|Affordability Specifics||<– Date –> <– Thread –>|
|From: Gloria Hoffman (hoffman1comcast.net)|
|Date: Fri, 28 Dec 2012 14:18:52 -0800 (PST)|
We are trying to build a community in a middle class urban area in Philadelphia and have the goal that our cohousing units will cost no more than the market rate for the older, more spacious houses in the area. Our average unit size for is 1100 sq. ft., while the neighborhood houses are at least 2200 sq. ft. We were hoping for prices in the $200 thousands for the smaller units, but costs are in the $300 thousands. It seems that any new construction will be way more expensive than existing house costs and that the only feasible alternative is to renovate an existing building. We have had our eyes on a great site, but it would involve new construction! We have also been told that banks are currently not willing to lend money for building condominium developments. Very discouraging news-but we still have hope!! We would appreciate any info on both of these issues. Thanks, Gloria Hoffman Wissahickon Village Cohousing hoffman1 [at] comcast.net
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