Co-op Requirements vs Condo Freedom

In this I'm breaking down the surprising truth about co-ops versus condos in New York City real estate. While co-ops are known as the more affordable option with lower purchase prices, I'll show you the shocking math that reveals they actually require MORE income and cash on hand than their pricier condo counterparts.

Through a detailed side-by-side comparison of a $1M co-op and $1.25M condo, I'll expose how co-op down payment requirements, debt-to-income ratios, and post-closing liquidity demands dramatically change the affordability equation.

About the Host:
Christina Kremidas is a lifelong New Yorker who brings her extensive background in advertising to her successful real estate career in Manhattan. Her personal experience as a property investor and landlord in New York City gives her unique insight into her client's needs, while her negotiation expertise and market knowledge have quickly established her as a top-performing agent, ranking among the top 1.5% of licensed Agents in the United States for Sales Volume and among the Top 10 highest producing Small Teams at Douglas Elliman Real Estate.

Beyond her professional achievements, Christina is deeply involved in the NYC community.  She is a founding Steward at St. Nicholas Greek Orthodox Church and National Shrine at the World Trade Center, where she serves on the Parish Council and leads social media, marketing, and young adult initiatives.

Get in touch with Christina:
Instagram: https://www.instagram.com/christina.kremidas
TikTok: https://www.tiktok.com/@christina.kremidas
Check out my website: https://christinakremidas.com/
Email me: Christina.Kremidas@elliman.com

What Is Your Property Worth?: https://christinakremidas.com/home-valuation
The Virtual Agent Experience: https://christinakremidas.com/virtual-agent

Timestamps

0:00 "The co-op math ain't mathing"
1:19 Setting up the comparison: $1M co-op vs. $1.25M condo
3:47 Breaking down financing options and down payment requirements
6:19 Analyzing debt-to-income ratio requirements
9:29 Calculating income requirements 
11:52 Post-closing liquidity requirements 
14:14 Comparing closing costs 
16:22 Co-op requires $200K more cash and $30K higher income