The Downside for Condos in a Downturn
This very important story is one more reason why coops are better buys, especially in a distressed market! No matter what happens in the market over the next year or two, coops with defaulting unit owners that have mortgages will always be made whole by the banks. Not the case with condos. A financially healthy coop will weather the storm!
Please read this NY Times article by clicking the link below. Your questions are always welcomed!
http://www.nytimes.com/2009/02/08/realestate/08COV.html?partner=permalink&exprod=permalink
