MLSLI is only for Long Island homes.

Can't help you but I wouldn't advise a coop. Sorry but there's been too many problems with coops.

I understand the issues with re-selling, but condos don't make sense because they're further out east (Suffolk), in areas that aren't desirable. I'm sure you know the Glen Keith co-ops and apartments in Glen Cove (Trousdale Village)? They have co ops for $199k and we can pay it all off. I don't think my fiance will go for it but it's a "worse case" scenario as far as what we want. I think the 800 plus maint. charge is on top of the payments but if the thing is paid off, not sure if you pay anything other than the maint.

Imagine an 800 a month bill to pay to live in an apartment? Not including utilities I don't believe.

Loan amount
$
Appraised value
$
Term (years)
Interest rate
%
Yearly property tax
$
Yearly property insurance
$

Principal And Interest
$0
Taxes and insurance
$257
Mortgage insurance
$0
Total Payment
$257

That's what popped up a month.

Plus 860k, so $1150 or so a month.

$800 a month is a lot of money for maint. for a crappy coop. You will never recoup your money. You'd be better off renting a one bedroom and saving all the extra fees.

Not that I know of Palm, although that is something John could look into. The one he is looking at is not a good choice though. The problem where he is, is that any coops or condos worth investing in will be over his budget in the surrounding towns and any that are worth it are over his budget.

John don't get yourself in the trap my DH's daughter did. She bought a one bedroom coop in a town in Suffolk. In the ten + year's she's had it, it has not appreciated at all. In fact there are some foreclosures still where she is. To add to it, her maintenance fees have gone up from $700 a month to over $1100 a month. She can't unload the place if she tried.

Just an education question from trying to understand the OP for those of you familiar with Co-ops. Are the property taxes included in the coop with the monthly maintenance fees?

How about insurance? For the whole building and inside your own unit? My reference is Florida condos, where the monthly fee covers the condo exterior and roof and windows and building and flood insurance (if required) but individual owners have to get a pretty low insurance that covers inside the drywall (condo owns the drywall, we own the paint).

Yes the taxes are included.

With a coop you don't actually own your unit. You own shares in the building.

Is the share ownership of a Co Op even considered Real Estate?

I think quite bit depends upon the type of co-op and the covenants of the corporation. In the most traditional type of co-op here the unit is priced at significantly less than a comparable condo on the open market. It at one point was as little as about 15% of the price of a comparable open market apartment.

With this came a lot of restrictions. You could paint, you could carpet or replace the tile with hardwood. You could not remodel the kitchens or bathrooms. You could only replace appliances with approved appliances.

Of course it made no sense to remodel financially, because the price of identical floorplans was identical, and low. There was no return on that investment at all.

Some had other restrictions. Only persons whose names were on the lease could stay in the apartment unless a leaseholder was present. So, if you spent 6 months in Florida and your sister came to town, she could not stay in the unit in your absence. (and the number of leaseholders was strictly limited by the size of the apartment).

This actually seems to work, because there are rarely units available in these co-ops and there are waiting lists for certain types of apartments.

One building that used to be like this went to open-market pricing and this led to it having all the disadvantages of condos without some of the other advantages of condos, and the combination of a higher initial cost and high monthly fees means that some units linger on the market.

Well I am open to a co op as is my fiancé. We calculated a 2 bed 1 bath and with 200k down on a 200k co op with maint fees, taxes and insurance it would be $1,150 a month. With a home and to be in a safe area on LI for 200k down it will be 1800 a month. My fiancé isn't feeling the co op idea but said its a last case scenario on her list. I'd be fine with it. It would be the cheapest living expense and better than renting or owning a home. It's something to consider regardless of the negative aspects.