|House purchase wait list (fwd)||<– Date –> <– Thread –>|
|From: Denise Meier and/or Michael Jacob (dmmjwco.com)|
|Date: Fri, 2 May 1997 02:24:06 -0500|
Please excuse us if this message already came through. We didn't get it back from the list (usually they come back pretty quickly) and so we're resending it. Michael Jacob ___________________________________________________________ We are close to applying for our construction financing and having a narrative appraisal done for the lender. I believe that a strategy of showing that Cohousing projects pull from a "new" market segment (for the many reasons that we know and which is difficult to quantify for an appraiser) is crucial to gaining higher appraisals than the standard townhouse and condo comps available in our or any other market area. We are experiencing sales prices set 10 + percent higher than comparable homes found by our appraiser in setting value for our project. So we need to provide the reasoning for him to give us added value for our common house and the "community" value that is Cohousing. It could also be argued that Cohousing projects have national pull as evidenced by those of us who have already attracted members from other cities willing to relocate to live in Cohousing, as well as the use of the Journal as an advertising medium for resales and new home sales. Do any of the established Cohousing communities have waiting lists for folks who have expressed interest in purchasing a home in your Cohousing community? Would you have data of numbers of folks on these lists and number of successful sales that you could share? I also could use comparable data showing that indeed Cohousing homes do sell at higher market prices even though they do not appraise at their sale prices. (ie maybe the appraisal is incorrect due to lack of adaquate comps, as in other Coho projects in the same market area) Have any communities who are working with a lender/appraiser used this scenario to show marketability of your developments? How well did it work? Do you have other strategies that you could share? I plan to send final architectural plans to our appraiser for his narrative appraisal report in three weeks. Any help by then is much appreciated. We are also willing to share this collection with other groups if it is helpful. Thanks very much, Michael Jacob Two Acre Wood (formerly Jewell Hill) Sebastopol CA 707/824-0832
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