Are coops usually managed by residents? If so, are they less efficient and effective? My first experience preparing to buy into a coop revealed very poor purchasing practices and poor communication.. I couldn't reach anyone for the most basic requirements. I hope that's not an indicator of possible future issues.
Hi Cynthia, yes they are usually managed by residents. It doesn’t necessarily make them less effective or inefficient. It really varies case by case depending on the residents who choose to help manage/be on the board. I hope in your case it gets better.
There are some small co-ops that are listed for sale around $200,000 but some have income restrictions (HDFC co-ops). But that would be the cheapest option to buy in Manhattan right now.
