Many buyers prefer to purchase condominiums because of the flexibilty you generally don't have when purchasing a coop or a condop. Condops are basically coops that adapt the terms that you'd generally come to expect when choosing a condo.
When you purchase a condo you don't have have board approval in order to get into the building, and avoiding a potential coop board rejection.
However there can be some pitfalls if you don't plan properly and do some research.
Read full story here: http://www.nytimes.com/2011/10/30/realestate/getting-started-homework-for-condo-buyers.html?_r=3&ref=realestate
When you purchase a condo you don't have have board approval in order to get into the building, and avoiding a potential coop board rejection.
However there can be some pitfalls if you don't plan properly and do some research.
Getting Started
Homework for Condo Buyers
By JIM RENDON
Published: October 27, 2011
IN a city like New York with an aging housing stock — much of it suffering from deferred maintenance — brand-new condominiums have an obvious appeal. Luxury amenities like pools, screening rooms, children’s play areas and high-end finishes can look pretty good when compared with a musty prewar building or a featureless postwar high-rise.
And, curb appeal aside, new apartments dominate the sales market in popular or gentrifying neighborhoods like Williamsburg, Harlem and Downtown Brooklyn, which were once either dominated by rental units or had little housing. Read full story here: http://www.nytimes.com/2011/10/30/realestate/getting-started-homework-for-condo-buyers.html?_r=3&ref=realestate
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