48 of 52 people found the following review helpful:
5.0 out of 5 stars
It's $20 that you NEED to spend, if you want to buy, bought or are selling an apartment in NY., December 29, 2005
This review is from: The New York Co-op Bible: Everything You Need to Know About Co-ops and Condos: Getting In, Staying In, Surviving, Thriving (Paperback)
Pros of co-op ownership:
You can actually afford to own something.
You can have a tax write off like normal people.
Cons of co-op ownership:
Everything else.
Enter The New York Co-op Bible. I had it, read it, lost it am now purchasing a second copy after looking high and low for the first one I bought. That should tell you something.
I own a co-op in Metro New York. My managing agent is a jerk, to put it mildly. He blames the board, the board blames him - It's this game they play and it successfully achieves getting nothing done. The super does nothing unless you hold a $20 bill in your hand when you ask. My maintenance is very high for my area. I estimate that it is about 30% higher than comparable properties near me.
This unit has a ground floor patio. I have access to about 30 feet of flower bedding (sans flowers) that lines the front of my unit. This is the primary reason that I bought this place 6 years ago. I am all alone here, from the rural South and I wanted a place to call my own and I needed greenery. And I was really eyeing up those beds and my neighbor's "yard" work which was just beautiful - and still is.
I can't plant anything because of excessive drainage - all the dirt washes into the sidewalk. I have been asking for the split gutter to be repaired (all 30 feet of it) for 6 years.
So - I bought this book. Now - this is the most important thing I learned . . .all this strife between me, the board and the management agent falls under Landlord-Tenant law. This made me feel immensely better. Landlord-Tenant law in the state of New York is normally something the courts don't play around with. Maybe I will have one stinking petunia this year.
The book gets 5 stars because it is very good, COMPREHENSIVE and it is the only single source of this much information on this subject that is available. This woman has really performed a public service by writing this book. Everyone, and I mean, EVERYONE who is considering the purchase of an apartment, has already purchased or is trying to sell needs to read this book. You need to know what the author is trying to convey to maintain your financial health and your mental health and possibly avoid a life sentence. :-)
It can be very diappointing, very stressful and you could find yourself feeling helpless and at the mercy of someone else. To get away from that is why you want to buy in the first place. As in everything else in life, average people who have been given authority like to excercise that authority, even if it does make the owner/tenants feel like crap. And then you might get lucky and get a managing agent like mine who is sadistic and has actually brought several of our elderly residents to tears. Nice guy.
By the way, no seller is legally obligated to tell you that the board are boobs and that the managing agent is a cretin. Do your homework, do your homework, do your homework.
So read Ms. Shapiro's book and BELIEVE what she is saying because it is the truth.
To be forwarned is to be forearmed. And being a shareholder of a coop can be war.
Good luck.
PS - If you need more immediate help, please call your local office of the Attorney General of New York. They publish and will provide additional information regarding your rights under New York State law.
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10 of 11 people found the following review helpful:
4.0 out of 5 stars
Great way to get started on your co-op hunt, April 15, 2007
This review is from: The New York Co-op Bible: Everything You Need to Know About Co-ops and Condos: Getting In, Staying In, Surviving, Thriving (Paperback)
This book has a lot of great details on how to think about buying (and living in) a co-op in New York City. 2 caveats come to mind:
1) Book is much more suited for you if you're buying in Manhattan. Many of the co-ops in Brooklyn I researched didn't quite match what I expected based on this book.
2) Though condos are mentioned in the title, the book is really more about co-ops... look elsewhere for details on buying a condo.
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4 of 4 people found the following review helpful:
5.0 out of 5 stars
there is no competition, however, could have been made better by adding chapter on representing yourself without a lawyer, August 8, 2009
This review is from: The New York Co-op Bible: Everything You Need to Know About Co-ops and Condos: Getting In, Staying In, Surviving, Thriving (Paperback)
She is very organized and a great writer. She is probably a great lawyer - she anticipates what the reader would want to know.
My one problem with her is she should have added a chapter on representing yourself as a seller or buyer. There is nothing to it, if you have better than average reading skills and healthy amount of common sense.
However, the New York real estate attorneys are into self promotion. THey insist on everyone hiring a real estate attorney. It's an industry wide racket: Some brokers will falsely tell you you have to hire one. It's a total lie don't believe them. These lawyers don't even do anything lawyerly, they just make phone calls for you. They are for lazy people who don't want to understand basic contract principles.
There could be a Nolo type guide on this subject. Then lots of people could save a bundle, $2,000 or more. Probably the author who proposes this book will be mysteriously found dead.
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