ST Alpha - "don't know about NY, but in vancouver it's a lot cheaper to buy co-ops. -- nm" (Reading a Post)

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In response to "Why is it you want to live in a co-op?" by Subversive

don't know about NY, but in vancouver it's a lot cheaper to buy co-ops. -- nm

Posted by mafic Jun 16 '09, 08:31

(No message)

Responses:

Why is that? I don't quite understand it. -- nm - Subversive Jun 16, 08:36 15
- because you're not buying a piece of the building ... -- nm - Beryllium Jun 16, 08:37 14
  - [deleted] 5
    - Whereas in a Strata, for example, you own a set of physical dimensions called a Strata Lot ... - Beryllium Jun 16, 08:39 3
      - heh. you own air, I own paper. -- nm - mafic Jun 16, 08:46 1
        
        and soon, hopefully, I will own land. -- nm - Beryllium Jun 16, 08:47
      - [deleted]
    - but as a share, rather than a discreet section. -- nm - znufrii Jun 16, 08:39
  - So all you own is the right to live there? -- nm - Subversive Jun 16, 08:38 7
    - technically I own shares in a corporation and lease the apartment from the corporation. - mafic Jun 16, 08:45 5
      - So it's cheaper because the pool of potential buyers is so much smaller? - Subversive Jun 16, 08:46 4
        
        yep, and people that do have that kind of down payment can usually get bigger mortgages and buy bigger places. -- nm - mafic Jun 16, 08:48 2
        
        Right, shrinking the pool of buyers even smaller. - Subversive Jun 16, 08:51 1
        
        [deleted]
        
        [deleted]
    - you own a percentage of the building. but it's run by the tenants not a larger company usually. you need a higher down payment usually - Andie Jun 16, 08:40
(like my apartment in my neighbourhood would probably be almost twice as much if it wasn't co-op). -- nm - mafic Jun 16, 08:32

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