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Rainmaker
1,249,513
Margaret Goss
@Properties - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

Ultimately, the space lives the same way.  But in a condo, you're purchasing the actual space whereas in a co-op, you're buying shares of the corporation.

Jan 24, 2017 05:02 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Cooperatives owners can vote to let others buy in or not. It is a bit exclusive.

Jan 24, 2017 09:09 PM
Ambassador
2,684,109
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Hippies buy co-ops, retirees buy condos.

Jan 24, 2017 06:33 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

A coop is not real property. It is buying shares in a privately held entity. This question has been posed more times than I can think. Lots of good previous answers in AR.

Jan 25, 2017 03:53 AM
Ambassador
3,855,009
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

When buying a coop, you receive a proprietary lease and are purchasing a specific number of shares. In the coops I have sold, there is no financing...must be cash and you must get board approval.

Jan 24, 2017 07:42 PM
Rainmaker
7,836,623
Roy Kelley
Retired - Gaithersburg, MD

A cooperative is personal property, a share of the ownership, and not real estate.

Jan 25, 2017 04:01 AM
Rainmaker
900,278
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Selling is the same; it's the legal structure of the ownership's that's different.

Jan 24, 2017 08:04 PM
Rainmaker
1,712,676
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Since we don't have cooperatives in Oklahoma City we don't face that issue.

Jan 24, 2017 07:29 PM
Rainmaker
2,220,654
Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Selling the property is the same, the ownership is different.

Jan 25, 2017 05:18 AM
Rainmaker
1,157,785
FN LN
Toronto, ON

Some of the forms we use are different.

Jan 24, 2017 10:09 PM
Ambassador
5,230,159
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Exactly what Margaret Goss said!

Jan 24, 2017 09:46 PM
Rainmaker
1,544,068
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
CEO of Vision Drive Realty - Coastal San Diego

Your selling an interest vs. a % ownership and what Margaret Goss said.

Jan 24, 2017 07:18 PM
Rainmaker
599,274
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

I think I like the answer from Fred Griffin the best!

Jan 24, 2017 07:02 PM
Ambassador
6,393,609
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Only the second one is the sale of Real Estate, the first is a stock certificate and a lease.

Jan 24, 2017 06:21 PM
Rainmaker
1,525,616
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

I am glad you asked and Margaret answered.

Jan 24, 2017 05:24 PM
Rainmaker
5,005,940
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Margaret Goss ..perfect answer to the question.

Jan 24, 2017 05:15 PM
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

ditto to what Margaret said....

Jan 24, 2017 05:07 PM
Rainmaker
4,319,419
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Heather Zollinger - well, different rules, regulations, guidelines and permissions, too.

Jan 25, 2017 10:26 PM
Rainmaker
3,986,258
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

They are very simalar in many asppects

Jan 25, 2017 08:48 PM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Financing is harder to get and the buyer have to be approved by community( at least, in here).

Jan 25, 2017 06:39 PM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

We have very few condos and no cooperatives in my market. I can't answer your question. Good luck. 

Jan 25, 2017 03:08 PM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

The ownership and approval process are the biggest differences.

Jan 25, 2017 10:17 AM
Ambassador
3,345,237
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Margaret Goss has this one covered ... she explains it so well.

Jan 25, 2017 08:19 AM
Ambassador
2,178,703
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Prop. Mgr, Wenatchee, WA

As an agent, not so much different.  It is a different type of ownership and the buyer needs to understand the ownership position.

Jan 25, 2017 07:53 AM
Rainmaker
4,272,548
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I do not know my area doesn't have Co-Ops... 

Jan 25, 2017 07:28 AM
Rainmaker
5,217,433
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Shares in a corporation versus fee simple title in real estate. One is easy to finance and one not so much! One is easier to sell!

Jan 25, 2017 06:38 AM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Heather Zollinger A coop is owned by a corporation where tenants purchase shares in the corporation. A condo is owned fee simple by the purchaser. Should a coop default every tenant in the building is at risk. Should a condo default only the condo owner is at risk.

Jan 25, 2017 06:15 AM
Rainmaker
1,617,916
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

that is a great broker question

Jan 25, 2017 05:44 AM
Rainmaker
4,434,127
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Others have answered.

Jan 25, 2017 05:05 AM
Rainmaker
2,182,552
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Available Financing is limited

Jan 25, 2017 05:02 AM
Rainmaker
440,756
Shirley Coomer
Keller Williams Realty Sonoran Living - Phoenix, AZ
Realtor, Keller Williams Realty, Phoenix Az

There be challenges at resale when the new buyer needs to be approved by the Cooperative, where selling a condo does not allow any input from the residences.  I often see higher HOA fees, in part due to many in my area including utilities.

Jan 25, 2017 04:48 AM
Rainmaker
3,071,489
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Margaret Goss nailed this one!

Jan 25, 2017 04:33 AM
Rainmaker
5,772,575
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Heather,

What Margaret Goss said.  

Jan 24, 2017 10:12 PM
Rainmaker
2,071,025
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL

Great answers. 

Jul 08, 2019 08:57 PM
Rainmaker
74,540
Ricardo Mello
Manhattan Miami Real Estate - Manhattan, NY
Manhattan & Miami Real Estate Agent

Hi Heather... we have a guide on our website that explains the difference between condo vs co op.

Jan 17, 2019 06:29 AM
Rainmaker
815,353
Paul Antonelli
Antonelli Realty - Saint Cloud, FL
Broker Owner; Antonelli Realty

like Freds answer

Jan 25, 2017 03:44 AM