As stated below, the difference is the type of ownership. A coop means you are buying shares of a limited housing corporation that gives you a lease to "own" a unit, however, you don't receive a title or deed - you receive a certificate for owning shares. In a condominium, you do receive a title or deed and you do own the unit.
You need to understand that in a coop, you are entitled to sell your shares on the open market, just like a condo. However,given the different types of ownership, prices for condos are much higher than for a coop. Many buyers refuse to buy a coop because of a perceived stigma which is based on mythis - not facts, however, those same buyers when dealt the reality of applying for a mortgage realize quickly they can't afford any condos. Then those same buyers are faced with the reality they can only afford a coop and suddenly that stigma disappears because they don't want to pay rent anymore and buying a coop is their only way out of renting.
As for the down payment and monthly fees, a coop requires a down payment of 10% or higher while a condo does not. Also, the maintenance fee of a coop includes the property tax while a condo has it separated.... more
Realtors are not allowed by law to comment on neighborhoods or school districts; it is too subjective. You will get a better response, however, if you list your question with a massachusetts zipcode instead of a Long Island zipcode.... more