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Hi everyone,
As part of house shopping (primarily for schools) coming from Long Island City, we've come across few condos and we were wondering if anyone here has information about any red flags we should be looking out for?
There are places like Maple Run, Majors, Foxwood Drive, and recently The Glen in Glen Cove.
We've been considering houses but the idea of Condo is becoming more attractive on paper for maintenance, repairs and snow/landscaping alone.
Apart from sharing wall with the neighbors, are there any problems with condo communities in general?
In condo you are sharing everything. If everything goes well then it is as good as is on paper. However, when someone stop paying fees, files for bankruptcy, in foreclosure, etc. everyone has to cover that cost. Also if you want to perform any repair or improvement to an element that is a responsibility of the HOA, you need to wait for approval and the timeline that hoa chooses, not you. Finally, condos are built to sell so builders are using the cheapest materials and cut corners left and right. So the quality is not great.
All of these are from my personal experience having lived in 2 condos/townhouses and serving on HOA board both times. After my last one I said never again. The only thing I miss is snow cleaning.
Thanks. This one condo community I found stated they are co-op on paper, but works like condo, and there is no board approval and sublet is allowed. It looked like a decent community but I am not sure it's a good thing if board doesn't review renters. For example in Manors in Jericho, the street looked very narrow, everyone was parking on the street and felt like a rental community to me.
In reference to sharing the costs and default, I thought that was for Co-op and condos, but then again I only lived in coop apartments in LIC.
However I really like the gated entrance, are there gated communities that are not condos in Nassau? Some of these condo communities have nice amenities like pool, etc but others don't and show high HOA despite not having amenities like tennis court, pool, kids playground, etc.
Some people think condo communities are for older people and they are more conservative, etc. We are not party people and I would love to finally love in a quiet neighborhood. LIC is getting very populated.
Thanks again for chiming in. I hope we can hear from more people with condo experiences.
A condo is a fee simple property. With a co-op you own shares of the cooperative, not the unit that you live in.
It depends on the development whether the residents are primarily older or younger. There are condos that have children or young couples. There are condos for empty nesters that use it as an in-between residence before retirement. Singles will own condos too. I knew a few single men who owned 2 bedroom condo units (townhouse style). The latter considered it as temporary housing.
In reference to shared costs the problem is that the condo is supposed to be responsible for exterior maintenance and to some degree, shared walls. If you have a leak from the roof, the condo is supposed to repair the roof and you have to depend on them to get the repair done. They may take their sweet time while the water keeps coming inside, damaging the interior. The damage from the leak to your interior and any personal property is up to you and your condo unit insurance plan. Again, depends on the condo rules and insurance. Some condos require permission from the board for renovations.
Make sure that any condo under consideration for purchase has a very healthy reserve.
Co-ops are the hardest to sell, followed by condo developments. During a real estate downturn, it's nearly impossible. Single family structures are the most desirable and therefore, the easiest to sell.
Thanks. This one condo community I found stated they are co-op on paper, but works like condo, and there is no board approval and sublet is allowed. It looked like a decent community but I am not sure it's a good thing if board doesn't review renters. For example in Manors in Jericho, the street looked very narrow, everyone was parking on the street and felt like a rental community to me.
In reference to sharing the costs and default, I thought that was for Co-op and condos, but then again I only lived in coop apartments in LIC.
However I really like the gated entrance, are there gated communities that are not condos in Nassau? Some of these condo communities have nice amenities like pool, etc but others don't and show high HOA despite not having amenities like tennis court, pool, kids playground, etc.
Some people think condo communities are for older people and they are more conservative, etc. We are not party people and I would love to finally love in a quiet neighborhood. LIC is getting very populated.
Thanks again for chiming in. I hope we can hear from more people with condo experiences.
There are gated communities with single family homes. 1m is the minimum starting price. The ones in syosset and Jericho 1.5 atleast. Gated = very high end when it comes to single family homes. Even if you go to very western Suffolk most communities are 1.5m starting. If you got the $$ it's absolutely doable!
There are gated communities with single family homes. 1m is the minimum starting price. The ones in syosset and Jericho 1.5 atleast. Gated = very high end when it comes to single family homes. Even if you go to very western Suffolk most communities are 1.5m starting. If you got the $$ it's absolutely doable!
Those sound very expensive only because there will be community fees on top of taxes and mortgage and insurance, so I think I'll stay with Condos for now and keep looking. Worst case I'll just got back to looking at houses.
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