Condo's acting like Coops

I think that condos should be freakin condos, end of story.

Are there any tax implications meaning, when a COOP or Condo is set-up are there different tax implications?

One story in NYT does not equal all condos. . .puhleeze. You probably live in a coop and are frustrated by discounted.

I live in a condo and bought this year - no interview, no tax returns required etc. I can also sublet when I wish etc. This is the majority of condos still in NY. Please dont start making generalizations based on an article which is reporting on extremes.

The condos presented are not the mainstream. If they are as difficult as it seems, then they will trade at a discount to other condos. This is the same situation in Coops who dont all trade at the same discount. The most difficult ones,receive the greater penalty. . .it's called a continuum buddy!

I have to agree. I live in a coop that has easy rules, strong financials and a board that keeps aware of the market value of apartments. As a result units sell quickly and at a premium.

Rules tend to favor the people already living in a building. I predict that as people get settled more into condos you'll see more rules.

#4 here - My condo has been around since 1983. There are many people who are settled into condos that have'nt changed to coop like rules.

Ours is one condo that has added the benefit of some (simple) coop-like rules. Not because we had problems in the past, but because we want to keep things that way. We added new amendments to our house rules, and now we run more like a streamlined coop with condo benefits. We've found in recent sales that this has actually encouraged prospective new tenants, at least in a building like ours (smaller) with a relatively high average unit value (over $2MM). People want the freedom buying and selling a condo offers and prefer to own real property, but also don't want a spoiled trust fund baby living above them partying 'til 4:00 a.m. most nights, either. We feel our building offers a very attractive balance of freedom and responsibility.

I'm not sure how house rules will protection you from a spoiled trust fund baby. You may not know about his partying till after he moves into the apartment his parents paid for.

#9:

We could impose and enforce quality-of-living fines for repeated infractions of the house rules, draw legal action if necessary, and in a more pointed and direct attack, exert very ugly peer pressure to make his living in the building a personal hell. Just because it's a condo and someone owns here, doesn't mean that they can act any disrespectful way they want - it's one of the pluses from being a condo, but a small one where everybody knows each other and is involved to a greater or lesser degree in the management and running of the building.

Not all trust fund babies are spoiled, that is a rash generalization.

#11:

#8/10 here. Fair enough. Sterotyping sucks, and I know plenty of people who have come by their wealth through good fortune who are terrific. I also know some who have made their money completely on their own who are total asses. I apologize.

#10 - i think you have posted on other threads bragging about your small, condo building. I hope it continues as it currently is - but your building is very new so not fully proven yet;you are not writing about a long history here. Anything involving legal action takes quite some time. Good luck.

Well, in our defense, we've been up and running over five years and have already had four units resold at a VERY hefty profit. The previous original owners were thoughtful enough to choose the most qualified purchaser overall, not just in terms of price, but also in terms of a being a good match for the building. The new purchasers were required to meet with the board prior to purchase, and this provided the ground for a common understanding and expectation of behaviour from the get go, resulting in terrific new neighbors and no problems.

And you should cool it on the 'bragging' accusation - I'm just offering my pov based on how we've been able to find a balance that seems to work well for our situation.