Home Buying in North End>Question Details

Matthewglavin, Home Buyer in Boston, MA

In the North End of Boston, what is the percent difference in price for 2 identical units where one is a condo and one is a coop? Thanks

Asked by Matthewglavin, Boston, MA Mon Apr 11, 2011

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5
There is no such thing as an identical piece of real estate.
Web Reference: http://www.bowenboston.com
0 votes Thank Flag Link Mon Apr 18, 2011
One MAJOR difference applies only if you don't plan to pay in cash, namely the ability to secure financing. Obtaining a mortgage for a condominium is fairly straight-forward and common. There are, however, very few lenders who would finance a co-op.

Tom
Thomas J. Stevens, Flagstar Bank
781-862-585 x223
Thomas.Stevens@Flagstar.com
0 votes Thank Flag Link Tue Apr 12, 2011
Co-op buildings are much more popular and understood in NYC - Boston has only a few comparatively. It is very difficult to compare the two because they are so different. Co-ops usually have higher monthly fees but the sale price is usually much lower, co-op buildings could have much more stringent policies to follow such as having to be interviewed/approved by the board or having to be an owner occupant for a specific period of time before renting etc. The truth is there really is no way to compare price because the two are so different.

I assume you are asking about the co-op that is currently on the market in the North End. Is there something specific in the back of your mind that brought this question on?
0 votes Thank Flag Link Tue Apr 12, 2011
When you buy a condo you actually own what is within those four walls plus any exclusive use area. When you buy a co-op you are buying a share in the cooperative. The co-op should be cheaper if they are identical. But they cannot be identical since they could not be in the same building.

Ellen G. Friedman, Keller Williams Realty, ellengfriedman@comcast.net
http://www.ellenfriedman.biz
0 votes Thank Flag Link Mon Apr 11, 2011
Interesting question. In theory the price should be the same, The difference should be in the cost of financing. The condo would be an out right purchase and the co-op would be cash over the exisiting debt ie: price for your % share of ownership. You don't see many co-op here any longer, because the financing vehicles that they were built under most have reached maturity or have had the ability to be paid off.
0 votes Thank Flag Link Mon Apr 11, 2011
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