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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I would never again own in a coop. [b]It’s much worse than an HOA[/b]. Read the coop docs. The board has a ridiculous amount of power and can make arbitrary decisions. Also really look at the building infrastructure. The concrete (in the plaza and parking garages in particular) is in poor shape. There appears to be a ton of deferred maintenance, which is sadly common in coops. I would anticipate a lot of one time significant charges. That’s when it will get ugly bc some long time homeowners won’t be able to pay, even with monthly plans, etc.[/quote]

Thanks for bringing this up.  I'm a renter in a condo building right now and the HOA annoys even me!  I don't want to be involved with that type of thing as an owner.  What happens if homeowners aren't able to pay, are other owners expected to pay extra? -OP[/quote]

This is more DC nonsense. A condo if an owner can’t pay us a massive headache you have to go through a huge foreclosure process and with banks can drag on for years and building usually loses out on past common arrears owed.

A coop technically you don’t directly own real estate you own shares in the cooperative. My coop I had a stock certificate similar to a stock. It is cheaper and quicker to take back unit.

Other thing to closing costs way cheaper on a coop. It is a stock certificate transfer.

Downside they don’t appreciate much. Upside better to live in if you are a primary owner. I almost felt like I lived in a hotel in my coop. My condo to be honest I still have to deal with a board but I get stuck with way way more repairs and bills to deal with in my own, [/quote]

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