Re: Cohousing success documentation for banks as we begin theloan search
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

 

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