RE: Home price for cohousing, over price of surrounding comparable houses
From: Randy Sailer (randy.saileroit.umass.edu)
Date: Thu, 17 Nov 2005 07:30:21 -0800 (PST)
Our home was appraised (for our mortgage) at about 10% more than the price we paid including the value of our part of the common facilities (common house, parking lot, land, site work; they are part of the value of the home).

The more you (you, your architect, your builder) standardize fixtures and materials, the better the deals you will get. For example our builder gave us a choice of two kinds of interior doors for the entire complex. For 28 homes, this is a lot of doors. He was able to buy in bulk and get a very good deal on high quality doors (similarly on roofing, door knobs, floor tile, wood for floors, bathroom fixtures, etc.).

The common house is unusual (compared to other developments). The common house works out to add about $20,000 per home in cost (less than 10% of home costs). As stated above, even with the cost of the common house included, the actual cost of our house was less than the appraised cost.

Randy
Rocky Hill Cohousing
Florence, MA


On Nov 17, 2005, at 6:16 AM, cohousing-l-request [at] cohousing.org 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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