Subscribe to Guide
No Result
View All Result
Hamptons.com
  • Spotlight Magazine
  • Lifestyle
    • Featured
    • Entertainment
    • Arts
    • Community
    • Dining
    • Recreation
    • Trending
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
  • Real Estate
    • Real Estate Features
    • Hamptons Real Estate Market Data
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • Bridgehampton, West Scott Cameron Beach
    • East Hampton Village, Main Beach
    • East Hampton Village, Main Street
    • East Hampton Village, Newtown Lane
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, Gin Beach & Inlet
    • Montauk, Sunset Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Long Wharf Marina
    • Sag Harbor, Main Street (South)
    • Sag Harbor, Sag Harbor Bay
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
  • Spotlight Magazine
  • Lifestyle
    • Featured
    • Entertainment
    • Arts
    • Community
    • Dining
    • Recreation
    • Trending
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
  • Real Estate
    • Real Estate Features
    • Hamptons Real Estate Market Data
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • Bridgehampton, West Scott Cameron Beach
    • East Hampton Village, Main Beach
    • East Hampton Village, Main Street
    • East Hampton Village, Newtown Lane
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, Gin Beach & Inlet
    • Montauk, Sunset Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Long Wharf Marina
    • Sag Harbor, Main Street (South)
    • Sag Harbor, Sag Harbor Bay
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support
No Result
View All Result
Hamptons.com
July 14, 2015

Let’s Revisit The Differences Between Residential Condominiums, Cooperatives, And Townhouses

John A. Viterittiby John A. Viteritti
in Real Estate
Home Real Estate

In June 2010, I wrote an article for Hamptons.com explaining some of the differences between residential condominiums and cooperatives, as well as town houses. Given the comments of realtors interviewed in last month’s article regarding growing buyer interest in condos, I thought it might be of interest to our readers to revisit the subject.

To begin with, the purchase of a condo is the purchase of real property, but only the space within the walls for which the owner receives a deed, as well as an undivided interest in the property held in common by the unit owners. The purchase of a co-op is the purchase of personal property, the shares in the corporation that owns the property. The co-op tenant receives shares and a proprietary lease. The corporation owns the property “in severalty,” individually.

One of the most important distinctions between the two, co-ops are governed by a board of directors, and a condo by a board of managers. As part of their fiduciary duties to the shareholders, the board has the authority to approve or deny a prospective purchaser of the shares, as long as the board does not violate fair housing laws. In Suffolk County, a board must acknowledge receipt of an application to purchase the shares within ten days, and, if it chooses to deny the application, offer a reason in writing within forty-five days, otherwise the application is considered approved. The board may prohibit sub-letting, or require the board’s approval to sublet. It may also require monies paid by the shareholder to be held in escrow to fund maintenance charges, the funds used to meet all of the co-ops operating expenses. The board may impose a transfer fee on the sale of the shares, usually paid by the seller, commonly known as a “flip tax,” as long as the money is used to the benefit of the shareholders. In other words, co-op boards of directors are granted broad discretion in exercising business judgments, as long as they are in the interests of the shareholders and do not violate the law.

Bishops Pond in Southampton features an open concept living area. (Courtesy Photo)


Many purchasers object to the close supervision of co-op boards, and choose condos as an alternative. But, many are disappointed to learn that boards of managers of condos also have broad authority because of their fiduciary duties to the unit owners. For instance, while the owner of the condo cannot be prohibited from selling their unit, the board may retain to itself a right of first refusal, as long as it is exercised reasonably and in the interest of all of the unit owners. Let’s suppose an owner is in distress, and is willing to accept less for the unit than waiting might bring. The condo board would have the opportunity to purchase the unit at the lower price and resell it at a higher price that waiting might bring, rather than precipitate lower sales prices thereby reducing the values of the other unit owners. A condominium association also has operating costs. For instance, the maintenance of all of the real estate that the unit owners may own in common: pools, clubhouses, tennis courts, etc. While shareholders in a co-op pay maintenance charges, unit owners in a condo pay common charges. Either may deduct interest paid on a loan to finance the purchase of the unit or shares.

Consistent with their obligation to protect the interest of the unit owners, condo boards may also prohibit or restrict leasing and subletting, as long as fair housing laws are not violated. They may also impose transfer fees, “flip taxes,” on the sale of the unit, as long as they are reasonable.

With a townhouse association, the owner owns the real property under the house, the space within the walls, and an undivided interest in the property held in common by all of the unit owners. A homeowner’s association is the governing body. Otherwise, they are much like condominiums.

As several of the East End real estate professionals quoted in last month’s article said, only time will tell if this type of housing will have the same resale value as the single family home. Just as the comparable values of homes in a neighborhood can influence values, it is probably even more so with condos and co-ops.

Whether buying a condo, co-op, or townhouse, careful due diligence is the purchaser’s responsibility, and professional representation is advised.

Sign up for our weekly newsletter!

Get the top Hamptons events and latest scoop!

What's Happening in the Hamptons

Related Posts

Hamptons Real Estate Market Data – Week of 8/19/2025
Real Estate

Hamptons Real Estate Market Data – Week of 8/19/2025

August 26, 2025
South of the Highway New Construction – Rare Opportunity
Real Estate

South of the Highway New Construction – Rare Opportunity

August 26, 2025
Modern Waterfront With Sunsets
Real Estate

Modern Waterfront With Sunsets

August 26, 2025

Search Articles

No Result
View All Result

LOCAL EVENTS

Events

27
Aug
27
Aug
-
27
Aug

VIRTUAL HAMPTONS ART TOUR: Echoes and Nostalgia at the Bridgehampton Museum

August 27 @ 02:00 PM - August 27 @ 03:00 PM
Virtual Event
27
Aug
27
Aug
-
27
Aug

Concert at the Park

August 27 @ 06:30 PM - August 27 @ 08:00 PM
Agawam Park: 51 Pond Ln, Southampton, NY 11968
27
Aug
27
Aug
-
27
Aug

Govenor’s Comedy Takes Over The Room at The Clubhouse: Rachel Feinstein

August 27 @ 08:00 PM - August 27 @ 09:00 PM
The Room at The Clubhouse 174 Daniels Hole Road East Hampton, NY, 11937
28
Aug
28
Aug
-
28
Aug

Watercolor Painting – Fruits and Vegetables: Farmers’ Bounty with Instructor Dr. Quincy Egginton

August 28 @ 10:00 AM - August 28 @ 01:00 PM
The Nathanial Rogers house, 2539 Montauk Highway Bridgehampton NY 11932
28
Aug
28
Aug
-
07
Sep

Southampton Artists Association 2025 Labor Day Art Exhibit

August 28 @ 12:00 PM - September 7 @ 04:00 PM
The Southampton Cultural Center
Load more listings
Next Post
Hamptons Collegiate Baseball League Holding Annual All-Star Game And Inaugural Home Run Derby

Hamptons Collegiate Baseball League Holding Annual All-Star Game And Inaugural Home Run Derby

  • Earlier this month, Shelter Island’s Rams Head Inn hosted a riveting Gilded Age Finale screening featuring lead actress Cynthia Nixon, award-winning costume designer Kasia Walicka Maimone, and executive producer/director Michael Engler.⁠
⁠
📸:Rob Rich/SocietyAllure.com⁠
⁠
Check out the full gallery at Hamptons.com (Link in Bio)⁠
.⁠
.⁠
.⁠
.⁠
.⁠
#ramsheadinn #gildedage #shelterisland #cynthianixon #shelterislandny
  • Culinary and lifestyle icon Ina Garten will host an intimate tea and garden tour at her famed East Hampton residence on Wednesday, August 27th from 4:00 – 6:00 p.m. A limited number of guests will be invited to share tea with Ina and walk with her through her celebrated gardens and grounds.⁠
⁠
Known for her signature warmth and effortless approach to cooking and entertaining, Ina has earned a devoted following across generations. With her calm presence, foolproof recipes, and signature phrases like “store-bought is fine,” she takes the pressure off hosting, making room for only joy at the table.⁠
⁠
Read the full article at Hamptons.com (Link in Bio)⁠
.⁠
.⁠
.⁠
.⁠
.⁠
#hamptons #inagarten #community #easthampton
  • The magic of The Soho Sessions returns to the Hamptons this summer, bringing a rare and intimate live performance to Stephen Talkhouse in Amagansett on Monday, August 25, 2025. This one-night-only event features Grammy Award-winning artist Maren Morris (with introduction by the actor Jason Biggs) and the genre-defying powerhouse Yola in a night of music with purpose and soul.⁠
⁠
It’s also a night for change. The event supports Music Will, the largest nonprofit music education program for schools in the U.S., which aims to reach 10 million students annually by 2030. It’s a cause that hits home for Morris: “I loved my choir and theatre classes in high school; they really shaped my theory and love for being creative in every medium,” she recalls. “It also teaches you how to be a team player and work together.”⁠
⁠
Read the full article at Hamptons.com (Link in Bio)⁠
.⁠
.⁠
.⁠
#stephentalkhouse #talkhouse #amagansett #marenmorris #yola #concert #hamptons
  • @wagsandwalks @themontaukbeachhouse 

Puppies + Pilates + @montaukila = The Perfect Day

Check out our Events Calendar for more events! (link in bio)

#wagsandwalks #animaladoption #adoptdontshop❤️ #dog #montauk #montaukbeachhouse #montaukila #pilates
  • Check out the Top Hamptons Events This Weekend! ⁠
⁠
✨ 50th Annual Hampton Classic Horse Show⁠
📅 Sun, Aug 24 – Sun, Aug 31, 2025 | 8am–5pm⁠
📍 240 Snake Hollow Rd, Bridgehampton, NY⁠
🐴 One of the largest outdoor horse shows in the U.S., a premier summer destination for competitors & spectators.⁠
⁠
⁠
🎶 Apollo in the Hamptons⁠
📅 Fri, Aug 22, 2025 | 6pm⁠
📍 Si Si, 295 Three Mile Harbor Hog Creek Rd, East Hampton, NY⁠
Experience the essence of the legendary Apollo Theater with DJ Cassidy, Doug E. Fresh & more!⁠
⁠
⁠
🦈 50th Anniversary of JAWS Celebration – Montauk⁠
📅 Sun, Aug 24, 2025 | 12pm–7pm⁠
📍 Shark Bar Montauk, 2167 Montauk Hwy⁠
Screening, live music with Molly Scheider, themed cocktails, shark merch 🦈 — all to benefit Hayground School.⁠
⁠
⁠
😂 Chelsea Handler at WHBPAC⁠
📅 Fri, Aug 22, 2025 | 8pm⁠
📍 WHBPAC, 76 Main St, Westhampton Beach, NY⁠
A night of comedy with Chelsea Handler!⁠
⁠
⁠
🎵 The Knocks at Surf Lodge⁠
📅 Sat, Aug 23, 2025 | 4pm⁠
📍 The Surf Lodge, 183 Edgemere St, Montauk, NY⁠
The Knocks bring their signature groove to the Hamptons.⁠
⁠
⁠
🌅 Generation S.O.S – Live From Water Mill Fundraiser⁠
📅 Sun, Aug 24, 2025 | 5pm–8pm⁠
📍 Water Mill, NY⁠
Featuring Jason Biggs, Luke K, & MC Sophie Sumner.⁠
⁠
⁠
🇬🇷 Mykonos Nights at Calissa⁠
📅 Fri, Aug 22, 2025 | 10pm⁠
📍 Calissa, 1020 Montauk Hwy, Water Mill, NY⁠
End-of-summer vibes with DJs, drinks & dancing.⁠
⁠
⁠
👜🐶 Bark Jacobs by Marc Jacobs at The HUB⁠
📅 Sat, Aug 23, 2025 | 11am–7pm⁠
📍 The HUB, 2183 Montauk Hwy, Bridgehampton, NY⁠
Shop Marc Jacobs & get your pup’s portrait or initials hand-painted on your accessories.⁠
⁠
⁠
🐾 Wags & Walks’ Party Cruise⁠
📅 Sun, Aug 24, 2025 | 3pm–5pm⁠
📍 Easy Breeze Cruises, 462 W Lake Dr, Montauk, NY⁠
Cruise Montauk waters with cocktails & adoptable pups.⁠
⁠
⁠
🎨 5th Annual Celebrating Creatives of Color⁠
📅 Sat, Aug 23, 2025 | 11am–5pm⁠
📍 The Church, 48 Madison St, Sag Harbor, NY⁠
Showcasing artists & authors of color, with works available for sale.⁠
⁠
Check out more events at Hamptons.com (Link in Bio)⁠
.⁠
.⁠
#hamptons #weekend #hamptonsclassic #jaws #montauk #apollotheater⁠
  • The Southampton Animal Shelter Foundation held its “Sweet 16th” Unconditional Love Gala, a premier Hamptons event celebrating compassion, community, and animal welfare at a private estate in Bridgehampton. The Unconditional Love Gala is SASF’s largest fundraiser of the year, with proceeds directly supporting the shelter’s mission to provide care, rehabilitation, and forever homes for homeless animals. ⁠
⁠
Check out the full gallery at Hamptons.com (Link in Bio)⁠
.⁠
.⁠
.⁠
.⁠
#animalshelter ⁠
#fundraiser #hamptons #southampton
Facebook Twitter Instagram Youtube
Hamptons.com

Saunders Broadcasting Corp.

Phone: 631-613-8440
Email: [email protected]
Facebook: Facebook.com/HamptonsOnline
Twitter: @Hamptons
Instagram: @HamptonsOnline

About Us | Contact Us

Hamptons.com

  • Lifestyle
  • Events
  • Real Estate
  • Live Cameras
  • Public WiFi

Subscribe

Sign up for our weekly newsletter!

Get the top Hamptons events and latest scoop!

© 2025 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | About Us | Contact Us

No Result
View All Result
  • Spotlight Magazine
  • Lifestyle
    • Featured
    • Entertainment
    • Arts
    • Community
    • Dining
    • Recreation
    • Trending
  • Events
    • Events Calendar
    • Post an Event
    • Gallery
  • Real Estate
    • Real Estate Features
    • Hamptons Real Estate Market Data
    • Search Real Estate
      • Open Houses
      • Search Sales
      • Search Rentals
    • Title Insurance
    • Happening In The Hamptons Podcast
  • Live Cameras
    • All Live Cameras
    • Live Weather Cams
    • Amagansett, Atlantic Avenue Beach
    • Bridgehampton, West Scott Cameron Beach
    • East Hampton Village, Main Beach
    • East Hampton Village, Main Street
    • East Hampton Village, Newtown Lane
    • Hampton Bays, Ponquogue Beach
    • Hampton Bays, Ponquogue Bridge
    • Hampton Bays, Shinnecock Fishing Dock
    • Hampton Bays, Tiana Beach
    • Long Island Aquarium | Coral Reef
    • Long Island Aquarium | Penguins
    • Long Island Aquarium | Shark Tank
    • Montauk, Downtown Circle
    • Montauk, Lars Simenson Skatepark
    • Montauk, Gin Beach & Inlet
    • Montauk, Sunset Beach & Inlet
    • Sagaponack, Sagg Main Beach
    • Sag Harbor, Foster Memorial Beach
    • Sag Harbor, Long Wharf Marina
    • Sag Harbor, Main Street (South)
    • Sag Harbor, Sag Harbor Bay
    • Sag Harbor, Windmill Beach & Bay
    • Shelter Island, South Ferry
    • Southampton, 39A to Montauk Hwy Merge
    • Southampton, Conscience Point Marina
    • Southampton Village, Coopers Beach
    • Southampton Village, Main Street (North)
    • Southampton Village, Main Street (Hildreths)
    • Westhampton Village, Main Street (East)
    • Westhampton Village, Rogers Beach
  • Public WiFi
    • Public WiFi Map
    • Public Wi-Fi Support

© 2025 Hamptons.com | All rights reserved
Saunders Broadcasting Corp.
Terms & Conditions | Privacy Policy | About Us | Contact Us