Newport Co-op vs a Condominium

CONDOMINIUMS VS. COOPERATIVES

When you purchase a condo you own real property, you buy an individual unit; you are taxed on that individual unit; and you get a warranty deed that you can take to any bank and finance with 10% down payment.

When you buy a cooperative apartment, you buy one share in The Newport Corporation; they actually issue a certificate and lease you the apartment. You are allowed to renovate the apartment (with no increase in tax assessment) and sell at any time for what ever the market will bear. The local government assesses the whole building and The Newport divides it down to your percentage of ownership. The taxes will be included in your Co-Op fee along with heat; air conditioning; basic cable; water/sewer; trash; common area maintenance; insurance & debt service.

Once you have successfully negotiated an Offer to Purchase with the owner, then you must supply a notarized financial statement and three letters of recommendation to the board of directors for their approval.

Since you receive a certificate and not a warranty deed, there are only certain banks that will finance these cooperatives. The reason is that in the event that you default on your mortgage payments, the bank must go after the corporation first before they can get at you the buyer. List of lenders for the Newport.

If you would like to find out more about the building or to see units available now please call me at 414-305-0126 or email me

Comparison of Co-op to Condo*

PRICE BUILDING	$269,000 CO-OP #605	$440,000 REGENCY#2505	$395,000 LANDMARK#1609	$694,000 1522#606
FEE	$1,601	$1,096	$509	$623
R/E TAXES	INCLUDED	888	$758	1,122
HEAT & A/C	INCLUDED	INCLUDED	$68	40
CABLE	INCLUDED	40	$40	INCLUDED
PARKING	INCLUDED	95	INCLUDED	INCLUDED
VALET 24/7	INCLUDED	VALET	NONE	NONE
DOOR PERSON	INCLUDED	INCLUDED	INCLUDED	INCLUDED
SECURITY	INCLUDED	INCLUDED	INCLUDED	INCLUDED
HANDYMAN- SERVICE	INCLUDED	NONE	NONE	NONE
LAUNDRY	INCLUDED	EXTRA	IN-UNIT	IN-UNIT
TOTAL	$1,601	$2,119	$1,375	$1,785

*For illustration- Prices, fees etc were accurate when comparison was made-Units may longer be on market