Anonymous wrote:I wonder if there is a ground lease that is expiring?

There's a few condo/co-op buildings with these in Arlington closer to the river. Values are plummeting as the ground lease is set to expire in the next decade and the building will be functionally worthless + current owners will not be able to afford a new higher ground lease.

Exactly what it is. Can't wait to tear down those sh**** projects

This is a ground lease that is expiring. This will be redeveloped in the next few years.

What is a ground lease?

I wonder if there is a ground lease that is expiring?

There's a few condo/co-op buildings with these in Arlington closer to the river. Values are plummeting as the ground lease is set to expire in the next decade and the building will be functionally worthless + current owners will not be able to afford a new higher ground lease.

Anonymous wrote:Why doesn’t the listing tell you exactly what THIS coop offers instead of what they often offer? Having utilities paid is very different than not having them paid.

The listing says that the monthly fee does not include electricity or property taxes. This unit is a complete money pit, and the value is likely to become negative in the near future, if the price is already this low. You will literally need to pay someone to get rid of this unit if you want to move later.

You are basically paying 35k for the privilege to rent an 80 year old 1bd apartment. The value of this apartment unit is effectively zero. No one wants an 80 year old apartment with a $1,300 monthly HOA fee.

I think AI wrote that comparison between coops and condos, which is why it says "often." The owner probably copied and pasted without even reading it.

You do not technically own the unit itself. Instead, you own shares in a corporation that owns the entire building or complex. Your number of shares corresponds to your unit. Those shares give you a proprietary lease allowing you to live in the apartment.
The building is owned collectively by the cooperative corporation.
Condo
With a condo, you own your individual unit outright as real property.

2. Monthly Payments
Co-op
You pay monthly carrying charges (sometimes called maintenance). These often include:
• Building insurance, Property taxes, Water, sewer, and sometimes gas/heat, Maintenance of the building and grounds, underlying mortgage (if the building has one)
Because many costs are bundled together, co-op fees are often higher but more inclusive.

Anonymous wrote:Monthly fee is $1250. You’re basically paying a small fee to rent an apartment.

You pay cash for apt than $1,250 a month maint of which a decent amount is tax deductable as main includes property taxes and any interest if a underlying mortgage etc. The cheaper part is it is absolutely owner occupied only. But they allow pied-a-tiers so looks like a perfect snow bird unit

Why doesn’t the listing tell you exactly what THIS coop offers instead of what they often offer? Having utilities paid is very different than not having them paid.

I didn’t realize Virginia had co-ops.

Monthly fee is $1250. You’re basically paying a small fee to rent an apartment.

Hoa fee

For sale by owner

https://www.zillow.com/homedetails/1762-N-Troy-St-APT-647-Arlington-VA-22201/12080768_zpid/