Condo vs Co-op in NYC | What Every Luxury Buyer Needs to Know

Get Exclusive New York City Home Buyer Class 👉 https://wheelockbuyerclass.com 🌆 (Save Thousands On Your Next Home Purchase) Choosing between a condo and co-op in NYC before you start touring is one of the most important decisions a luxury buyer can make and this video covers every practical difference that actually matters. The breakdown includes how condo board review is a one to three week formality while co-op boards have full discretionary authority to reject buyers with an in-person interview and a six to ten week process, how monthly costs look completely different with condos showing common charges and taxes separately while co-op maintenance bundles everything into one number, and how most co-op buildings cap financing at seventy to eighty percent with some requiring all cash entirely. The video also covers flip taxes that reduce your net proceeds when selling a co-op the flexibility restrictions that make co-ops nearly impossible for pied-à-terre buyers and foreign nationals and the simple decision framework for determining which structure actually fits your situation. If you are buying a luxury apartment in New York City this is the most practical condo versus co-op guide available before you make your decision. 🚚 Moving to New York? I’d Love to Help! 👋 Erin Wheelock, Lic# 10301220968 📲 (917) 920-7326 📧 [email protected] 👋 Erin Wheelock, Lic# 10301220968 📆 Schedule Discovery Call: https://calendly.com/erinwheelock 🏆 Brokered by: Keller Williams NYC, Lic# 10991232941 Highly Recommended Videos: 🌆 Ultimate Guide: Top 5 Spas in New York City for Ultimate Relaxation and Wellness -    • Ultimate Guide: Top 5 Spas in New York Cit...   🏗️ Tour a Stunning Tribeca Artist Loft | New York City Neighborhood Guide -    • Tour a Stunning Tribeca Artist Loft | New ...   🤠 $15,000,000 West Village Townhouse Tour || NEW YORK CITY -    • $15,000,000 West Village Townhouse Tour ||...   Connect 🌐 Website: https://www.thewheelockteam.com 📺 YouTube:    / @nycluxuryliving   📲 Facebook:   / erinwheelockteam   📱 Instagram:   / wheelockteam   💼 LinkedIn:   / erinwheelock   Disclosures (these are in the required order) 📝 Fair Housing Notice: https://dos.ny.gov/system/files/docum... 📝 Keller Williams NYC Standard Operating Procedure https://d1e1jt2fj4r8r.cloudfront.net/... 📝 Reasonable Accommodation Notice https://kwnyc.com/ada-disclosure 🔎 Sources Niche, Wikipedia, TravelTime, Census, Real Estate Commission 😀 Info provided is opinion and for entertainment purposes. 💰 Links shared may be affiliate links to products or services. We may receive a commission, discount or benefit for purchases made through these links. 00:00 – Condo vs. Co-op: Which Should You Buy in NYC? 01:17 – Ownership Explained: How Condos & Co-ops Differ 02:19 – Board Approval: Condo vs. Co-op Buying Process 03:45 – Preparing for the NYC Board Application 04:10 – Monthly Costs: Common Charges, Taxes & Maintenance 05:25 – Flip Taxes: The Hidden Cost of Selling a Co-op 05:54 – Financing Rules: Condo vs. Co-op Mortgages 06:42 – Renting, Subletting & Flexibility Compared 07:31 – Which Is Better for Luxury Buyers? 08:05 – Mortgage Recording Tax: A Major Condo Closing Cost Condo vs Co-op in NYC | What Every Luxury Buyer Needs to Know #Buyer #LuxuryLiving #NYC