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Old 08-08-2008, 08:04 AM
 
Location: Bronx
25 posts, read 112,218 times
Reputation: 17

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I'm looking into buying into a coop in the Bronx area. I have the funds to buy a condo but it looks like only in Bronx Parkchester area or outside of the city ie: Orange Cty, NY or CT however I'm NOT interested. Been there and done that and don't want to travel. I once put in 40k miles on my car traveling to and from Orange County, NY. Not anymore !!...lol I have decided that my budget would allow me to buy to a coop which is a bit more affordable for me. I'm currently working with a few R.E. agents who are searching into the Riverdale, Van Cortland area and North of Pelham Pkway areas. What are my chances of getting a decent deal and about getting at least parking in these areas ?? They mentioned waitlisted parking in some of these places ?? Has anybody ever experience a waitlisted process..how long does this take ??? what about off street parking in these specific areas ?? I wanted to stay close within the city as its easy to travel and have the city life too....help ?
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Old 08-08-2008, 08:07 AM
 
Location: Bronx
25 posts, read 112,218 times
Reputation: 17
Default Does anyone have a coop ?

What are the pros and cons ? Does the pro outweigh the cons ?
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Old 08-08-2008, 08:14 AM
 
Location: New York City
1,836 posts, read 3,069,864 times
Reputation: 378
Quote:
Originally Posted by Will3020 View Post
I'm looking into buying into a coop in the Bronx area. I have the funds to buy a condo but it looks like only in Bronx Parkchester area or outside of the city ie: Orange Cty, NY or CT however I'm NOT interested. Been there and done that and don't want to travel. I once put in 40k miles on my car traveling to and from Orange County, NY. Not anymore !!...lol I have decided that my budget would allow me to buy to a coop which is a bit more affordable for me. I'm currently working with a few R.E. agents who are searching into the Riverdale, Van Cortland area and North of Pelham Pkway areas. What are my chances of getting a decent deal and about getting at least parking in these areas ?? They mentioned waitlisted parking in some of these places ?? Has anybody ever experience a waitlisted process..how long does this take ??? what about off street parking in these specific areas ?? I wanted to stay close within the city as its easy to travel and have the city life too....help ?
most if not all of the questions you are asking are area specific and can be answered by the local realtors you are working with.

Ask them all the same questions and see what answers you get.
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Old 08-08-2008, 08:16 AM
 
7,079 posts, read 36,834,605 times
Reputation: 4083
I've lived in co-ops since 1988. There are good points and bad ones. Most of the bad ones relate to complying with the board's house rules. But they're reasonable rules and reasonable people usually don't have an issue. And the board does review your finances in depth. Co-op are generally less costly than condominiums but you don't have the flexibility to sell to anyone without board approval or to sublet. And that's why condominiums cost more. On the other hand, we don't have issues with shareholders going into foreclosure.

I've never had a problem complying. And it's been a blessing because the board DOES pull the strings: a problem shareholder was brought into line when I cited things that she was doing that compromised the safety of the building. I don't think it's that big a deal. But that's me. Others will likely disagree vehemently.
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Old 08-08-2008, 08:28 AM
 
Location: New York City
1,836 posts, read 3,069,864 times
Reputation: 378
Quote:
Originally Posted by Will3020 View Post
What are the pros and cons ? Does the pro outweigh the cons ?
i took the time to answer this one based on my personal experience but it's not here.

Last edited by Viralmd; 08-08-2008 at 09:04 AM.. Reason: electronic glitch in merging threads
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Old 08-08-2008, 08:32 AM
 
12,344 posts, read 24,766,749 times
Reputation: 10318
Quote:
Originally Posted by Viralmd View Post
Co-op are generally less costly than condominiums but you don't have the flexibility to sell to anyone without board approval or to sublet. And that's why condominiums cost more. .
I'm pretty sure condos cost more because what you are buying is actual real estate and not shares in a corporation, as you are when you buy a coop. When you buy a coop, you are actually technically leasing the apartment from the corporation, which holds the mortgage for the building. In a condo there is no corporation that holds the building's mortgage.

The issue is fairly complex. A good book is the NY Coop Bible.

It's incorrect to say that condos cost more simply because you don't have the flexibility to sell without board approval and that there are sublet rules.
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Old 08-08-2008, 09:02 AM
 
7,079 posts, read 36,834,605 times
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I really do believe that people are willing to pay more not to have to go through board approval and to have that financial flexibility to sublet. Most people are CLUELESS about the difference between a co-op and a condominium with respect to shares vs. actual real property - they only know about the board stuff and ease of subletting/selling.
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Old 08-08-2008, 09:30 AM
 
Location: Cary
271 posts, read 673,217 times
Reputation: 154
Glen Oaks Village in Queens is Very Nice
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Old 08-08-2008, 09:30 AM
 
Location: Bronx
25 posts, read 112,218 times
Reputation: 17
lol..Yeah i agree with house rules..I'm one of those potential buyers who wouldn't have an issue with rules and regulations. Especially in helping keep the building safe and secure. Thats the beauty of even a coop....buyers should work with one another to upkeep the building. Even in coops, one would expect that it is clean and safe.
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Old 08-08-2008, 09:38 AM
 
12,344 posts, read 24,766,749 times
Reputation: 10318
Quote:
Originally Posted by Viralmd View Post
I really do believe that people are willing to pay more not to have to go through board approval and to have that financial flexibility to sublet. Most people are CLUELESS about the difference between a co-op and a condominium with respect to shares vs. actual real property - they only know about the board stuff and ease of subletting/selling.
Right - and part of my point is that people who are buying a coop should not be clueless - they should educate themselves about the differences between owning a coop and owning a condo, because it's not a simple difference that can be distilled into one concept in one sentence.
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