Re: Home price for cohousing, over price of surrounding comparable houses
From: Chris ScottHanson (chriscohousingresources.com)
Date: Thu, 17 Nov 2005 08:04:44 -0800 (PST)
It must be noted that Winslow Cohousing is one of very few cohousing projects legally owned and operated as a cooperative in this country. Therefore, the market is severely impacted by limited financing options, high down payment requirements, etc. In the past, some members at Winslow have considered whether to convert the project to the condominium ownership structure as a result.

Chris - who once lived there but now lives down the street.

On Nov 16, 2005, at 4:26 PM, Odysseus Levy wrote:

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 necessity 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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