Home Buying in 11222>Question Details

Peter Wilk, Home Buyer in Greenpoint, Brooklyn,...

Jenet, I am looking for an apartment (Geenpoint, LIC, Williamsburg/1BR). Would you recommend a condo instead a coop? What is better?

Asked by Peter Wilk, Greenpoint, Brooklyn, NY Sun May 23, 2010

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Jeanette Wilson’s answer
To answer you question, I would need more information from you. When you are available, please call me and I would be happy to discuss further. Because it depends on certains criterias you may or maynot understand. It would also depend on the price you are seeking and what you have been approved to name a few things. I am available this weekend if you would like to discuss further. I can be reached at 646-335-6161.
0 votes Thank Flag Link Tue May 3, 2011
Dear Peter,

If you can afford it, we truly believe a condo is a much better choice than a co-op. Co-op boards are generally very selective and the maintenance is extremely high. With a condo your maintenance is much lower. Condo maintenance may not include as many utilities as a co-op and you'll have to pay more for that, but with a condo you own your unit whereas with co-ops you are only a shareholder. Many co-ops have flip taxes, which means when you re-sell you often have to pay out a very huge chunk from your profits.

One caveat: Because in some areas there has been condo over-development and with higher condo prices vs. co-ops one can be in a situation where a resale is very difficult due to oversupply. An experienced Realtor can assist you in analyzing the current market conditions so a buyer can make an intelligent choice.

Call us if you have other questions and we'd be happy to help you 917-593-4068. If you are seeking a co-op or condo in Brooklyn in Greenpoint or another neighborhood we would love to assist you. We can also send you a preliminary list once we know your price range.

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 Sun May 23, 2010
Hi Peter
Just as my fellow realtors have stated it all depends on your price range, and how much money you are working with. In the case of a coop you need a minimum of 20 to 25% down payment in 99 percent of the time.. Plus closing costs. Additionally, the coop must be more than 50 to 75 percent sold for any bank to approve a mortgage for it.
Condos are generally smaller in square footage and cost more. And if you are looking at new construction you have to pay almost double closing costs. So used is cheaper.
So there are many things to consider, before anyone but Peter Wilk, is the only person that can recommend which is better.
Should you have any further questions or wish to view som apartments please feel free to contact me directly and good luck with your searching.
0 votes Thank Flag Link Sun May 23, 2010
Peter, Charles has given you the better answer. it all depends on your price range, plus if you buy before NY votes in mortgage tax on co-ops. I haven't heard anything definite on this yet, but it has been talked about. That is one of the things that make closing costs much higher on a condo than a co-op, so you have to keep that in mind.
There are a few things to think about. First of all, if the condo is FHA approved, you can put down as little as 3.5%. FHA does not do co-ops, so you have to put down a bigger down payment. Some co-ops require you to put down 20% or more, so that is another issue. Also, there are times when you can qualify for a loan, but according to the co-op board guidelines, you cannot be approved. They often have stricter debt-to-income ratios, and want to see that you have reserves. They have to approve you as well, which is not an issue in a condo.
By the way, Jenet is an agent in Manhattan, so I am not sure how familiar she is with the areas you mentioned. I am sure you will get other agents here who will be happy to answer all of your questions.
0 votes Thank Flag Link Sun May 23, 2010
Also Condo's are generally higher priced then Coops. It may depend on your budget . Below is my link on What to consider before buying a Condo ! Good Luck!
0 votes Thank Flag Link Sun May 23, 2010
Condo is definetely a much better option than a coop.
The main difference in both is that in case of
* a condo u own your real estate &
* in case of a coop u own shares in the coop.
So thing that would u rather own real estate or paper.
Good luck.
0 votes Thank Flag Link Sun May 23, 2010
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