Co-op living experiences
I am within striking distance (6months?)to enter the market to buy a co-op/condo. Ive read enough literature about the differences. But I would like to know the experiences brownstoner users have had or heard of, of people living in co-ops. I been looking for a co-ops in Bay Ridge. Id potentially want a place for…
I am within striking distance (6months?)to enter the market to buy a co-op/condo. Ive read enough literature about the differences. But I would like to know the experiences brownstoner users have had or heard of, of people living in co-ops. I been looking for a co-ops in Bay Ridge. Id potentially want a place for about 5 years.
Thanks!
my sole experience was in a very small co-op (5 units) and it was very difficult to get anything done. a few people simply would not take responsibility or follow through on projects they said they would and the lion’s share of work fell to a few of us. since it was such a small co-op, we didn’t have a managing agent and it was quite the thankless task. it’s very disconcerting to think that the largest investment you’re making is in the hands of a bunch of unreliable numskulls and there’s nobody else there to vote in if you don’t feel comfortable with the board.
i wouldn’t buy in a small one again, but i would consider a much larger one.
my only suggestion would be to buy in a well established co-op with good financials and clear minutes.
I’ll never buy a coop again. I think it depends on the board, so if you have a great one, then great. Unfortunately, we were under the impression ours was great when we bought, but later found out otherwise. The board was inefficient, self-serving, and a generally unpleasant bunch to deal with. When we had to leave the City for a year or so to care for an ailing parent, they hassled us about subletting (even though it’s on the books that it’s okay to sublet w/ board approval), and then when we eventually put the place on the market, they were so slow and ineffective and rude with our first buyer’s offer, they scared them away (and I couldn’t blame them). Generally a giant pain in the neck. As for reviewing the board minutes ahead of time–great idea. Our minutes were pretty scarce, though–kind of piece meal and clearly not reflective of what was really going on. Plus, the many conflicts mostly occurred between the board and other owners; the board itself was stocked with a bunch of bullies, and no one else was willing to take on the stress of dealing with them by running for the board, myself included… Just not my cup of tea, all that stress…
I’ve owned in two coops, one a large (270-unit) building in Manhattan and the other a mid-sized (32?-unit) one in Brooklyn Heights. How well they are run, by the board or the management company, is key. The Manhattan building was extremely well run, well staffed and the only necessary participation on our part was showing up at the annual shareholders meeting. The management company was great as far as communicating what happened at monthly meetings, keeping us informed of maintenance projects, and advising what issues were on the agenda for future consideration.
My husband got much more involved in the management of the BH coop due to a very volatile board and a series of lousy managing agents. Again, it was a good living experience but we had to make lots of time to get involved and make sure issues were being addressed to our satisfaction. We reviewed the board minutes before we signed the contract, and our RE agent knew the board by reputation and told us about some of the board personality issues and problems. Since we went in fully aware of the need to get involved, it was not a burden and we got to know all the building residents very well and gained a lot of general real-estate management knowledge along the way.
I’ve been a Real Estate Agent, who’s sold coops and condos, and when I moved to Bay Ridge, purchased a coop. I won’t go into the differences, since you seem to have done your homework. The best thing you can do is get a real estate attorney that is familiar with coops in the area (and there are many).
I was happy in my coop. There are many well-managed coops in Bay Ridge. Its important that the Management Company is responsive and that the coop itself, is financially stable. Maintenance fees are critical, as well. Take a look at how stable the maintenace fee has been over the past 10 years. If you can get the information (from your own research, or through a RE Agent, compare the maintenance in one building, to a similar building (but don’t compare 4th ave to shore road). If one has considerably higher maintenance, ask why.
I’m pretty bullish on co-ops vs. condos. We’ve lived in 2 co-ops and overall it’s been a good experience. However, you’ll find yourself hip deep in running the building if it’s a small one. And if it’s a big one you may feel like decisions are being made about your financial future without your input.
If you have some time, and it sounds like you do, familiarize yourself with how co-ops operate.