What’s the difference between the two?
Condo or condominium:
A form of real estate ownership in which residents hold title to their unit and pay a fee for the upkeep of common property such as grounds, lobbies and elevators. Each owner has a say in electing a board of directors to govern the condo through an association. Condos were first allowed under Florida law in 1963.
Co-op or cooperative:
A property controlled by an organization in which residents own shares and are assigned exclusive rights to a residence or unit. Decisions about the property are made by a vote of members’ shares. Members also must approve any unit sales. Sales are often in cash because many banks do not offering financing for what is a purchase of stock rather than real estate. Co-ops were the first form of multifamily ownership of property in Florida and lost popularity in the 1970s as condos became more common.
I guess it all depends what your needs are and what and where.. here in Fort Lauderdale, Co-ops are not as popular as Condos, but when prices and taxes go up, they might start showing more appeal to those who do not need large amounts of financing as well as no need to sell fast. Co-ops usually take longer to sell due to the limited financing options available to a prospective buyer and the approval process.