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good explaination, Dave.
Date: 10/5/2004 5:01 PM Eastern Daylight Time Message-id: On Tue, 05 Oct 2004 12:34:01 -0400, Martin Baxter said: Intellegent New Yorkers still buy houses in the city called brownstones. They cost a pile of money but at least you still own your own house. S/V Express 30 "Ringmaster" "Trains are a winter sport" Doesn't this mean "Condominium"? What's the difference between buying a condo and buying an apartment? You're talking about several different beasts here. A Brownstone is a whole house, generally 3 to 4 floors and often complete with small back yard. They run several million in good parts of the City. A condominium is generally one apartment that is part of a larger building. You own the condominium much as you would own a house, and can generally rent to whomever you please. In addition to your mortgage and taxes, you pay "common charges" for shared facilities and services. A coop is shares in a corporation that owns an apartment building, plus a "proprietary lease" from the corporation. You pay, in addition to your mortgage, monthly "maintenance" charges. Part of the maintenance charges are for mortgage interest on the mortgage the corporation gave to the bank to buy the building, or later refinanced. Another part is for the real estate taxes paid by the corporation. These interest and real estate charges are passed through, so the owner of the coop can deduct them. One advantage of the coop is that every purchase (with limited exceptions for sponsor sales) is subject to approval by the corporation's board of directors, so there is some assurance that those who buy will be able to meet their maintenance obligations. In fact these days unless you have at least a million in liquid assets after the purchase of even a small apartment you won't get in to many coops. Coop boards have historically also acted a screeners for "undesirable" co-residents. For example it isn't unknown for well-known entertainers to be turned down because the board doesn't want the notoriety. It is believed by some that boards may also exercise their discretion by looking for reasons to turn down purchasers of an ethnic identity they feel wouldn't "fit in." |
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