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I'm preparing to move downstate and it looks like Westchester will be the place. Would like to be in a higher density area, which means south of the Tappan-Zee.
Condo living is what I am used to and I am finding very few in the area. The apartments for sale are almost all co-ops. Interestingly, no listing source I have found provides their monthly charges although nearly every condo listing on Redfin has it. That lack of transparency is unsettling to say the least.
A lifelong friend of mine in the West Village who mentioned that his 600 ft2 co-op had a "reasonable" monthly fee of around $1300. If $1300/month isn't bad for 600 ft2 in the Village, I'm thinking 12-1500 ft2 in Westchester must be at least $2000/month and in many cases it's probably a lot more than that. Am I missing something in this equation?
The fact that none of the co-ops have the monthly "fees" (HOA or otherwise) listed is indeed a good observation. Case in point: condo v/s co-op. The condo has a monthly HOA fee of $392 and an additional monthly fee of $436, but the co-op has nothing listed. Why is this?
Also, there has been previous discussion on this board about condos v/s co-ops, especially in context with the co-ops on Garth road in Scarsdale and similar ones in Hartsdale. I wasn't able to comprehend the definitive difference between co-ops and condos, and in what scenarios one would be better than the other. Can someone please provide a ELI5 (yes, I'm that young when it comes to real estate ).
I apologize to the OP if I'm derailing the original conversation.
In a condominium, you own your unit. In a co-op you own a share of the entire property.
As best I can tell, the following is also true.
In a condominium, anyone can buy from a seller if they have the money. In a co-op, except in certain cases, you must also be approved by the co-op board. They usually vet you and your finances and require a higher minimum amount down. Some boards are highly selective about who they will allow in. From time to time, lawsuits flow out of that process.
The few times I have seen a co-op and a comparable condo the co-op was always more expensive, even when all fees were totaled up. Sometimes a whole lot more. Co-op fees also include property taxes and may also include other things such as common utilities.
Thanks TownDweller! Extremely appreciated! So it looks like condos definitely are more attractive, with the one advantage of co-ops perhaps being the lower initial cost price, albeit with higher, probably unknown, monthly payments. Please correct me if this statement is inaccurate! This is perhaps the reason why you've indicated in your previous posts that you'd prefer condos.
I have more questions about where a couple with a newborn and a dog could possibly buy something in a nice (i.e., socially well-off), safe Westchester county neighborhood without having to shell upwards of $350K and pay high taxes (since schools are not yet an issue), but that will probably digress from this thread.
Redfin almost always provides the monthly charges for a co-op or condo and lists pet restrictions, too. Good luck in your search.
Thank you!! The fees are buried pretty deep but you are correct and I found them. Just one other question: do you know whether the maintenance fees as listed there include the property taxes?
Redfin is clearly the best providing complete information.
Thank you!! The fees are buried pretty deep but you are correct and I found them. Just one other question: do you know whether the maintenance fees as listed there include the property taxes?
Redfin is clearly the best providing complete information.
A co-op's maintenance fee includes property taxes. For a condo, though, property taxes are not included in the HOA - the owner pays those separately. I own a condo and my monthly mortgage payment includes escrow fees - the bank pays my taxes out of that escrow account.
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