|Re: economics of resale||<– Date –> <– Thread –>|
|From: David Heimann (heimanntheworld.com)|
|Date: Thu, 10 Jun 2010 18:33:00 -0700 (PDT)|
Hello,To add to Diane's post, when we were near move-in five years ago (can it be already that long ago?!), I asked a local realtor who was acquainted with our development to make a comparison to the local market. As mentioned on this thread, he couldn't evaluate the value of the common facilities, but he did mention that comparables prices for similarly-sized Jamaica Plain condos were similar to what we were paying. I liked that, since we were new construction and most of the comparables were not, and in addition our common facilities were much more extensive their others (if they had any common facilities at all).
If our units have appreciated since, especially in the real-estate market of the last five years, so much the better :-).
Regards, David Heimann JP Cohousing
From: Dave and Diane <daveanddee [at] verizon.net> Subject: Re: [C-L]_ economics of resale To: cohousing-l [at] cohousing.org Message-ID: <53B330CF-EC5B-4F24-A47C-0031F7044619 [at] verizon.net> Content-Type: text/plain; charset=US-ASCII; delsp=yes; format=flowed 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:
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