The local paper had some things to say about our local Real Estate Market in today’s paper.
Click on the graphic below to have a look. 

Co-op Vs. Condo – What’s the Difference?
Rebloged from Rand Site (by permission)

Co-ops and Condos are different. A Co-op is a corporation; you actually buy shares in the corporation. The monthly maintenance includes the property taxes and mortgage interest if the building has taken out a mortgage for improvements. These costs are deductible on your personal income taxes – on the listing it will tell you how much is tax deductible, usually about 50%. Co-ops have a Board of Directors and require an application with a fee and board approval for all perspective buyers. They also usually have a minimum down payment that varies from 10% to 35% depending on the building and not all Co-ops allow pets.

With a condo you actually own the unit from the outside wall in and in addition to the common charges you are also responsible for paying the property taxes as well. The taxes will be posted on the listing. Condos also have a board but there is not usually board approval or a minimum down payment requirement. Condos also usually allow all pets. There are not as many condo complexes as there are co-op complexes so the old supply and demand theory – condos are more expensive than co-ops.

The maintenance and common charges both include the maintenance of the building, heat and hot water (unless the heat is electric). Sometimes other utilities, like electric are included but then there is a monthly fee for items such as air conditioners and dishwashers. Some buildings also have temporary assessments for things such as oil costs or improvements. These charges are for a specific period of time.

Some of the Differences

Condominium

Deed ownership to unit and undivided interest in common elements.

Unit owner may finance and refinance his unit with mortgage.

Condominium cannot mortgage common elements.

Condominium Board of Managers has right of first refusal of match offer to purchase or lease unit. (Most never exercise it)

Failure of unit owner to pay common charges increases costs to other unit owners for operating expenses – no risk of foreclosure to other unit owners.

Condominium may foreclose on individual unit for failure to pay common charges.

Units separately assessed for real estate taxes – each unit owner pays his own real estate taxes and mortgage.

Each unit owner deducts real estate taxes and mortgage interest paid directly by him.

On new condos, buyer may be locked into specific bank or two. On resales, most will make a loan. Rates are comparable to a home.
Cooperative Apartment

Ownership of stock or corporation owning building with right to a lease to a designated unit.

Cooperator may finance and refinance his stock ownership and lease with loan secured by pledge of stock and lease as collateral. Called personal loan.

Failure of cooperator to pay maintenance (rent) increases costs to other unit owners for operating expenses and debt service on underlying mortgage-risk of foreclosure on entire building.

Apartment corporation foreclose on cooperator’s apartment for failure to pay maintenance.

Entire building assessed as a whole – cooperator’s maintenance used to pay portion of real estate taxes and underlying mortgage.

Each cooperator deducts his proportionate share of real estate taxes and interest on underlying mortgage paid as part of his maintenance – also, deducts interest on individual cooperative apartment loan paid directly by him.

Interest rates and sometimes points are higher because it’s a personal loan.

All over the news these days we hear reports about the National and Local Housing Market. I have been blogging about this issue for well over 5 years now.

Click on the image below to read what Freddie Mac’s Chief Economist has to say now. I must admit that given the current and past state of affairs, I feel this is somewhat self serving.

I’m saving this article and coming back to it in October.  That’s four (4) months of resale activity in Rockland County, and we’ll take another look then.

You know what, I’ve been saying this now for 5 years.  Let’s see.  Come back in the fall and we’ll see.  I’m skeptical at best.

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From there click on a county
then a city
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What could be easier ?

THIS PROPERTY IS SOLD AND CLOSED. 

Go here for lot of pictures of the Versailles Townhouse Development

2010 Rockland Condo Activity 1.1. – 2.28

 
January & February 

Condo Market Reports: 

What you will be viewing
is a pdf.file. 

The data is sorted into four (4) categories.  All reports are prepared using statistics from The Greater Hudson Valley Multiple Listing Service.

xxx

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TRENDS IN 2010
Excerpt: The The housing market in 2010 is virtually guaranteed to be better than that of 2009.  Sales will improve at the upper end of the market as banks’ view of non agency backed loans as less risky spreads.  But rising mortgage rates across the board may create headwinds for sales growth as the economy recovers in late 2010.  Regardless, the national market will likely achieve a higher level of sales volume, well below the heady days of 2006, but at a steady, more stable level of sales.
(source: GHVmls and Bankrate.com)

ECONOMIC OUTLOOK & HOME OWNERSHIP

2010 Residential Reports

January & February

Residential Market Reports:

What you will be viewing
is a pdf.file.

The data is sorted into four (4) categories. All reports are prepared using statistics from The Greater Hudson Valley Multiple Listing Service.

.

TRENDS IN 2010
Excerpt: The The housing market in 2010 is virtually guaranteed to be better than that of 2009. Sales will improve at the upper end of the market as banks’ view of non agency backed loans as less risky spreads. But rising mortgage rates across the board may create headwinds for sales growth as the economy recovers in late 2010. Regardless, the national market will likely achieve a higher level of sales volume, well below the heady days of 2006, but at a steady, more stable level of sales.
(source: GHVmls and Bankrate.com)

ECONOMIC OUTLOOK & HOME OWNERSHIP

Check Back Often For Updates

UPDATE: Nov. 13, 2009

LONG-TERM RATES FALL TO LOWEST LEVEL IN FIVE WEEKS.
30-Year FRM Below 5 Percent For Five Of The Last Seven Weeks
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.

Go Here For: RESIDENTIAL MARKET REPORTS

CONDO MARKET REPORTS …

THERE ARE 2 DIFFERENT GROUPS OF CONDO REPORTS FOR YOU TO CHOOSE FROM BELOW. The First Group of (3) are All the Condos Listed Year To Date in the following areas: All of Rockland ~ All of Nanuet and All of The Hamlets in Nanuet NY .

ALL the Nanuet NY Condo Listings LISTINGS Year-to-date x Click on the Image to the left for the full view of the most recent market activity.

ALL OF THE HAMLETS NY Condo Listings Year-to-Date. x Click on the Image to the left for the full view of the most recent market activity.

The Second Group of (3)

All of Rockland ~ All of Nanuet and All of The Hamlets in Nanuet NY . ALL of ROCKLAND NY Condo Sales Year-to-date x Click on the Image to the left for the full view of the most

recent market activity ALL of Nanuet NY Condos Sales Year-to-datex x Click on the Image to the left for the full view of the most recent market activity.

ALL oF THE HAMLETS NY condo Sales Year-to-Date. Click on the Image to the left for the full view of the most recent market activity.

>

Go Here For: RESIDENTIAL MARKET REPORTS

all-nanuet-condo-listings-ytd-updated-october-2009-21

First-Time Homebuyer Credit Expands.

Homebuyers who purchase in 2009 can get
a credit of up to $8,000 with no payback requirement.

Overview

First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:

• Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
• Applies only to homes used as a taxpayer’s principal residence.
• Reduces a taxpayer’s tax bill or increases his or her refund, dollar for dollar.
• Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.

The credit is claimed using Form 5405.

Updated January 13, 2010