Planning to buy a condo in doric apartments since it is for sale for less than 300k. Is it a good place to live? Any horrors or major crimes in that apartment so far?
Comments
Zaiik OP t1_iy3810i wrote
is the building itself worth it? i heard they have high maintenance fee?
throw495887 t1_iy5p9x5 wrote
Honestly I would be more scared of co-ops with low fees. High-rise buildings need a lot of maintenance. You want the place to be well maintained instead of deferring maintenance where you might get hit with an huge assessment.
I hear mostly good things about the building, the concerns others brought up with co-ops are valid. On one hand it’s a very desirable area and building so I doubt you would have huge issues selling the place, but on the other I don’t know how much of a better deal it is than renting. Union City has relatively high taxes and a very strong rent control ordinance so in this town renters are mostly better off than buyers.
Zaiik OP t1_iy613kl wrote
it is a coop but sponsored not the regular coop
hobokenwayne t1_iy3elgs wrote
Make sure u get it inspected
ApplicationNo2506 t1_iy5ruqj wrote
Best part of union city is the food and the ladies. Enjoy
Zaiik OP t1_iy616s2 wrote
what’s with the ladies? lol
SK10504 t1_iy1z48n wrote
thought doric was a co-op. would not buy co-op in nj.
Zaiik OP t1_iy23qqg wrote
why is that?
logan44man t1_iy3ah24 wrote
They're hard to get into and hard to unload
SK10504 t1_iy5erpm wrote
Some reasons not to buy a co-op in NJ:
- When you buy a co-op, you do not own your property (i.e. fee simple). You end up owning shares (like stock) of the co-op association and have a proprietary lease to your unit.
- Co-ops are popular in NYC but outside of NYC, they are not common and most people avoid them.
- People get attracted to them due to the low purchase price, but if you look at the maintenance, it is pretty high.
- You generally cannot rent out your place freely like condos/houses. If you are able to, these are considered subleases, you may only be able to sublease it out for a specified period of time (i.e. 2yrs) during your ownership. Some co-ops require you to pay a monthly fee during the sublease period.
- Trying to renovate your unit can be a nightmare as you need to get co-op board approval as well as make sure your contractors are properly insured to work in co-ops (each co-op has their own, sometimes onerous requirements.
- Most co-ops have an underlying mortgage that all shareholders must pay (in addition to your own mortgage). Most co-ops periodically refinance the loan to borrow money to tackle building improvements.
- Co-op mortgage rates tend to be a bit higher than condo mortgage.
- Not very many co-op lenders so limited competition for your mortgage
- Co-op properties tend to be old so infrastructure tends to be old (i.e. oil or electric heat) or indivisible (i.e. not separately metered). Therefore, there's really no incentive for co-op owners to save on utilities.
- Unless it is a sponsor's unit, you generally have to submit personal financials and interview in front of the co-op board. Some co-op board members tend to be little napoleons and interviews can be more like interrogations. You won't know the board's true colors until at the interview, at which time, you are pretty much 'pregnant' with the transaction going through.
- Due to the above and other factors, co-ops do not appreciate (if at all) as quickly as condo/homes.
Zaiik OP t1_iy61595 wrote
she said it is a sponsored apt not coop
Far-away-1996 t1_iy4tdms wrote
Very hard to unload. High maintenance fees. Value does not increase at all. Don’t actually own a home you own shares of the co-op
Zaiik OP t1_iy4wvdb wrote
so it’s better to own a house right?
throw495887 t1_iy2c255 wrote
I dont live in the building but a few blocks away. It’s a nice area. I feel comfortable walking around at all hours and don’t really worry about crime.