Re: economics of resale
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
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"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:

<snip>

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