NYCDOC74

Junior Member
7+ Year Member
15+ Year Member
Mar 27, 2004
10
0
Status (Visible)
With all this talk over home loans, has anyone had any experience with buying a condo or getting into a co-op in NYC?
 

edmadison

1K Member
15+ Year Member
Feb 28, 2001
2,078
74
Lactate > 15
Status (Visible)
  1. Attending Physician
Originally posted by NYCDOC74
With all this talk over home loans, has anyone had any experience with buying a condo or getting into a co-op in NYC?

I looked at buying a co-op in NYC (very hard to find a condo) but there are huge landmines. As I mentioned in another post, maintainance fees can been huge -- some >1000/month which is not deductable. There is another hidden trap which is enormous with co-ops. Unlike a condo, you don't own your unit. You own a share in the building and the right to occupy your unit. If your neighbor defaults on his unit and it gets foreclosed, the rest of the residents have to make up the difference. This can cause dominoe effects in some buildings taking down all the residents. This is particularly dangerous is small buildings, because one empty place could raise your maintainance a lot. Another thing is that most co-ops have rental restrictions. So don't just figure on renting it out when you are done.

If you do feel you must buy a condo or a co-op get an attorney who specializes in these deals to represent you. This is not a simple real estate closing. The financial records of the building must be scrutinized.

Ed
 
About the Ads
This thread is more than 17 years old.

Your message may be considered spam for the following reasons:

  1. Your new thread title is very short, and likely is unhelpful.
  2. Your reply is very short and likely does not add anything to the thread.
  3. Your reply is very long and likely does not add anything to the thread.
  4. It is very likely that it does not need any further discussion and thus bumping it serves no purpose.
  5. Your message is mostly quotes or spoilers.
  6. Your reply has occurred very quickly after a previous reply and likely does not add anything to the thread.
  7. This thread is locked.