What The Price For Emerald Park Condo?

What % price difference to expect between a condo & a coop given similar buildings, same area, same size units?

• OK, generally speaking, in a neighborhood, 2 bedroom condos go for certain price range and 2 bedroom coops go for certain price range. Condo "sale price" are more than Coops. Generally what is the average "sale price" difference between these two groups in percentage?

• Answer:

  You're forgetting the biggest part of your question: what is the contingency account balance?? All Condo units require to have a "contingency fund account"; basically, a fund to help pay for emergency repairs. The big question to look at prior to even looking at the cost of the condo is finding out when it was built, what repairs have been done since, what repairs have the administrators/managers planned, the cost of these to each unit owner, etc... I currently own 2 condos in a condo complex of 126 units; another complex like mine is just beside it and I can tell you that ours is at a much better financial and maintenance level. Both buildings have 6 floors were built in 1982 and just for comparisons: We've redone our roof, renovated all 6 floors (wall & carpet) as well as totally renovate both elevators and the entry hallway of the building - everyone says it looks like a "high-priced hotel". We've also changed all the pipes, the hot water tank as well as redo the pavement for the outside parking & entry spaces. We also have approx 90K in the contingency fund account. The other building has (from what I've been able to hear) approx 120K but hasn't done ANY renovations at all... Our condos sell for at least 12-15k more than theirs as most new owners are asking about the condo fees - ours haven't been increased in over 15 yrs - what we've done is added 2 special paymnts to refurbish the contingency account... I think that in a situation like this, I wouldn't want to be an owner in that building; I'm sure a check request with many zeros is forthcoming in the not too distant future...