■ Metro service City dwellers looking to buy rather than rent an apartment may come across real estate listings categorized as “co-ops.” While co-ops can exist anywhere, Realtor.com notes that they are most common in big cities, comprising as much as 75 percent of the housing inventory in the borough of Manhattan in New York City. Co-op is short for “cooperative,” and people who buy into a co-op are not technically buying property but shares in an entity that owns the property where investors will ultimately live. The bigger the apartment in the building, the more shares the buyer will own. Residents of a co-op typically elect fellow residents to serve
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