|Re: Owner financing 43 acre site for cohousing community.||<– Date –> <– Thread –>|
|From: Joani Blank (joaniswansway.com)|
|Date: Mon, 9 Jan 2006 18:04:58 -0800 (PST)|
Date: Mon, 09 Jan 2006 07:12:31 -0600 From: "Tony Adrian" <nursingdata [at] msn.com> My wife and I purchased 43 acres of rural land for a small, core group of individuals who are in the planning phase of creating co-housing. The group created a legal entity (LLC I believe). The plan is we will sell the land to the LLC as an owner financed deal with the LLC to pay us over 10 years with interest. Our intention is not really driven by the profit margin but to help these folks get started before the land prices in our area make it impossible. We will own the land outright within the next 60 days. Any ideas of how to structure the transaction and any realistic pitfalls that both parties should consider would be greatly appreciated.
You didn't say where you are located. I'm curious. Does current area zoning permit multi family housing on this site? Or clustered single family homes? Or only single family houses on a minimum size "lot" And if the latter, can you build a common house that is the joint property of all the households? If not, do you have reason to believe that variances can be gotten?
In most cohousing situations, the group's LLC dissolves and is "replaced" by a Homeowner's Association when the residents get financing for their unit purchases and move in. And usually the cost of the land is folded in with any infrastructure and building costs which make up the price of the units.
Joani Blank Oakland, CA Joani Blank 510-834-7399 Cell: 510-387-1315 joani [at] swansway.comwww.joaniblank.com
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