A great many agents in America work strictly with clients buying or selling single-family, standalone houses. But at some point in their careers, they very well may be in a market in which condominiums (condos), townhomes and housing cooperatives (co-ops) rule, especially cities where many buildings are home to dozens or even hundreds of residents.
Defining terms, a condo is an owned private residence located inside a shared building. While a co-op is also contained within a larger structure, its residents don’t actually own their living spaces, but rather have proprietary leases, giving them the right to live in the property until they sell or transfer their shares.
In this exclusive RISMedia Premier Report, condos and co-ops are explored in depth—providing insight into how agents and brokers perceive the market in various parts of the country, the financing differences that set condos and co-ops apart from freestanding single-family houses, urban versus suburban condos and how condos especially may help solve the housing shortage in America, and the unique co-op market in New York City.
Key takeaways include:
- How homeowner associations (HOAs) take charge of the buildings and make decisions on what each condo or co-op unit must pay for common charges and assessments, and why it’s crucial to understand all of that before buying.
- Why attaining a mortgage for a condo or co-op can be more problematic, as financial institutions will not just be judging a potential buyer’s creditworthiness.
- How many hopeful buyers have lost out in bidding wars for single-family properties over the past several years, delaying homeownership and forcing them to continue paying rent—something that a condo purchase could have prevented.
- The reasons why condos and co-ops aren’t just a compromise, but instead can be a practical and increasingly attractive option for buyers who want to invest in equity, stay connected to the city and be part of a thriving, modern community.
Section 1: The Current State Of Condos and Co-Ops Around the U.S.
Real estate professionals around the country explain what’s happening in their markets, and the challenges buyers and sellers face.
Section 2: Navigating the Financial Complexities of Condos and Co-Ops
How agents working with condo/co-op clients dig deeper into each building’s details to properly educate buyers on what’s required monetarily…and what may be soon as well.
Section 3: First-Time Buyers, Urban/Suburban and Inventory Outlook
The pros and cons for young buyers, city and rural location attractions and how builders are reconsidering their projects to provide more housing in America.
Section 4: The Ins and Outs of Manhattan’s Exclusively Co-Op Market
With the Big Apple the long-established king of co-ops, what agents elsewhere can learn to help buyers avoid the pitfalls and benefit from doing due diligence.
