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Elmsford : Real Estate Advice

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  • Home Buying3
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Activity 3
Thu Jan 2, 2014
Christopher Pagli answered:
Hi, There is a big difference between a coop and a condo. A coop is tun through a corporation, the shareholders being the people that live in the building. You do not technically own the unit (and are not responsible for the inside) but own shares in the corporation. This entitles you to a proprietary lease and you pay monthly maintenence rather then property taxes. Your maintenence includes your pro rata share of the entire buildings property taxes, care for the grounds, etc.

With a condo you own the unit and are responsibile for what is inside. You will pay property taxes and also monthly common charges.

Coops usually have a minimum down payment requirement which is rarely below 10%. They scrutinize your finances to make sure you have solid monthly income, great credit, no judgements against you, strong reserves in the bank, and a debt to income ration that meets their requirements. You will fill out a large application package and have to go in front of a board for approval, unless it is a sponsor unit (these are units sold by the sponsor for the first time and dont need board approval). This art of the process comes when you have a fully eecuted sales contract and also a mortgage committment from your bank. You can be turned down for any reason and possibly waste all that time.

With a condo you don't have to go through the board approval process. Coops are a good option if you are looking for the most affordab;le form of ownership but thats pretty much it.

I hope this helps, fewel free to message me with any other questions.

Christopher Pagli
Accredited Buyer Representative
William Raveis Legends Realty Group
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Mon Apr 30, 2012
Christopher Pagli answered:
Hi, There are a combination of coops and condos available in Elmsford. The current inventory is small, 1 br coops start at around $60,000 and a 1 br condo around $300,000. There are two 2 bedroom condos available at the moment.


Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
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Fri Sep 21, 2012
Jesse C. Turnquist answered:

8.25% is extremely high even in this challenging interest rate environment we have today. Please get in touch with me if you want to talk about options available to you.
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