|Re: Cohousing success documentation for banks as we begin theloan search||<– Date –> <– Thread –>|
|From: Igor Cerny (dakotacolliestarpower.net)|
|Date: Fri, 7 Dec 2007 12:28:36 -0800 (PST)|
Hi Paul: I looked at something similar (not identical) a while back and this is what I found (quoting liberally from internet sources): A glance at a detailed map of U.S. cohousing communities would show that most of [them] are living in areas of relatively high property values (http://www.cohousing.org/creating_affordability.aspx). Tracking of the resale value of homes in cohousing neighborhoods over the past 15 years has demonstrated that cohousing homes hold their value at or above other new housing in their local market (http://cohousing.org/docs/NatlFactsheet.pdf). Historically, raised property values have been the rule surrounding cohousing communities across the country. Home buyers typically pay a premium for pedestrian-friendly, mixed-use neighborhoods. In fact, among the most valuable properties in the Sacramento region (per square foot) are in McKinley Park, a 70-year-old pedestrian-friendly, mixed-use, mixed-density cohousing development. (http://www.orangevalecohousing.org/faq.html). Most cohousing residents stay in their home for extended periods with little turnover among homeowners. A study by Support Financial Services, a Colorado-based company specializing in financing for cohousing neighborhoods, found that 81% of residents said they plan to stay more than five years, while 70% of residents said they plan to stay for over 10 years in their community. Almost half the re-sales in cohousing neighborhoods are to residents already living in the neighborhood which allows members to upsize or downsize without leaving the community. This preference by residents to stay in their neighborhood promotes stability, a benefit not only to the cohousing community, but also to the surrounding neighborhood and city. (http://cohousing.org/docs/NatlFactsheet.pdf). "At first, the neighbors were suspicious of Ujima Place. They worried that construction would be poor; that it might resemble scattered site housing and lower the value of their own homes. Instead, they have seen the value of their homes increase: cohousing has been good for the neighborhood. It's been good for the members, too. There is virtually no crime in Ujima Place. All the homes face each other, which makes it easier for neighbors to watch each other's houses when they are away" (http://www.consciouschoice.com/1999/cc1204/cohousing1204.html Hope this helps? Igor Cerny -----Original Message----- From: Paul L. Della Maggiora [mailto:paul [at] barkingdog.us] Sent: Friday, December 07, 2007 3:06 PM To: 'Cohousing-L' Subject: [C-L]_ Cohousing success documentation for banks as we begin theloan search Hello. Now that we are closing on the land for Footpath cohousing in Durham, NC with a 2 year option, we are now preparing to approach banks for development-related financing. Along with all the normal supporting docs, I am looking for any documentation that shows cohousing houses selling as good if not better than regular subdivisions, and anything that demonstrates the imperviousness of cohousing development to the current housing downturn. Please let me know if you have something that might help us. Thanks! Paul Della Maggiora Former Eno Commoner Current Footpath developer Durham, NC _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://www.cohousing.org/cohousing-L/
Cohousing success documentation for banks as we begin the loan search Paul L. Della Maggiora, December 7 2007
- Re: Cohousing success documentation for banks as we begin theloan search Igor Cerny, December 7 2007
- Re: Cohousing success documentation for banks as we begin the loan search balaji, December 7 2007
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