The selection criteria of many East side co-ops include financial resources, life style, and other factors which match the image the building s tenants would like to project. In a condominium, ownership is similar to the ownership of real property. In a condo , a purchaser owns the apartment plus a percentage of common areas of the building. The purchaser will take title by deed, which is recorded in the county clerk s office. The prices of apartments have risen sharply in the past year as increasing demand interacts with limited supply.
Demand is so high that new condominiums are being built and sold within five months of construction.
Once a buyer enters the current housing market, he or she needs to move quickly. Purchase prices vary by area on the East Side though there is considerable variation within an area depending on the quality of the building and the apartment s size and location within the building. MAPC s neighborhood is the most expensive area of the East Side. The average prices have continued to rise throughout 1997 and 1998.