Condo vs Co-Op

In places like New York City ~75% of the Manhattan housing inventory is comprised of co-ops.  While co-ops are much less common in Florida a prudent buyer or seller should understand the differences and evaluate real estate decisions with a valid understanding how this could impact the real estate experience.

Typical similarities fo Condos and Co-Ops.

+ Equal “say” in how the building is run and maintained.

+ Residents vote on decisions that affect the building.

+ Some resident are elected as board members to cart out the group’s wishes and handle other details.

+ Financing can be limited, not approved by the lender, or not approved by the board.

This article was written by Brian C. Smith- Realtor, EWM Realty International.

For more information or assistance with real estate in South Florida please contact Brian today at 305.318.8200.

#MiamiRealEstate #Co-Ops #SouthBeach