Condo vs Co-Op in NYC
Condo vs Co-Op in NYC
Micky attempts to demystify the difference between condos and co-ops with the help of little plastic friends and their tiny houses.
When buying a home, there are many things one must consider—budget, neighborhood, architectural style, number of bathrooms. When buying a home in New York City though, there’s an additional layer of consideration that is a gray area for most homebuyers: what is the difference between a Condo and Co-op? Let’s dig in and clear up the confusion once and for all.
THE FACTS
Of all the residential units in New York, 70% are classified as rental units and only 30% are units for sale
Of that 30% for sale, 70% are co-ops and 30% are condos
Condos are a relatively new concept for the city, beginning in the early 1980s
For this reason, most condominium buildings are new construction and are loaded with modern amenities
Co-ops are typically pre-war buildings or brownstones, holding true to that quintessential New York lifestyle
Your options may see to be stacked against you, but finding out the difference between Condos and Co-ops could prove to be beneficial in understanding which will be the best fit for your circumstances.
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This video provides general information about real estate and is not professional advice. Consult with a qualified professional before making any decisions. The creator is not liable for errors, omissions, or outcomes based on the information presented. Compensation may be received for featuring products or services, but it does not influence the content. Viewers agree to seek personalized advice before making any real estate transactions.