coops

It depends on the board, that is an extremely broad question to ask.

If you stay away from co-ops you'll severely narrow the field.

Most people will estimate that upwards of 85% of apartments in Manhattan are co-op, so I would only stay away if you have to (e.g., you can only do the 10% down that most condos require and not the 20%+ that most co-ops require).

What about condops? Are they the real deal?

Apparently condops are the real deal, they're somehow a little bit condo, a little bit co-op (is it a co-op with condo rules?). There's another thread here too so let's see what people say.

There are liberal coops with low down payment/liquidity requirements that allow subleting, and conservative coops that don't allow financing, require hundreds of thousands liquid, and don't allow sublets. If you find a coop that suits you, go for it.

There are some co-op boards that are very strict. Once you're in the building are they still in your business day to day? ie. Music too loud, coming & going at all hours, we don't like your friends, etc. Very possibly so, huh??

If you make an offer on a coop and the board turns you down do you lose your 10% depostit?

no

be cool if did , heh heh

#9, you get your deposit back of the coop baord turns you down. Trick with buying a coop is to make sure you ask the right questions before placing your bid..ie sublet policy, pets, financing, etc. Also, some coops consider bonus as part of your salary, whereas some don't but may focus more on your total assets/net worth.

Working with a buyer's broker can be an advantage if you're new because they can steer you towards a building that can suit your needs.

Also, make sure you get a good lawyer who is experienced with NYC coops, and knows what types of questions to ask. good luck!

The best answer to this, and a lot of other newbie questions I've seen on the boards here, is to be found in Sylvia Shapiro's "New York Co-op Bible". Very useful book.