There is a term that has been resurrected from a bygone era that has caused a lot of confusion not only for Realtors but also for homebuyers. The source of the confusion is not only the blending of two different styles of multi-family ownership but also the fact that every single building adopting this moniker has varying degrees of restrictive rules. Welcome to the 21st century "Condop"!
The condop is a mix between a condo and co-op. Often, the property is set up financially in co-op style of ownership, but the governance is more relaxed and similar to a condo. While not extremely common, condop contracts have been making their way into 21st century lexicon, much to the consternation of buyers and their agents. These complex contracts should be carefully considered and evaluated before purchasing, as buyers should be absolutely certain of what they are buying into. The Real Deal provides additional detail on this growing sliver of the real estate market.
We are here to help! If you want to find out how much your home is worth in this strong market, email me at [email protected]. We would be happy to help you determine if the time is right for you to sell your home or buy a new home.