Real Estate News
5 Key Real Estate Trends: For the New Year
Happy New Year! 2023 welcomes a land of promise and opportunity for long-time investors and buyers. With interest rates rising and balloon payments coming due, I predict this will be be a year of opportunity for many people.
Atlantic City On Fire: 12 Key Projects. Billions Being Spent.
Billions of Dollars are being poured into Atlantic City Real Estate. This is the largest shopping spree since Donald Trump was the biggest name in-town. A lot has changed since
Bonus Depreciation: Act Now! Defer Your Income! Buy a Car Wash!
Don't wait! Find a property that will help you with bonus depreciation immediately! In 2017, the Trump Administration passed the Jobs and Tax Cut Act. While this contained many provisions,
Are you looking to invest in New York City Real Estate? Planning to purchase a new Apartment?
In New York City there are three types of building structures; Condos, Coops and Condops. Each building structure offers advantages and disadvantages. Lets have a look at all three:
Condos
- Advantages
- Buyer owns the real property
- Flexible sublet policy
- Can rent as investment
- Pied a Terres allowed
- 90% financing
- Easier board approval process
- Less reserves required for board approval process
- Greater pool of buyers when reselling due to limited board approval process
- Cons
- Higher closing cost
- New construction may include buyer paying transfer tax
- Price of a Condo is typically higher than other building structures
Coops
- Advantages
- Less expensive than Condos
- More value for your money
- Maintenance tax deductibility
- Lower closing costs
- No title search
- Cons
- Own shares and not real property
- Lengthy board application process
- Stringent board review in some cases
- Minimum reserve requirement after closing
- Strict income/debt ratio required
- Strict sublet policy in some cases
- Certain coops do not allow pied a terres, guarantors or co-purchasers
Condops (This is an underlying Coop)
- Advantages
- Hybrid between Condos and Coops
- Less expensive than Condos
- More value for your money
- Maintenance tax deductibility
- Lower closing costs
- No title search
- Easier board approval process
- Flexible sublet policy
- Cons
- Few Condops in New York City
After looking at all three building structures, my thoughts are as follows:
- If money is no object, a Condo is a better investment
- If you are on a relative budget and prefer more space for your money, a Coop is the way to go
- Condops are excellent for many buyers, but inventory is limited
