|Re: economics of resale||<– Date –> <– Thread –>|
|From: Dave and Diane (daveanddeeverizon.net)|
|Date: Fri, 4 Jun 2010 07:18:44 -0700 (PDT)|
Hi Lou,At Jamaica Plain Cohousing in Boston the owners set the resale price. Affordable units are only allowed to appreciate 5% per year (plus the cost of improvements). We have 30 days right of first refusal to find someone on our list to buy at that price.
How can you add something in for the common elements? Well, I suppose you could ask the seller to give you the square footage of all the common elements, divide that by the number of units, and then you'd have a ballpark figure for the additional space you get in cohousing. But if the common elements contain something fancy like a health club or a swimming pool, I do not know how to evaluate that.
I cannot say if cohousing is running higher (price-wise) than comparable condominiums or townhouses in our area--resale information on our units is below. I hope this is helpful.
06/5/05 12/05/07 % change Unit 211 317,571.00-->337,000.00 +1.06118001959 06/13/05 04/17/08 Unit 304 340,110.00-->355,000.00 +1.04377995354 06/24/05 03/27/08 Unit 204 197,600.00-->225,366.00 +1.14051619433 (affordable unit) 05/09/05 09/21/09 Unit 210 321,005.00-->338,000.00 +1.05294310057 --Diane(:^] outreach facilitator jp cohousing 617-522-2209 Box 300420 boston ma http://www.jpcohousing.org- - - - - - - - - - - - - - - - - - - - - - - - -
"The people who surround you define the quality of your life." On Jun 3, 2010, at 6:16 AM, Lou Lieb <louislieb [at] yahoo.com> wrote:
Being new to this, and interested in purchasing an existing unit, how should I understand the resale value? For example, how would an appraiser go about finding "comparables", since co-housing is very different and attracts a fairly small group of interested people? If the "comparable" non-cohousing unit doesn't have common facilities, how do you add in something for the common elements? Is co-housing running higher (price-wise) than comparable condominiums or townhouses?Lou
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