NEW YORK CITY

Gather 'round, boys and girls ... we're going to tell you a scaaaaary story. One day, a young couple searching for a co-op found an apartment. They settled on a price, were assured of obtaining a mortgage and turned in sound financials to the co-op board. But then they rounded and corner and found themselves ... having to come up with reference letters!!! (Lighting flashes, thunder booms) Whoa, whoa, settle down. It's only a story. In real life, a young couple could just turn to "14 Successful Real-Life Reference Letters," courtesy of BrickUnderground.com. Everyone good? Fine. Let's have another story. This time it's ... The Newly Built Condo with Shabby Construction! Bwaa-ha-ha-haaa!!

A READER ASKS: My board wants to replace the flooring in our lobby, and possibly in the hallways. With all the focus on going green and being environmentally friendly, are there green floor options? 

HABITAT ANSWERS: Some flooring options are environmentally friendly because they come from so-called rapidly renewable resources, such as cork and rubber, where trees don't have to be chopped down to harvest materials. Others, such as natural wool, are biodegradable and are also naturally flame-retardant, So additional chemicals are not needed.

Where should a New York City co-op or condo buyer set one's sights — or set one's "sites," hah! — before the neighborhood gets too pricey? NY.Curbed.com distills some data from Crain's New York Business to determine the five hottest up-and-coming areas, price-wise. Two are in Manhattan, three are in Brooklyn. The nabe that saw the biggest rise in sales prices? Bushwick, baby! Bet you thought we were gonna say Gowanus. Because, really, who doesn't like to say "Gowanus"?

Whether you're an ordinary apartment-buyer or a mogul looking to invest in a $50 million co-op or condo, New York City real estate is unlike real estate anywhere else in the world. And given the nature of New York — where a bike messenger and a millionaire can be standing in the same line for coffee — it's not surprising that the same rules for buying real-estate apply to both kinds. BusinessInsider.com recently listed five pretty good rules for apartment-hunters in this rare city with more co-ops than condominiums. As it notes under #3 ("Research the Building and Developer"), "Knowing whether the co-op rules might change to no longer allow pets or if there are plans to completely redo the lobby (requiring you to pay a large monthly assessment) could sway your desire to live in the building." Yeah, but not about living in the City. (Illustration by Jane Sanders)

Without adequate preparation, keeping your building in shape can become an expensive headache. But if a building is properly pointed, with solid coping, good flashing and a reasonably flawless roof, waterproofing compounds and sealants are unnecessary. The best method to keep your property in shape is regular examination. Here's a general overview of what to do.

A READER ASKS: I live in a prewar co-op with an old electrical system. Fuses blow regularly, even when running light appliances such as a toaster or an iron. How does the board determine if the building as a whole needs to upgrade its electrical system or if the problem lies within the individual apartments? And who is responsible for the cost of the upgrade?

A READER ASKS: At the last annual shareholders meeting, the board president announced that the market value of our building has gone up, and now everyone's shares are worth ten percent more. Hooray! Except that, after the meeting, I and a couple of neighbors realized we have no idea what that means for is. Is it just a point of pride, or something that we as shareholders can use?

Selling your super's onsite co-op or condo apartment to shore up your building's finances ... good idea or not? Let's get the answer out of the way, since it's the reasons that are the most interesting and informative: No. And while, of course, there may be circumstances where this would work, they're rarities. Why? Because, as BrickUnderground.com writes in its latest "Ask the Experts" column, there are union issues, sales / renovation cost issues and even New York City red-tape issues. Also New York State issues, since co-op share allocation can come in. Also a tax issue and ... well, why not read it and get the details for yourself?

One of the nation's highest-grossing real-estate brokers, Creig Northrop Team, which is affiliated with the Long & Foster Companies brokerage, has been receiving kickbacks from the Lakeview Title Company, according to a federal lawsuit filed in U.S. District Court in Baltimore, The Real Deal reports. The suit alleges that Creig Northrup received $1.3 million between 2001 and 2014 to steer unwary buyers to Lakeview. Additionally, it charges that  under an “employment arrangement” that required little or no work, executive Carla Northrop was paid half of the title insurance premiums charged to home buyers referred by Northrop. The defendants have yet to answer the complaint. And while these companies operate in Maryland, this is a warning to buyers everywhere that, as the article notes, "Under federal law you are free to shop for title and other services."

Board members often have to be convinced of the importance of taking the minutes of meetings, as we discussed in a previous "Spotlight on" last week. Once it’s understood how valuable a resource good minutes are to buyers, sellers, and future boards, the next question is: Where do we start?