Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Westchester County
 [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 12-16-2007, 04:02 PM
 
Location: NYC
364 posts, read 1,974,124 times
Reputation: 173

Advertisements

Well, we have been in this game for about two months now. We have been trying to buy one of the units at Bryn Mawr Ridge. Pretty decent area and it's right on Central Park Ave. We like the place with the exception of parking, which seems to be a problem everywhere.

Before we came to NY, we were aware of the difficulties trying to buy coops. Now I can testify by my own experience that this could be a real nightmare.

We had decided to buy a coop mainly because we could afford it. We couldn't afford a house, but coops are fairly affordable if you have the downpayment at least. Also, we have to be in NY for a few years, and we would hate to throw rent money away when we could be investing it, plus the tax benefits are good too.

At this point, We are getting discouraged and I am about to quit on this thing. We have spent over one $1K just in fees (coop board fee, apraisal, lawyer, etc) and still, we are at the mercy of the board's decision. Now we got another delay because the board is bitching about some papers they lost or something. What a pain in the butt. Each time they ***** about something you have to wait another month in the process.

If they turn us down, the $1K will be money sent to the trash. Not only that, but the time invested would be a waste too.

For those of you who own coop apartments in Westchester, how was your experience?

Are you satisfied with owning a coop unit in this area? (I know... I know... I know you don't own the unit but shares in the coop.)

Thanks!
Reply With Quote Quick reply to this message

 
Old 12-16-2007, 05:34 PM
 
490 posts, read 1,781,492 times
Reputation: 262
Quote:
Originally Posted by EdJones View Post
Well, we have been in this game for about two months now. We have been trying to buy one of the units at Bryn Mawr Ridge. Pretty decent area and it's right on Central Park Ave. We like the place with the exception of parking, which seems to be a problem everywhere.

Before we came to NY, we were aware of the difficulties trying to buy coops. Now I can testify by my own experience that this could be a real nightmare.

We had decided to buy a coop mainly because we could afford it. We couldn't afford a house, but coops are fairly affordable if you have the downpayment at least. Also, we have to be in NY for a few years, and we would hate to throw rent money away when we could be investing it, plus the tax benefits are good too.

At this point, We are getting discouraged and I am about to quit on this thing. We have spent over one $1K just in fees (coop board fee, apraisal, lawyer, etc) and still, we are at the mercy of the board's decision. Now we got another delay because the board is bitching about some papers they lost or something. What a pain in the butt. Each time they ***** about something you have to wait another month in the process.

If they turn us down, the $1K will be money sent to the trash. Not only that, but the time invested would be a waste too.

For those of you who own coop apartments in Westchester, how was your experience?

Are you satisfied with owning a coop unit in this area? (I know... I know... I know you don't own the unit but shares in the coop.)

Thanks!
__________

I understand how you feel. Please do not feel discouraged but understand co-ops are like that. They are difficult to close on, it takes at least three months. I used to own one and it took three months to buy and three months to sell. What happens is there are too many people involved. The lender takes its time and the Board of the co-op takes even more. The excuse for the board is that they don't get paid to process new buyers quickly, its like an act of charity or something. When I was buying mine in 1999 there was no way I could have these people interview me and approve me quickly. I was very dissapointed to learn the day after my interview that while I was accepted, they had to wait almost a month to make it official at the monthly board meeting. Not even to let me in my new place for christmas!
So your situation is more common than you think. Have some patience if you still want to buy the property or if things were to fall, you might want to consider a condo instead if you can afford it.
Reply With Quote Quick reply to this message
 
Old 12-16-2007, 07:04 PM
 
Location: NYC
364 posts, read 1,974,124 times
Reputation: 173
Hay ambar 371,

thanks a lot for your response. It helps me understand the whole situation better. At first I felt my case was just a particular case.

I hope things clear out in the near future.
Reply With Quote Quick reply to this message
 
Old 12-17-2007, 12:02 PM
 
56 posts, read 674,232 times
Reputation: 46
Coops should be outlawed. Natzi regimes is all they are.
Reply With Quote Quick reply to this message
 
Old 12-17-2007, 04:05 PM
 
Location: New York City
1,836 posts, read 3,171,476 times
Reputation: 379
Ed- Are you using a broker? Is there a way to single out "sponsor units" and at least try to focus on those first as they seem to be easier to close on (no board).

I'd love to hear of your experiences dealing with these boards as I will be on this grand hunt first quarter 2008! i will be targeting sponsor sales as in my line of work as i frequently see conversions and "bulk" sales eliminating boards completely on initial sales.
Reply With Quote Quick reply to this message
 
Old 12-17-2007, 05:41 PM
 
490 posts, read 1,781,492 times
Reputation: 262
Quote:
Originally Posted by BK2Westchester View Post
Ed- Are you using a broker? Is there a way to single out "sponsor units" and at least try to focus on those first as they seem to be easier to close on (no board).

I'd love to hear of your experiences dealing with these boards as I will be on this grand hunt first quarter 2008! i will be targeting sponsor sales as in my line of work as i frequently see conversions and "bulk" sales eliminating boards completely on initial sales.
_____________
BK2Westchester,

Please keep us informed when you come across an initial offering!

Thanks in advance!
Reply With Quote Quick reply to this message
 
Old 12-17-2007, 06:16 PM
 
19 posts, read 109,686 times
Reputation: 19
I own a coop, my first attempt landed in a lawsuit. During the interview, the president of the board said that he was willing to reject me for the one I was trying to buy, so that I could buy his daughters apartment for $20k more. I said I wasn't interested, and I was rejected. The seller caught wind of this and refused to refund my money while they tried to sue the coop board. It turned into a mess, and took me a couple of months to get my money back (thanks in large part to my lawyer (more money lost)).

My second attempt was succesful in Hartsdale. However, it was also very painful - dealing with the coop board took several months. I believe it took about 4-5 months before we were finally approved. It also cost several thousand dollars as well. While dealing with the paperwork & the very invasive research on me (surprized they didn't tell me to bend over and cough), we are very happy with our apartment and our board members also happen to be a great bunch of people as well.

Coops are the poor mans approach to getting into real estate. Homes and Condos are out of reach for many (me included it seems). Just keep in mind that all the difficulty your going thru now will happen again when you try to sell. Coop boards are the supreme beings and decide who is allowed to buy your apartment (they can reject any potential buyer you bring and are not leagally bound to tell you why).

However, if it's your only opportunity to get into real-estate here, and the place makes sence and offers a long term solution - go for it. Otherwise think twice...

good luck
Reply With Quote Quick reply to this message
 
Old 12-23-2007, 07:42 PM
 
Location: NYC
364 posts, read 1,974,124 times
Reputation: 173
Quote:
Originally Posted by BK2Westchester View Post
Ed- Are you using a broker? Is there a way to single out "sponsor units" and at least try to focus on those first as they seem to be easier to close on (no board).

I'd love to hear of your experiences dealing with these boards as I will be on this grand hunt first quarter 2008! i will be targeting sponsor sales as in my line of work as i frequently see conversions and "bulk" sales eliminating boards completely on initial sales.
Yes, I am using a broker. I wasn't aware of the "sponsor unit" options until I had started the process already.

I have a friend that bought a nice coop unit in Queens through a sponsor sale, and she never saw the board at all.

If I have to do it all over again, I would go that route too.
Reply With Quote Quick reply to this message
 
Old 12-23-2007, 07:45 PM
 
Location: NYC
364 posts, read 1,974,124 times
Reputation: 173
Quote:
Originally Posted by KTF&1096 View Post
I own a coop, my first attempt landed in a lawsuit. During the interview, the president of the board said that he was willing to reject me for the one I was trying to buy, so that I could buy his daughters apartment for $20k more. I said I wasn't interested, and I was rejected. The seller caught wind of this and refused to refund my money while they tried to sue the coop board. It turned into a mess, and took me a couple of months to get my money back (thanks in large part to my lawyer (more money lost)).

My second attempt was succesful in Hartsdale. However, it was also very painful - dealing with the coop board took several months. I believe it took about 4-5 months before we were finally approved. It also cost several thousand dollars as well. While dealing with the paperwork & the very invasive research on me (surprized they didn't tell me to bend over and cough), we are very happy with our apartment and our board members also happen to be a great bunch of people as well.

Coops are the poor mans approach to getting into real estate. Homes and Condos are out of reach for many (me included it seems). Just keep in mind that all the difficulty your going thru now will happen again when you try to sell. Coop boards are the supreme beings and decide who is allowed to buy your apartment (they can reject any potential buyer you bring and are not leagally bound to tell you why).

However, if it's your only opportunity to get into real-estate here, and the place makes sence and offers a long term solution - go for it. Otherwise think twice...

good luck
Thanks for your response. That's very good information.

Yes, we can't afford anything else and I just don't want to continue throwing my money away in rent. We are looking at this as a long term investment since paying rent, as easy as it is, is just a waste of money in the long run in my opinion.

We are learning as we go. If the deal doesn't work out, then i might just continue renting and wait until we save more money for a house. But that would be many years down believe me!!!!
Reply With Quote Quick reply to this message
 
Old 12-23-2007, 08:01 PM
 
6,304 posts, read 8,971,981 times
Reputation: 8149
Ugh, coops.

Why they get their "say" in these issues is beyond me. I have my theories, but I'm sure that I'll offend more than one member on here by saying them....

I'd say, if you can, go with what has been said about a house or a condo. Way less red tape, and equity to go along with it.

Why should any random person have a say in who can, or cannot, buy in their building?
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 > Westchester County

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