Cohousing-L Mailing List: Re: Cohousing as Investment?

[Denise Meier and/or Michael Jacob (dmmj]

On Thu, 14 May 1998, Gretchen wrote:
> 
> So, I'm wondering...is Cohousing just turning into a trendy, overpriced
> housing option?  I'd like to hear about finances from people who are
> long term Cohousing residents...would you say Cohousing was a better

I can tell you that our houses will be priced above market, and not only
that, because of the lousy appraisals that townhouses get in this town,
our bank appraisal came in well below our actual COST, and in order to get
this thing built, we are each putting in between 30-35% of the final cost
of the homes in order to get the construction loan. (The bank will only
lend 80% of the appraised value, not 80% of the cost). 

So much for economic diversity! We have two subsidized, low-income units. 
The other twelve households are ones who can come up with $50,000 -
$90,000 while still living in a home they may own! Granted, the california
real estate market is pretty extreme compared to the rest of the
continent, but this is nuts! 

This is certainly not how we planned it to be, but was one of the
consequences of self-development (another topic I could rant and rave
about at length....)

Denise Meier
Sebastopol CA