coop, condos & townhouses

These were more then affordable options to DH & I. Then numerous people told us it is very hard to resell them. I don't want to spend years trying to sell the thing so we can move in dream home.

Is it really hard to sell them? Aren't there always going to be young newly married people like us who need them to start out?

Re: coop, condos & townhouses

Hmm you can always look into it with a real estate agent and see what the turnover is like. You can ask questions like, how long the houses typically stay on the market.

Good luck! I think a townhouse is a great idea, because they're typically nicer on the inside and more updated than a 'regular' house for the same price!!

Re: coop, condos & townhouses

It depends on the condition the coop or condo. I don't know if townhouses are similar. I know that where i was looking last year was a lot of coops with very high mtc fees or assessments. one of my friends had to take their coop of the market because it didn't sell and another finally sold after 2 years. you would have to talk to a real estate agent about specifics of the building.

Re: coop, condos & townhouses

I think condos are a little easier to sell. Some properties sell better than others.

Re: coop, condos & townhouses

I have no knowledge of coops, but when the market was really good, condos were a great investment because that is what most young people could afford so there was always a market for them. As prices dropped, condos weren't selling as well because you could get a house for the same price people were trying to sell condos. Plus in some areas they overbuilt them, so yours had to be spectacular to sell. Now, I have a friend who can't sell her condo (actually it may be a coop) because the people that are interested and looking at that price level, are having a tough time securing mortgages. She's had a few people make offers, and they end up falling through.
But, if this is what makes sense for you right now and you want to live in it, not just sell it, I'd go for it, the market will recover and you will have a great place to live in as well.

Re: coop, condos & townhouses

co-ops are a tougher sell b/c you not buying the unit but shares in a corporation

They usually have strict requirements- like 20% down

It can be harder to get a mortgage on one b/c the building also has to be approved

They are more popular when housing prices are higher...

Where are you looking? My company has a beautiful 2 bed 2.5 bath (with a possible 3rd bed) condo that is bank owned in medford...It's only 5 years old

Re: coop, condos & townhouses

we had to sell our co-op a little over 2 years ago... it took about 8 months when all was said and done. we had never owned or sold a home before that, so i don't know if that's bad or good, but the market was down and we were happy with what we got for it, so we have no regrets and didn't see it being any more difficult than it would have been to sell a house. i've seen houses for sale in this market for years.

Re: coop, condos & townhouses

I just sold my co-op ,and it took 2 1/2 yrs to do so
ETA: It was totally renovated also ! I think it might of had to do with the fact that it was upstairs ??? IDK.

Message edited 2/13/2010 2:50:09 PM.

Re: coop, condos & townhouses

Re: coop, condos & townhouses

Sold our condo without a problem. Bought in 2000 and sold in July 2008 - made more than double our money, so I think it's a GREAT starter option.

IMO, I think there will always be demand for condos - they are much lower maintenance compared to a house, so they are great options for single people, young couples, empty nesters, etc.

Re: coop, condos & townhouses

Ive been told by too many people to stay away from coops bc they can be hard to sell... not a good investment, etc... So we bought a condo instead...

The condos in my development seem to go on and off the market rather quickly (well the ones that are updated at least)... Right now theres at least 5 for sale... I'm only attached to one other person and we have 2 floors in our condo... 3 bedrooms, 1.5 bath

Its a great way IMO to spend less $$ and get a better looking/updated place... The price we paid would have gotten us a real fixer upper in a less than desirable neighborhood... You have to weigh the pros and cons

Message edited 2/13/2010 7:58:11 PM.

Re: coop, condos & townhouses

Bought our condo in '04 (totally renovated), sold in '09 at a loss, but quickly.

The condos in our old complex do sell if priced right, just like houses. There will always be a market for cheaper options.

Re: coop, condos & townhouses

Re: coop, condos & townhouses

we bought a townhouse.

Felt iffy about possible resale, but for sure we could rent it out as an alternative. There are no apt complexes in our town.

Re: coop, condos & townhouses

I'm a big fan of townhouses, I lived in a beautiful townhouse community in Oakdale for 10+ years. Its a great life, the complex takes care of all the exterior work, but generally you have more of a "yard" as well as common spaces and a little more freedom than in condo or co-op complexes.
I think in down markets any housing takes longer to sell.

Re: coop, condos & townhouses

keep in mind, co-ops have high. maintenance fees. so even though you pay less, you monthly payments including those fees add up quickly.

condos have lower fees each month since the ownership is different than a co-op. but again, some of them can run as high as 300 dollars a month.

than can add up to a large amount of money (that you won't get back when you sell)

we calculated what a condo would cost each month in mortgage, and added the maintenance fees, and figured out it was cheaper to buy a house for a little more money and still have the same monthly payments.

just another way to look at things...

Re: coop, condos & townhouses

We bought a co-op when we were married in 2004. Sold it quickly in 2006 for a profit that we later used as a down payment on our house. It was a great experience, and I would definitely recommend a co-op to others! The maintenance fees were really low, so it was really affordable.

I see so many people on here say to stay away from co-ops, but I often wonder if they have any actual experience buying and selling them...or it they're just going by what they hear/read about them....only because it was a totally positive experience for me and my husband, and several other members of my family.

Re: coop, condos & townhouses

from a personal experience. We had a condo in Farmingdale close to the train station it sold in 1 month in 2007; my sister in law just sold her coop in New Hyde Park (close to LIJ) she had it on the market for 6 months. So with that said I think location is the key!! Nassau and western suffolk seem to be a better location. Like you said, single and young couple start with something small or less $$. So there's always someone looking to start small. HTH

Re: coop, condos & townhouses

It depends on what is available in the area you live in also.

For example condos are great--but in my part of Queens there are NO condos only coops. There are attached home but they are MUCH more expensive then coops.

So in that case a cple starting out who wanted to live in my neighborhood would only have the coop option--kwim?

So I would look into what is available in the area you guys plan to buy and take it from there

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Re: coop, condos & townhouses

Message edited 2/14/2010 5:42:33 PM.

Re: coop, condos & townhouses

"In a co-op, in addition to maintenance, it also includes your water, heat and taxes.

So really, it makes no difference that the fees are higher bc in any other home, youd be paying for that individually anyway. "

Completely agree with this. The only other bill we have in addition to mortgage and maintainence is phone/cable...so it works out pretty evenly.

Re: coop, condos & townhouses

Re: coop, condos & townhouses

DH and I bought a condo on September. We searched and searched for houses and got fed up with the amount of work that homes needed. We're also gone a lot so the idea of lawn maintenance, etc. was a bit much for us. In the long run, we went for a brand new 2 bedroom, 2 bathroom condo.

I'm happy to say that I own a brand new home and that I don't have to do any maintenance. We're very happy here. We bought a lower level end unit. It's nice because we have the advantage of a yard and patio and windows on 3 sides. I think that will help us when we do decide to sell.

All in all, you have to do what is best for you...and what you want!

Condos are a great option. Our maintenance is like $135/month and that includes water and all outdoor/exterior maintenance. They shovel, mow, clean our patio/siding, etc. I'm very happy with our condo!

Re: coop, condos & townhouses

Mel-Mel,

It depends but typically just maintance and you have to pay gas,heat, electric, water etc...

My coop maintance includes everything including a parking spot,,,the only other bill we pay is cable/phone/mortgage--makes it easy

Message edited 2/15/2010 9:59:12 AM.