Condos versus Co-ops

For my first discussion, I want to talk a little bit about co-ops vs. condos. Co-ops are a very ,misunderstood piece of the real estate market. The basic difference is this: Co-ops are corporations in which you buy shares, in exchange for which you are given the right to occupy a unit. Condos are units that you buy, along with an undivided interest interest in the common elements (like hallways, courtyards, pools, and other amenities.) Though it may seem like a small difference, the implications are actually huge. You can see a further discussion of the differences on my web site here.

 

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