Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 06-27-2009, 12:54 AM
 
141 posts, read 338,767 times
Reputation: 50

Advertisements

i googled use wikipedia etc but i dont understand what a condo is.

at 1st condo sounds like a co-op, then it sounds like an apt you bought.

can any1 clearly define the 3, cause i have seen condo rentals in my apt hunt
Reply With Quote Quick reply to this message

 
Old 06-27-2009, 01:15 AM
 
11,151 posts, read 15,801,823 times
Reputation: 18844
Bankrate.com gives a pretty good explanation (scroll down to the "Form of Ownership" section)

Basically, in a condo, you own your apartment, as well as part of the common areas. In a coop, you own *shares* in the corporation that owns the building and common areas and you are given the right to lease space there.
Reply With Quote Quick reply to this message
 
Old 06-27-2009, 02:17 AM
 
106,110 posts, read 108,073,381 times
Reputation: 79677
in a co-op you technically dont own your apartment, you own shares in the building and are given as a benefit a lease to an apartment.

the co-op is alot stricter in rules and regulations with the co-op board being the governing authority...they get to say who you sell to, sublet to etc..

in a condo you are usually free to sell to whom ever , if the condo board dosnt like it they have right of first refusal meaning they can buy your house if they dont like who your selling to but most condo boards cant stop the sale
Reply With Quote Quick reply to this message
 
Old 06-27-2009, 07:33 AM
 
7,079 posts, read 37,882,221 times
Reputation: 4088
It is becoming more commonly the case that condominiums are imposing increasingly stricter rules about subletting, sales, etc. Especially now with many owners defaulting.
Reply With Quote Quick reply to this message
 
Old 06-27-2009, 09:13 AM
 
Location: Washington, DC & New York
10,915 posts, read 31,305,053 times
Reputation: 7137
A condo can also be an investment property, so it would not be that uncommon to find one available for rent, whereas a co-op may or may not be rentable after an individual owner buys into the building, under strict conditions, if at all, since it's all board-dependent. And, co-ops that do allow rentals will almost always impose a subletting fee for the privilege of doing so, after they have approved the tenant.

This is not the case, however, when the co-op sponsor owns a large block of apartments in a project, since they are not subject to board oversight and can sell/rent to whomever they want without any reprocussions. Usually, such properties are listed with "No board approval," or "Sponsor apartment," in the text, meaning that you just have to pay the price to acquire the co-op and don't have to go through the vetting process imposed by the board.

Sometimes these units will be in buildings that converted long ago, since the sponsor has had to keep them due to an existing rental lease and the tenant did not leave the property for many years. In some cases, the sponsor will sell the rented property to an investor who will wait out/buy out the tenant and regain control of the property, and some sponsors have held back a certain number of units in the project to rent and sell at a later date.

One other rule of thumb is that a condo represents real property, whereas the co-op is a personal property interest, since you are a shareholder in the corporation that owns the property and have the proprietary lease for a specific apartment. Technically speaking, a co-op transaction is not a transfer of property, but it functions as such, even though it's more in line with a securities purchase of the stock, but in the case of a co-op that corporate stock purchase carries with it specific rights, i.e., the proprietary lease.
Reply With Quote Quick reply to this message
 
Old 06-28-2009, 09:22 AM
 
12,769 posts, read 18,308,687 times
Reputation: 8768
you do not pay property tax on a co-op...you will have to on a condo
Reply With Quote Quick reply to this message
 
Old 06-28-2009, 09:26 AM
 
106,110 posts, read 108,073,381 times
Reputation: 79677
you certainly do, its included in the maintaince...not only do you pay it but you write a portion of it off too


you dont get a seperate bill but its paid thru the building with them charging you
Reply With Quote Quick reply to this message
 
Old 06-28-2009, 09:28 AM
 
12,769 posts, read 18,308,687 times
Reputation: 8768
Quote:
Originally Posted by mathjak107 View Post
you certainly do, its included in the maintaince...not only do you pay it but you write a portion of it off too


you dont get a seperate bill but its paid thru the building with them charging you
well yeah, but I mean u wont get slapped with a $13,000 bill for property taxes...it's in the maintenance so you don't realise ur paying it
Reply With Quote Quick reply to this message
 
Old 06-28-2009, 09:39 AM
 
106,110 posts, read 108,073,381 times
Reputation: 79677
ha ha guess you never lived in a co-op...oooooh your realize it when you write that maintaince check lol..... but yes they are lower then a house
Reply With Quote Quick reply to this message
 
Old 06-28-2009, 09:46 AM
 
12,769 posts, read 18,308,687 times
Reputation: 8768
Quote:
Originally Posted by mathjak107 View Post
ha ha guess you never lived in a co-op...oooooh your realize it when you write that maintaince check lol..... but yes they are lower then a house
ummm I live in a co-op now...my maintenance is $300/mo...that isn't exactly a lot of money.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Similar Threads
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top