Re: Home price for cohousing, over price of surrounding comparable houses
From: Odysseus Levy (odysseuscosmosgame.org)
Date: Wed, 16 Nov 2005 13:30:35 -0800 (PST)
Our recent experience at Winslow Cohousing has been the opposite. Of the last four sales, all owners had to come down from their initial asking price, and sometimes substantially. This was during a very hot sellers market. In particular, people who put a lot of upgrades into their unit did not get anything close to receiving all of that money back at the time of sale. So it seems like we are seeing at least a 10 to 15% discount against the going price.

That said, Bainbridge Island, like most places in Seattle, has seen a tremendous rise in prices. The type of person who wants to live in cohousing is typically quite different from the yuppie who is willing to pay top dollar to snap up that condo. So this price differential is not necessily bad (in fact in some important ways it is actually good), but it does seem to be real.


Becky Weaver wrote:

Hi all,

My group (Central Austin Cohousing) has been working under an assumption that the 
initial price (i.e. not resale price) of a cohousing home will be about 10 - 15% 
higher than the price for a comparable (same square footage & construction 
quality) home nearby. In other words, we have been assuming that the price for the 
common facilities and other cohousing-specific costs average 10 - 15% per home.

My question is, what was that ratio for your community?

My goal is to get a handle on we should expect, and what we should aim for, in terms of development costs/home prices.
Thanks,

Becky
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