apt. owners: pros & cons of Co-ops?

Doom, do you know if there are differences in the monthly fees between condos and co-ops in D.C.?

For instance, in NYC, condos have far higher condo fees (hell, they look like DC rent figures). I'm not sure of the reasoning, but co-op fees are much lower (but in NYC, I believe co-ops can be more expensive to initially buy, which is one trade-off).

Originally posted by Charlie Nakatestes, Japanese Golfer:
It's funny. Just yesterday people were giving me and a couple of other people shit for talking about real estate on here.

You may have misinterpreted – I didn't give (or mean to give) anyone shit. I had started to comment on the DC market, and decided to stop. THAT's the discussion that drives me nuts, though it's a personal peeve. And it's just friggin' discussed every single day by everyone you meet. Oy vey. This discussion is pretty cool, as it doesn't happen every day. Go forth and ruminate on the DC housing boom/bust/bullshit. ;)

Wasn't you I was referring to.

Some people are annoyed if Nine Inch Nails or U2 infiltrate a thread, others if soccer or real sports infiltrate a thread, still others if it's the housing market. It's all good, if it's not your bag, just surf on to something else.

Originally posted by Bags:

Originally posted by Charlie Nakatestes, Japanese Golfer:
It's funny. Just yesterday people were giving me and a couple of other people shit for talking about real estate on here.

You may have misinterpreted – I didn't give (or mean to give) anyone shit. I had started to comment on the DC market, and decided to stop. THAT's the discussion that drives me nuts, though it's a personal peeve. And it's just friggin' discussed every single day by everyone you meet. Oy vey. This discussion is pretty cool, as it doesn't happen every day. Go forth and ruminate on the DC housing boom/bust/bullshit. ;)

Originally posted by Bags:
Doom, do you know if there are differences in the monthly fees between condos and co-ops in D.C.?

For instance, in NYC, condos have far higher condo fees (hell, they look like DC rent figures). I'm not sure of the reasoning, but co-op fees are much lower (but in NYC, I believe co-ops can be more expensive to initially buy, which is one trade-off).

Not Doom, but if I can help… The difference depends most of all on the amenities and capital needs of the building, more than just whether it's a condo or a co-op. All things being equal, a DC co-op fee should be higher but only because the co-op association pays real estate taxes, which would then be apportioned among the units. In a condo, you're responsible for paying the property tax yourself. Since condos are generally assessed at higher amounts than equivalent co-op units, you'll actually wind up paying more with a condo – just that the big tax hit will come twice a year instead of monthly (unless your lender escrows tax payments).

Oh, and as far as co-ops being more community minded, it depends. You have River Park in SW, which was founded by a bunch of ol' lefties and the spirit continues today. On the other hand, look at 2101 Conn., which is as snotty as it gets. Both are co-ops.

My co-op fee doubled this year…but only because the real estate tax doubled this year for our building. Most condos don't include this tax in the fee…so co-op fees can sometimes be more expensive (although at the end of the year you get a statement from your co-op telling you how much real estate tax you paid so you can deduct it from your taxes).

Funny that there are so many board members (including myself) that live in co-ops…I didn't know there were so many around this area (mine's in arlington).

Originally posted by 1702:

Originally posted by Bags:
Doom, do you know if there are differences in the monthly fees between condos and co-ops in D.C.?

For instance, in NYC, condos have far higher condo fees (hell, they look like DC rent figures). I'm not sure of the reasoning, but co-op fees are much lower (but in NYC, I believe co-ops can be more expensive to initially buy, which is one trade-off).

Not Doom, but if I can help… The difference depends most of all on the amenities and capital needs of the building, more than just whether it's a condo or a co-op. All things being equal, a DC co-op fee should be higher but only because the co-op association pays real estate taxes, which would then be apportioned among the units. In a condo, you're responsible for paying the property tax yourself. Since condos are generally assessed at higher amounts than equivalent co-op units, you'll actually wind up paying more with a condo – just that the big tax hit will come twice a year instead of monthly (unless your lender escrows tax payments).

Oh, and as far as co-ops being more community minded, it depends. You have River Park in SW, which was founded by a bunch of ol' lefties and the spirit continues today. On the other hand, look at 2101 Conn., which is as snotty as it gets. Both are co-ops.