Strathmore Court Condos vs North Isle Village co-ops in Coram (real estate, sublets)

[tylehalo]

Looking at listings in both these developments. Planning to downsize and am not concerned with school info. Any information would be appreciated.

[thebobs]

You're comparing a condo to a co-op. That's like apples and oranges.

Price is the biggest difference.

Condo you own. Co-op you own shares in a corporation. Plus for a co-op you need a lawyer who understands co-ops and not just any real estate lawyer or it will get very messy.

[Jdawg8181]

Condos are more attractive to prospective buyers if you are ever looking to sell.


It's tough to sell a co-op and they require board approval which is very frustrating.

[oneinonehundredfifty]

I have been an owner at north isle village for over 5 years and I must say that the community has improved drastically over the last few years, thanks to a new board and new management company. There are new pools, new gyms, new tennis courts, new basketball courts, new signs, new website, new and improved communication methods, community events, a monthly newsletter, new brighter LED lighting, new water mains, new laundry rooms, the indoor pool is being re-done, the parking lots are going to be re-done, the pointe Circle siding is going to be re-painted, they are cracking down on illegal sublets, they have more meetings with shareholder residents per year instead of just one, and much more. We have a great new property manager and some new office staff who are phenomenal. Maintenance is great and handles concerns timely. This place had been neglected for many years until recently. All places have their issues, but the important question to ask is: Is the community improving and moving forward? In this case the answer is yes. You get the most bang for your buck here and as a 20-something first time home buyer, I can tell you that there are no other places on LI that you can own that are as affordable as here.

[Pace500]

Definitely ask for their financials! Need to make sure they are current or close with their utilities, is very important along with how new or old the buildings are...roof, etc. Ask about the monthly maintenance fees.

Condos = higher price with lower maintenance fees. Easier to sell. Board is less hands on. Usually no common area.

Coops = lower price with higher maintenance fees. Easier to boot out people. Board is very involved, usually has a common area (pools, party room).

[oneinonehundredfifty]

While the common charges may be higher in a co-op as opposed to condos, in a co-op the charges cover more areas. For example where I live, the common charges include my heat, hot water, gas for cooking and water usage. In a condo you would pay for all of that separately on your own. Besides my common charges and my mortgage, the only other thing I pay for is my electric, cable, and co-op insurance which is about three and change for the year. The good thing about a co-op is that your monthly bills don’t fluctuate as much because no matter how much water, gas, or heat you use, your bill is the same. Also if the heating and air-conditioning unit needs repairs or replacement, they cover it. If the hot water heater breaks, they pay for a new one. If the roof needs to be fixed or replaced, they take care of it. Definitely more price consistency month to month because you don’t have to worry about unexpected issues that come up like when you own a condo or a home

[thebobs]

If a coop goes belly up, or new management takes over via purchase, the cooperation can be dissolved which means they become rentals. If that happens, they can decide to rent to you or not. Then not only are you paying for a mortgage on a place you no longer have, you'd have to pay rent on top of that if they decide to rent to you.


Definitely review the financials. You could be out on the street if they're that bad.

[majortom1981]

also look into blue ridge as well. its in medford. I live there and its pretty good. We also have a 9 hole golf course and an outdoor tiki bar in the summer.