East End Guide to Condos, Co-ops & Resorts
We have many great condominiums, cooperatives and resort condominiums throughout the East End. Enjoy the Hamptons lifestyle and forget the headache (and cost) of pool maintenance, landscaping, etc.– but keep all the benefits of ownership!
WHAT YOU SHOULD KNOW BEFORE YOU BUY
Condominiums, like single-family homes, are real property. Buyers receive a deed to the property as well as a share of the common elements, and pay tax-deductible real estate taxes directly to the Town. Buyers also pay maintenance charges to the condominium association for repair and maintenance costs. Typically, there are no restrictions against renting or financing condominiums, making this form of ownership attractive particularly for investors, non-residents and foreigners.
Cooperatives, unlike Condominiums, are corporations whose shareholders receive a proprietary lease for the shares they have acquired. Usually the number of shares varies with the size of the unit. Shareholders pay maintenance charges to the cooperative corporation for the corporation’s maintenance costs, real estate taxes, and underlying mortgage payments. The corporation determines what percentage of the maintenance charges is tax-deductible. Cooperatives, once the dominant form of ownership in New York City, require that buyers submit an application package to the cooperative board for its approval. The application package includes detailed buyer personal financial information, letters of reference, employment history, and more. The cooperative board will also interview prospective shareholders as part of the approval process, and set policy as to whether shareholders may sublet or finance.
VACATION AND RESORT CONDOMINIUMS
Vacation and Resort Condominiums offer the benefits of Condominium ownership and the ease of hotel living – a “check in, check out” lifestyle that lets buyers rent out their units when they are not in residence, paying fees for maintenance, leasing and housekeeping to the condominium association management/landlord. The fee arrangement varies from property to property. When the tenant vacates the unit, management ensures the unit is clean and ready for owner occupancy.
We have many high quality homes available. Let us help you find the right property for you and guide you through the buying process with ease.