Quote:
Originally Posted by I-Hate-Hulse
Manhattan is currently about 75% co-op vs condo. This article does a good job explaining the difference between the two.
http://www.huffingtonpost.com/greg-j...b_3460551.html
Co-ops have a tremendous advantage over condos in that the Boards gets to select who gets to live in the building. Keep in mind these are often in older, more desirable and well located buildings. There are horror stories about the interview process to be selected - you don't just roll up and buy a unit like you do here in Calgary with a condo. typically the Board is screening for financially sound like minded people that will fit in the community.
A horror for buyers, but for current residents and the Board this (and the desire of residents not to get thrown out of the co-op) generally leads to a higher acceptance of living in close quarters under a common set of rules. |
Which, of course, makes NY co-ops often terribly discriminatory.