Recently, I had clients who went through a lengthy application process in order to purchase a $260k co-op in New Rochelle. They were ready to put down a large deposit, they had secured a mortgage, and their financials were in order. Unexpectedly, the co-op board rejected them without a reason. It was extremely disappointing for them and they had to start their home search over. What happened? We will never know. New York state doesn't require that a co-op board give them a reason for the rejection.
The concept of sharing space to benefit multiple families has been around since ancient times. The co-op boom after WWII saw the middle class take advantage of these "cooperative housing projects."
I believe that co-ops could still be a good investment, and I've helped many successful buyers and sellers of co-ops achieve their real estate goals. The reason to bring up the situation is to help you make educated decisions either now or in the future before you spend time and money unnecessarily.
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If you have any experiences with co-ops or condos that you would like to share with me, please email me marcianokw@gmail.com or call at (914) 721-0038. I want to educate home-buyers to find the best option for their situation.
