Sunday, April 29, 2012
Co-op vs Condo Pt 2
Comparison between co-op and condo continued.
Capital Improvement borrowing: Easy under co-op (single entity borrower); difficult under condo (multiple entities...like 11,232)
Governance Rules: Equal. Can be as flexible or as strict as specified in either condo or co-op plans.
Governance enforcement: Condo - little or no ability to enforce; Co-op - covered under state multiple dwelling law...so considerable ability to enforce in some areas (maybe not as much as some folks might like)
Common restrictions on subletting, new buyers, unit renovations: Equal. All dependent on what is specified in the bylaws.
For me, the co-op has the advantage here because I would like there to be some restrictions that are enforceable. For example, I would like to be able to sublet but am concerned that subletting be done responsibly (apts kept clean, not noisy). I'm concerned about dogs ruining the grounds. These are areas about which there may not be agreement; they deserve some open discussion.
Please note: the sponsor has control of setting the bylaws. The bylaws will be set down in the plan that gets approved by the AG. I'm told that once these bylaws are set, they're not so easy to change. I would have serious doubts about any sponsor that does not show a willingness to discuss bylaws with the tenants prior to submitting the plan to the AG. And by 'discuss bylaws with the tenants' I do not necessarily mean the TA.
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This is what I would like the dog policy to be.
ReplyDelete1. If anyone has a bully breed, they have to give it up. They should never have had one, and all dogs should be registered with spot checking.
2. They are starting to do this which is good. Fencing off many areas for gardens. Now I think there should be many open spaced for people and no dogs. BUT there should be some spaced the dogs are allowed on. This should be clover, not grass. Clover takes care of it's self and is cheap and green and can put up with more dog stuff.
I have a dog. She is the perfect breed size and has no behavior issues. 99 percent of the people here love her an with proper guidelines dogs need not be a problem, but a part of a living enviornment. Take it to heart that many of the Dog haters are people who hate change and do not want a CONVERSION.
I'd agree with the implication that the dog situation needs to be discussed & can be worked out. Like most folks, price is the deciding factor for me, but with respect to QOL issues, the condo form favors greater independence. Sure, I can understand anybody liking greater independence, but the value of the property will greatly depend on how nice the grounds look...so like it or not, if we buy, we're going to have to go through the adjustment of becoming a self-governing community...really working together. In a complex this large, there will always be a certain number of people who don't want to cooperate...which is fine so long as that has little or no impact one everyone else. But when the lack of cooperation does impact many others, you need to have some method of enforcement that truly works.
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