I wrote an entry in my Brooklyn Real Estate Blog titled "What is the difference between a Co-op and a Condo in Brooklyn?" about 6 months ago, check it out and I think it will answer your question: http://tiny.cc/Oen5Z
Also, with regard to the price bracket you should be looking in, check out my other Brooklyn Real Estate Blog entry titled "If you want to purchase a home, the first thing you need to do is prepare a budget!" Keep in mind that interest rates have gone down since I wrote this blog entry and the numbers are less now. If you are qualified you can probably get a 30 year fixed mortgage for about 5.25% right now which means you will be paying $5.52 per month for every thousand dollars you borrow. Hence, If you borrow $100,000 the mortgage will cost you $552.00 per month. Check out that blog entry here: http://tiny.cc/pf7E4
Given your income I would say that with a co-op you should be looking at spending no more than $235,000 because most co-ops will require that you go 20% down and based on your income you will qualify for a mortgage of this size. With regard to a condo, I would say you can spend up to about $325,000 because the monthly common charges are less for a condo as compared to a co-op giving you more buying power. These figures are based on common guidelines, however, if you speak to a mortgage broker or banker you may find out you can afford to spend/qualify for more. Keep in mind that with both a co-op and a condo you will have to pay monthly maintenance/common charges so you want to factor that into your budget (I already factored those in when I gave the estimates in this paragraph). I would also suggest you browse through all the articles in my Brooklyn Real Estate Blog, you will learn a lot!
Aside from that here is some food for thought:
1) Condo typically cost more than co-ops as far as the sales price, however the monthly common charges on a condo are much less that those on a co-op.
2) Because co-ops cost less as far as the sales price, buyers on a budget may have no choice but to go with a co-op.
3) Most co-ops require you put 20% down which can limit your options. Condos do not have such restrictions.
4) When you go to sell a co-ops sometimes the co-ops policies may make it harder to sell. As an example, if the co-op does not allow you to sublet the apartment, basically they shut out all potential buyers who may want to purchase it to use as an investment. Also, if the co-op has a no pet policy it will eliminate all buyers looking to purchase who have pets. Nobody will get rid of "Fido" just to buy your co-op!). These restrictions will shrink the size of the buyer pool. The good side of these types of policies is that they help the stability of the co-op and help to maintain the peace and quiet within the co-op, at least in some peoples opinion. :)
Condos typically do not have any of these restrictions, whether that is a good or bad thing is up to you to decide.
As far as the resale value down the road, there are so many factors that come into play it is very hard to tell. Whether it is a co-op or condo is not as important as other factors such as condition of the unit and the building, location and market conditions when determining future values. It is very subjective and some people prefer co-ops while other prefer condos. Also, depending on where you are looking, you may find that there is a much bigger selection of one or the other which would also be a factor in a buyers decision making process.
Sorry to be so long winded but your question was a good one and inspired me. Good luck and If I can be of further assistance, please let me know. If you like I can try to find you a good co-op or condo to purchase as I do business in the areas you had mentioned.
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, inc.
Office: (718) 645-1665