similar amount of space. Plus in coops you can use your maintenance fees for tax reductions.
Those are the main reasons why I am looking for coops.
But you have a very good point about condos since you own real estate when you buy them.
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