When it comes to living standards, co-ops and condos are very similar, but there are many legal and financial differences. A co-op is a unit of housing that an individual is allowed to live in after purchasing shares in the corporation that owns the cooperative. Basically, it’s a multi-unit apartment building where each resident has a stake in the entire building. You are just buying the right to occupy one unit. Condominium apartments differ from co-ops because you will actually be owning the property. Now, the main difference between a co-op apartment and a condo is the actual buying process and the ownership. Individuals who buy a condo do not have to be approved by a board, and residents own the actual real property and the space inside. They can sublease or sell the condo at their own will. A condo owner may also have to pay fees to a Homeowners Association to take care of maintenance fees and staff salaries but the approval process and building rules are much stricter when it comes to a co-op. Residents of a condo tend to have less control over what happens in the building, whereas management and financial decisions are made by the co-op unit members, through voting and meetings. Overall, these are two different types of ownership and buyers should do their homework because there are many factors that need to be considered when it comes to condos and co-ops.
Below are a list of some condo’s and co-ops for sale in Staten Island. If you have any questions at all please feel free to call us at 718-524-0400 or 718-980-0400.
Staten Island Condos for Sale
100 Colfax Avenue #4N
2 br, 1 ba Condo
$214,000
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95 Essex Drive #2E
2br, 2ba
$330,000
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1290 Rockland Avenue #1H
1 br, 1 ba
$199,900
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322 Miles Avenue #A
2 br, 1 ba
$259,000
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Staten Island Co-ops for Sale
191 Seaver Avenue Unit D
1 br, 1 ba
$139,000
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485 Armstrong Avenue Unit D1
1 br, 1 ba
$125,000
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If you are interested in any of these properties or if you have any questions please feel free to call us. Our licensed real estate specialists have extensive experience and would be happy to help you with all of your real estate needs.
Office Contact Information:
2343 Hylan Blvd. (718) 980-0400
1847 Victory Blvd. (718) 524-0400
Visit Us at http://www.hometimesi.com