Home Buying in Brooklyn>Question Details

Nat, Home Buyer in Brooklyn, NY

What are mo popular - CONDO or CO-OP and why?

Asked by Nat, Brooklyn, NY Mon Dec 3, 2007

Wonder if people buy more condo or co-ops in the Shipsidbay area and why

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4
David Rogoff and Bonnie Chernin’s answer
Hat,

It varies alot depending on which area of Sheepshead Bay you speak of. From a construction perspective, certainly condos are on the rise throughout the area (from Knapp Street to Sheepshead Bay Road). However, due to overbuilding and a bad economy many units have remained unsold and are now available to rent with an option to buy.

Most buyers who contact us prefer to see co-ops for the above reasons. The way it works is generally that condos are more expensive in price, but the maintenance (known as common charges) are typically much lower. However, with co-ops the actual price of the unit is much lower even though the maintenance is higher. But, you are a shareholder and don't own the unit.

Best regards,


Bonnie Chernin & David Rogoff
Fillmore Real Estate
2926 Avenue J
Brooklyn, NY 11210
E-mail: david@BestHomesInBrooklyn.com
David Mobile: 917-593-4068
Bonnie Mobile: 646-318-5031
0 votes Thank Flag Link Sat May 29, 2010
what are the advantages and disadvantages of buying a co op in brooklyn or nyc.

Will i be able to sell the co op when I decide to move to another city?

if i sell it after a few years, will i be able to sell it for at least the same amount i purchased it at, or possibly more?

i am planning to live in nyc for a few years and then planning to move abroad.
Flag Wed Jul 16, 2014
Do you mean Sheepshead Bay??
If you mean that area, there are actually more Coops then condos there, as in general in NY. pls. check our website and other real estate agents for good deals in your area. If u let me know what your budget is, i can get you an apartment. If u want to live in the apartment, its better to get a coop, as coops are cheaper to buy then condos by about 20-25%. also, many people prefer them, as you will have other owners living next to you, caring about their property, rather then short-term renters, who might not take as much care of it. condos are mostly newer, more expensive and not necessarily in a better location nor better built.
Its all up to you. and your bank account and taste.
Web Reference: http://www.elliman.com/sarp
0 votes Thank Flag Link Fri Dec 14, 2007
Nat. The answer to that question depends on your goals in purchasing. When you purchase a condo, you actually purchase title in a part of a building, defined specicially by s.f. and common area privileges, while when you buy in a co-op, you're only buying a membership to a group and you have no title to any part of the property. So, it depends on your plan. Do you want to be a property owner, now or eventually, or do you just want a roof over your head (like a renter)? Hope this helps you make up your mind.
Web Reference: http://www.taxcats.net
0 votes Thank Flag Link Tue Dec 4, 2007
It all depends on the area wheree you are. I am in Dayton, and in our area, Condos rule the roost, as a matter of fact, I am not aware of too many co-op style housing. The best thing is to find an agent in your area who knows the local market for both types of property and work with them. There services will be valuable to you if they are familiar with what you need.

I hope this helps!
0 votes Thank Flag Link Mon Dec 3, 2007
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