Condo VS Coop

Depends if you want to lease the place out or just live there. Many co-op boards are strict about sublets.

Co-ops are for communists, old ladies or people who really want other people to have a say in how they live their lives and finances.

Condos are for rich pricks, trustfundnistas, and other new rich.

Although the previous is probably pretty accurate, a coop requires that you be approved by a the coop board before you are allowed to buy. They can look at anything, even (in one or two buildings) whether you smoke or not. Also, they usually require a larger downpayment. Condos are much easier to get into and basically all you need to get approved is your loan. There is also a smaller downpayment requirement, from 10% to 20% depending on the building. Since it is easier to get into, the demand is greater and therefore the price will be higher. Once you are an owner, the rules in a coop are much more strict than in a condo. For example, in a coop if you want to sublet your prospective tennant must pass board scrutiny before you are allowed to rent to him/her. That's not true with a condo. So, coop residents can choose their fellow owners and condo residents cannot. Hope this helps a bit.

And also, it is usually easier to sell a condo when it comes time to flip it because your prospective buyer will not have to pass board scrutiny.

And condos lose value because of flippers.

Then again, condos don't have a coop board flip tax!

The flip tax in my coop is 15 percent.

just curious why anyone would buy into a coop with an exhorbitant flip tax. you are basically handing over your money to the board upon exit.

go to www.thenewyorksource.com and click on Condos vs Coops. This should help.

I looked at a condo in kips bay on sunday.
Peeked into the stairwell on my way out.
Someone had placed their kitchen trash there, rather than the trash chute.
Renters may not always treat the bldg as their home, as you would.

#9, was the flip tax 15% when you bought or did something happen that made the building impose such a killer tax?