gregorygarver.com

freerealtorsearch · Joined: 06 Sep 2003 Posts: 6

Although the real estate market is at a slump, it seems to be the best time to purchase b/c home prices as well as interest rates are falling. I'm hope to benefit in the long run in the equity, but if I purchase I would probably stay put for at least 10 years. Regardless of how the market is right now, its still very expensive to buy in NYC. I know condos are more profitable but co-op are cheaper. For those of you who has purchase a co-op have you profited or can you profit from a co-op?

mbrcatz170731 · Joined: 31 Jan 2005 Posts: 2

Any real estate is a long term investment now. It will take some years to make good money, if you buy now (maybe not 10 years, but 5 to 7 years... nobody knows for sure.)Just look at the trends in your area. Check the prices on condos and co-ops 10 years ago and compare them with prices when the market was at its peak. Calculate how much they went up (percentage wise) and make your decision. Since you are prepared to keep the place for some years, you'll be fine.

SP · Joined: 29 Jan 2007 Posts: 4

I am against any co-op purchase. You already said it yourself that condos are more profitable and they are. Co-ops are not really cheaper, they just allow you to buy the property faster. You will, however, pay more in the long run with the lower value and non-deductible maintenance fees. Do you know why people paid $2000 for a $600 Playstation 3 when it first came out? It's because they wanted instant gratification.A co-op is still a lease. You don't own it you own shares in the cooperative. The board has the power to tell you what you can and can't do with your property. Even a condo board won't bend you over and probe you like a co-op board will. Co-ops can also be extremely difficult to sell or rent as the board has to approve everything. It can take months longer to sell than a condo. Co-ops are for people like Madonna or Michael Jackson, etc. They buy co-ops so they can systematically and legally keep undesirables out. They avail themselves of a power of rejection that wouldn't fly in a condo community.