Land cost per unit for senior cohousing
From: Dennis Jay (dennisjaymac.com)
Date: Mon, 3 Aug 2009 11:05:02 -0700 (PDT)
Greenhouse is a forming senior cohousing group in Annapolis, Md. We propose 32 units on a 2.3 acre site, of which only 3/4 of an acre is useable because of environmental constraints.

Because of its proximity to Washington, D.C., there has been only a modest decrease in property values here. This is a great sustainable site with transit, shops and services a short walk away, but the property is very expensive. Land cost at $51,300 per unit is roughly double the recommended 15% ratio for cohousing, and we are currently negotiating with the owner to avoid a further increase to $62,500 per unit. And because this is senior cohousing, our units are smaller than usual, averaging just 682 square feet.

Preliminary cost estimates are as follows:

Studio — size: 504 sf — land cost range: $138,000 to $152,000

1 BR — size: 672 sf — land cost range: $184,128 to $204,288

2 BR — size: 756 sf — land cost range: $207,144 to $229,824

2 BR+ — size: 1008 sf — land cost range: $276,192 to $304,416

Prices so not include common house outfitting.

We would appreciate any comments on the feasibility of these prices — good, bad or indifferent.

Many thanks,

Bob Corbett
Dennis Jay

Greenhouse Cohousing
Annapolis, Md.



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