buying co-op is like going to a business with a few hundred people that you
don't know. It may work out well, it may not.
I have this friend who bought a co-op in Mnahattan in 2003. Everything
worked out great until he got transfered to San Fran by work in 2007. 2007
was the peak of the market so he didn't think it would be a problem selling
the unit. In 2 weeks after he put the apartment on the market, he found a
buyer who would buy the apartment in all cash. However, the board denied the
application because the buyer got the money from his parents and they didn'
t like the buyer's own income level. 2 other offers were also denied by the
board for various other reason. Co-op is a private company and they can do
whatever they want. 6 months later the apartment was still remain unsold and
my friend was still paying the monthlies while living in San Fran. By 2008,
all hell broke loose, my friend had to lower the asking price by $150K
trying to sell the apartment. He got another offer but got denied by the
board again because the board thinks the selling price is too low and it
would bring down the value of other apartments!!!
My friend finally sold the apartment in 2009, after lowering the price by $
250K and threaten the board by going to foreclosure. They didn't like the
low selling price and feared foreclosure even more, so they finally allowed
the sell.
Are all thse tourble worth it? Not me. But it really depends on your
particular situation. I certain don;t want to go into any business with
people I don;t know of.