Rasheem Green, Home Buyer in Bronx, NY

is a co-op a good buy?

Asked by Rasheem Green, Bronx, NY Tue Mar 5, 2013

i don't wanna wait months,i'll be ready in a month.

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i had a coop in the riverdale section of the bronx. beware. i bought it for $40,000 in 1986 and sold it for $10,000 in 2001. the monthly maintenance fee was a $315 dollars. it was in one of those red brick buildings that were built in the sixties and you could here everything that the people in the next apartment were doing, and I mean, everything! stay away from coops, especially in riverdale, where the folks are uptight wannabe westchester county people with a suburban, us against them mentality. it's surrounded by dangerous areas, which keeps the taxes far lower than those of their northern or western counterparts, and if one isn't willing to pay the toll on the Henry Hudson Bridge and/or use the express busses that stop running at around midnight, one is up to some pretty adventurous, daringly exciting travels through such areas as Inwood, West Harlem, and Washington Heights at night, or stuck to their TV's or VCR's, like a bunch of people residing out in Pennsylvania!
0 votes Thank Flag Link Sun Mar 17, 2013
Hi, Coops are the typically the most affordable form of home ownership. There is a strict board approval process that you should be aware of before venturing into a coop purchase. All coop boards are different but very similar in a lot of ways. There are no real benefirts for owning a coop besides possible resale value down the road. You don't have control over your maintenance and how often it goes up, special assessments, etc. I always recommend getting on the board when you purchase so you can have mor einvolvement then the average owner.

Christopher Pagli
Accredited Buyer Representative
0 votes Thank Flag Link Wed Mar 13, 2013
Hi Rasheem,

A coop is a good buy because they are more affordable in price than condos especially for the price you can buy one now vs 5-6 years ago. They do require board approval unless you find a sponsor unit and you can avoid this waiting. Please contact me and we can discuss further details. There may be a good deal for you out there once I search for you. Best of luck to you!

John Lajara
REALTOR®/Notary Public
Certified Buyer Representative (CBR)
Cell: 917-848-4655
Fax: 917-522-9638 http://www.JohnsRealtySuccess.com
EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465
0 votes Thank Flag Link Wed Mar 13, 2013

In this market I believe if your investing co-ops, condos, single family or mutli-family are all good buys. It all depends what is your budget and what your goals are? Are you looking to buy cash deals or looking to finance. There's a variety of co-ops out there all over the Bronx. I recommend that you work with a Licensed Realtor someone seasoned in that market and area, they can help you negotiate the best price and terms on your behalf.

Best of Luck!

Millie Valentin
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
0 votes Thank Flag Link Thu Mar 7, 2013
Hi Rasheem,

This is a great question! Co-ops CAN be good buys, it all depends on your goals. If you don't mind going through a little bit of a screening process to save a good amount of money in a financially sound building, then yes. For the most part, however, condos and multi-family homes are really the best purchases that you can make in this market. That is not to say that all co-op purchases are bad. On the contrary, if you find a great deal on a huge place in a financially sound building in a great neighborhood with a low maintenance, I would say you did pretty well.

Do your research, go through the by-laws and last two years of financials and see if it makes sense. If it does, then you made a wise purchase. Hope this helps!

If you would like to discuss the matter in detail, please feel free to let me know.

David Rodriguez
0 votes Thank Flag Link Wed Mar 6, 2013
It's a good buy if you know you'll be happy there; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Wed Mar 6, 2013

Congratulations on taking the first step towards becoming a home buyer. You need to meet with a mortgage professional to get prequalified, they can determine how much you can afford to purchase. Your next step will be to meet with a local realtor and they can provide you with a list of properties that meet your criteria. The sooner you begin the process the better, it takes apprx. 2-4 months from the moment you sign your contract to closing, but that time also varies dependent on many factors. Your agent can walk you through the process.

Good luck.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes Thank Flag Link Wed Mar 6, 2013
Any type of property is a great buy, depending on your reasoning for the purchase. If you are a first time home buyer and not sure if you are able to maintain the jp keep of a home, as far as cutting the grass, shoveling the side walks and any and all repairs. Then yes a co op or a condo will be a better purchase hase for you. The thing that you must pre pare yourself for with a co op is the board Iinterview and your qhalifications. All co ops have different requirements. I am more than willing to help you with the process at no charge to you. Feel free to give me a call or send me an email so that we can get started. Bruce.mcintyre@pantigagroup.com or by phone at 646-588-1720
0 votes Thank Flag Link Tue Mar 5, 2013
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