Home Buying in Greenport>Question Details

Liz Aiello, Home Buyer in Greenport, Long Island


Asked by Liz Aiello, Greenport, Long Island Mon Feb 18, 2008

Help the community by answering this question:


Greenport has very few coops. If you are looking at Breezy Shores, that is a great opportunity to get a bayfront cottage for less than a single family home will sell for. Greenport has many condo communities. They are popular for the ease of care and allow owners to come and go througout the year without the concerns of owning a single family home.
1 vote Thank Flag Link Thu Dec 10, 2009
For any potential buyer, the following is important to know:
As a condo owner, you own your unit and pay a fee that provides for the land beneath the complex and the common services provided. Owners pay a montlhy common charge and separate real estate taxes. In regard to a coop ownership, you own shares in a corporation that actually owns the complex in its entirety. Your shares represent the ownership of your interest in the unit itself. You pay a maintence fee that is a combination of any mortgage/bond interest that the corporation is obligated to, plus maintenance/real estate taxes. One combined payment often charge monthly. Condomiums are more prevalent than coops on the North Fork and Greenport has several options. The key to common ownership, for both coops and condos is that there are covenants and restrictions regulating the use of the units. Check these carefully before purchase so you are not surprised by these restrictions.
0 votes Thank Flag Link Thu Mar 14, 2013
Do you plan to live there, or rent for income? Both are a good investment at this time, during our current market conditions.You really should speak with an experienced person who is a real estate professional for advice and guidence.I live and work in the Hampton's for 11 years, and am quite familiar with the area. Please contact me at your convenience. Thanks, Rich
0 votes Thank Flag Link Fri Mar 7, 2008
they can depend on your goals as an investor, as well if you purchase a unit to rent or occupy.
each will have positive and negtives but you need to factor in your needs, wants and goals and keep in mind there may be condo or coop regulations that work for or against what you want.
0 votes Thank Flag Link Tue Feb 19, 2008
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