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Old 06-08-2008, 04:54 PM
 
15 posts, read 60,967 times
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I'm getting ready to begin looking for a co-op w/ my SO and have been seeing a lot of really cheap studios around recently. Any one have any idea how a board around here might react to two people in a studio? What are my chances of getting in (if any)? We both have good finances, we're just concered about being rejected on the grounds of being a couple in a studio.
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Old 06-13-2008, 10:35 AM
 
Location: NYC
364 posts, read 1,860,862 times
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As most people will tell you, "it depends on the coop". My assumption is that some coops would see that as a red flag. Coops are often "picky" about things like this, unless you find one that is desperate to sell; which at the same time would be a sign that they might be struggling financially.

Since you mentioned the two of you have good jobs, why not buy a 1bdr instead? I can't even imagine living with somebody in a studio for a long time; but that's just me.
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Old 08-13-2008, 10:54 AM
 
Location: Yonkers, Bronxville PO
3 posts, read 9,372 times
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When I bought a co-op in Yonkers, in the Bronxville PO, I relied on my real estate agent to get info on the co-op boards. I good agent will have a feel for each board. I used an agent in Bronxville at Houlihan-Lawrence who handled their co-op sales in the area. The agent was very good on the biases of the boards. Some look with disdain on singles, certain professions, etc. One favors Roman Catholics. A good agent will have some contact with board members and talk with all the agents at the agency to get their experience with various boards.

Co-op boards are strange beasts. They add an element of uncertainty to an already anxiety-producing situation. And they add several months to the closing process. But New York State law favors the co-op structure, so they have to be dealt with. A reasonable board will base their decision on your financials. Most boards are reasonable. A board might be concerned that a couple in a studio might sell after a short period of time to get more space. You can put in your application cover letter that you plan to stay put for a while.

The best way to deal with a board is to present yourself as quiet, reliable, willing to volunteer, and not interested in any renovation of your apartment. But it is your financials that matter the most.
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Old 08-06-2010, 02:34 PM
 
1 posts, read 3,767 times
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I have a very good coop unit available in Dobbs Ferry, NY only 4 blocks from the train station to NYC and the Dobbs Ferry Hudson River park. I had the opportunity to get another unit in the same building with just a bit more space (although our apartment is very comfortable anyway), so I have decided to sell. I still like my existing unit very much. It faces the serene woods, which makes it very quiet here. The coop board is reasonable and the building is well taken care of.
If anyone is interested , please call me as I will be putting it up for sale within a few days.

When I applied, we did the due diligence of filling out a lengthy financial application. But after that, the rest was pretty easy. I have a garage for my car and even a washer/dryer unit that was here when I bought the unit, so I don't have to go downstairs to use the lobby ones.

It also has a balcony which is nice to sit out on overlooking the trees. There is a roof over the balcony , as we are on the second floor, which makes it nice to be protected by too much sun.

Thanks,
Kim 914-393-8045; kyraumanoff@optonline.net

Many of the units in this building sell within 60 days.
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Old 08-06-2010, 09:38 PM
 
Location: Westchester County, NY
9,948 posts, read 16,063,719 times
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Quote:
Originally Posted by EdJones View Post
Since you mentioned the two of you have good jobs, why not buy a 1bdr instead? I can't even imagine living with somebody in a studio for a long time; but that's just me.
Because housing prices, be they coops, condos or houses, are (even now) INSANE in this part of the country and sometimes you can afford a studio but not a 1bdrm even with 2 good jobs. Since the OP is concerned about a board disapproving 2 people in a studio, I think he/she realizes that a 1br would be better if possible.

Quote:
Originally Posted by John54 View Post
The agent was very good on the biases of the boards. Some look with disdain on singles, certain professions, etc. One favors Roman Catholics. A good agent will have some contact with board members and talk with all the agents at the agency to get their experience with various boards.

Co-op boards are strange beasts. They add an element of uncertainty to an already anxiety-producing situation. And they add several months to the closing process.
Yep, coops......legal housing discrimination! Unbelievable! Given that this is mostly a NY area phenomenon (and in particular the boros and Westchester) and it also helps to limit rental housing (raising those rents!) and helps to make other forms of housing even more unaffordable, yet another reason I hate NY and Westchester in terms of finding housing.
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Old 08-10-2010, 02:21 PM
 
490 posts, read 1,664,074 times
Reputation: 260
Quote:
Originally Posted by John54 View Post
When I bought a co-op in Yonkers, in the Bronxville PO, I relied on my real estate agent to get info on the co-op boards. I good agent will have a feel for each board. I used an agent in Bronxville at Houlihan-Lawrence who handled their co-op sales in the area. The agent was very good on the biases of the boards. Some look with disdain on singles, certain professions, etc. One favors Roman Catholics. A good agent will have some contact with board members and talk with all the agents at the agency to get their experience with various boards.
Just curious how can a coop board find out if someone is Catholic or else. I mean, this is plain religious discrimination, how can they get away with it? They can not ask on an application.
-------
To the OP: I honestly don't think it makes sense to buy an studio. Either you should up to a 1 bed or rent. I am just saying this because I know studios do not appreciate very well and closing on a coop is very expensive. It will take a long time to even break even. Right now, anyone that buys a coop or anything else will have to be prepared to stay a long time anyway-think how cramped two will be in an studio looking at each other faces all the time with only the door out as an option. I would not do it for all the love in the planet. The board may question two in an studio. I know when I was purchasing a two bed, I was questioned on how many people were going to be living there-for that particular two bed, 4 was the max. I know the board forced a family to move out because they had another baby and became a family of 5.

Anyway, good luck with your decision!
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Old 08-10-2010, 05:13 PM
 
Location: Westchester County, NY
9,948 posts, read 16,063,719 times
Reputation: 4003
Quote:
Originally Posted by ambarstone View Post
Just curious how can a coop board find out if someone is Catholic or else. I mean, this is plain religious discrimination, how can they get away with it? They can not ask on an application.
They could guess from the last name that someone is a Catholic "ethnicity" like Italian or Irish, just like certain last names are usually "Jewish", etc.
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