Home Buying in Forest Hills>Question Details

Richardhunde…, Home Buyer in Forest Hills, NY

Im unsure of what to buy a co-op or a condo. It is me and my mother and we are looking for something in forest hills. What would be best?

Asked by Richardhundertmark, Forest Hills, NY Sat Jun 25, 2011

The house I am selling will give me about $275,000

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10
Hi Richard
There is not just one answer to whether a condo or coop is best for you and your mother.
Coops are usually less expensive than condos and the maintenance includes the real estate taxes and other coop operating expenses. There is board approval with coops but they have income requirements, which may not be an issue with you and your mom. Condos are usually more expensive than coops and the real estate taxes and common charges are paid separately.
I would like to discuss which option is best for you. I work very extensively with coop and condo buyers and I'm familiar with the qualifying criterea. If you would like to speak to me directly, my cell # is 917-435-3483 and I can be reached any time.
I look forward to speaking to you, and discussing which is best for you and your mom, based on your wants and needs in an apartment complex.

Sincerely,
Rosalie Labbate, Prudential Douglas Elliman Real Estate
917-435-3483
1 vote Thank Flag Link Sat Jun 25, 2011
Condo over co-op any day. Co-ops make up stupid rules like no wheels in the lobby, so you have to take your baby or your bike up the freight elevator- and my baby will never be freight. Then they have large discussions over money- the spendthrifts want to borrow a whole ton of money and put up planters, the tightwads never want to spend a dime and then you get socked with assessments to cover their expenses/deferred maintenance, even if it happened years before you got there. And try getting the super in to fix something they won't let you fix yourself. Then, if you want to rent out a co-op, you gotta beg beg beg the board to let you do it for 2 years max, then pay them a cut of the rental, then pay a flip tax if you get tired of all the hassle and want to sell. Lastly, if you want to piss them off and sell to a possible Al-Quaida terrorist who has gobs of money, they often have the right of first refusal, so you can't even get even for all the hassle.

Condo you pay for the common charges, maintain your own interior, rent to whomever you want to, sell to whomever you want to, and usually there is no flip tax, at least not that I have heard of. It's so much less socialistic, and worth the extra cost.
0 votes Thank Flag Link Thu Jun 21, 2012
There is a big difference is price between condos and coops in Forest Hills. Do you plan on getting a mortgage? $275,000 will not buy a 2 bedroom condo.
0 votes Thank Flag Link Sun Jun 26, 2011
To purchase a condo or co-op is really a matter of preference and what best suits your budget; for available properties check out http://www.mlsli.com also consider working with an agent of your own, he/she will be your best guide.
0 votes Thank Flag Link Sat Jun 25, 2011
Hi Richard, If you are looking in the $275K price range,(don't know if you want to get a mortgage on top of that) I assume you will be wanting a 2 or 3 bedroom?. I have a large 2 bedroom Coop listing located at 102-21 63rd Rd in Forest Hills asking price is $249K maintenance of $1014.00 a month (approx 45% tax deductible) includes heat, taxes, water and sewer, but not electric. It is a top floor corner unit, over 1100 square feet, full dining room, new Eat in Kitchen, walk to shopping, bus and train..Terry K 718-614-3167 cell or email me TKorahais@elliman.com
0 votes Thank Flag Link Sat Jun 25, 2011
Contact a buyers agent RECOMMEND to tour both properties then publish and excel sheet of all pros and cons

Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Sat Jun 25, 2011
Richard,
Lot's of great advice has already been given by other agents. Two additional things to consider are:
1. What you can afford. Condos in Forest Hills start at around $400,000. Co-ops are much lower, and you have a lot more variety to choose from.
2. Do you have documented income. Co-ops usually have a debt-to-income requirement or around 30%. This means that your monthly mortgage payment, plus (+) your monthly maintenance charge, plus (+) any monthly debt charges you have cannot exceed 30% of your monthly income. If you do not have documented monthly income, you may want to consider a condo.

If you want to search and see for yourself what is currently available in Forest Hills, you can take a look at my website. I have provided a searchable database of listings in Forest Hills. If I can assist you and your mother, please don't hesitate to ask.
Brad Wall
718-213-6590
JWall@ExitKingdomRealty.com
0 votes Thank Flag Link Sat Jun 25, 2011
Hi Richard, It’s nice to see that people are using Trulia for guidance.
As to the difference between a condo and a coop:
Condos are higher in price, deeded ownership and board approval is less strenuous of a process.
Coops are generally more sought after due to the pricing and availability, ownership is by the # of shares allocated to that specific unit and the board process is more difficult only because the criteria is stricter.
The buying of a property is a process and it should not be a strenuous non guided endeavor. You took the first proper step by going on Trulia and asking.
The property which you will be buying should always be what you and your mom requires, location, surroundings, and most importantly a welcome place to come home to.
1) What is the price range that you feel comfortable paying,
2) Have you started the pre approval bank process,
3) What time frame are you looking to move and do you need to sell, or is there issues of a lease,
4) Would parking be an issue and being near transportation a must,
5) Would your Mom need to have the convenience of shopping close by,
These are sample questions that I will be asking you when you choose to contact me. The process is a little more detailed, yet doable. Your question of what you should choose can better be addressed when your and your mom’s needs are evaluated. Please call me for an appointment.
Respectfully, Professionally, Linda C.
0 votes Thank Flag Link Sat Jun 25, 2011
Coops and condos are different; do your jomework!
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Sat Jun 25, 2011
Condos are a lot easier to negotiate than Co-ops and they eliminate having to go through all those Board interviews, the endless paper work & the possibility of being rejected at the interview for no apparent reason. It is also much easier to sell them & rent them if you ever plan to relocate. Although condos are more expensive, they make for a much easier sale.

Martina Ryan
Charles Rutenberg Realty
(718) 775-5344
0 votes Thank Flag Link Sat Jun 25, 2011
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