|Re: 1 Bedroom unit at Cornerstone||<– Date –> <– Thread –>|
|From: Diana Carroll (dianaecarrollgmail.com)|
|Date: Wed, 29 Jan 2020 06:20:34 -0800 (PST)|
To be fair, this is not a cohousing issue. Cornerstone is located in a very popular neighborhood in the very expensive Boston, MA metro area. I did a quickie search for one-bedroom condos nearby and $550k is fairly typical (on the high end of average). This IS unsustainable...it's a HUGE issue in the Boston metro area, that everyone is aware of. But it doesn't reflect cohousing per se being expensive. :( It's why we (Mosaic Commons, Berlin, MA) developed out in the boonies -- no way people most our group could have afforded to acquire land closer to Boston. (Not that WE are affordable either, other than our few mandated subsidized units. Sigh.) D On Tue, Jan 28, 2020 at 11:16 AM Sharon Villines via Cohousing-L < cohousing-l [at] cohousing.org> wrote: > > We are pleased to announce that the lovely one-bedroom apartment at > Cornerstone Village Cohousing is on the market at a lower price: $555,000. > This 575-square foot apartment is on the first floor. > > No reflection on Cornerstone at all, but this is an example of why I chose > “Sustainable Cohousing” as the name for the effort to focus on the > development of low-cost cohousing. > > These prices are not sustainable for at least half of the kinds of people > we attracted to cohousing 10-20 years ago. > > I am working on a blog post now on income levels in the US. _Half_ the > population earns _less_ than an average income of $30,000 per person > annually. That is derived from indirect figures which I will explain, but > even if these figures are off a few thousand on the low side, cohousing as > we know it is not sustainable. > > This price is $965 per square foot. To purchase this apartment would > require an annual income of $1,397,000 using the guideline of 2.5 x the > price of the house to qualify for a mortgage. Or someone has to have a lot > of money just sitting around. And probably rich parents. If my calculations > are off—very possible—please let me know. > > A $30,000 income would qualify for a $75,000 mortgage. > > Since utilities and services are paid with additional monthly condo fees, > adjusting the price to give credit for cohousing extras is not very > relevant. > > This is expensive. Yes, it is Boston. These are Manhattan prices — though > Cornerstone is much nicer than this apartment for $555,000 in Manhattan > would be. > > Think about it. > > Sharon > —— > Sharon Villines, Washington DC > SustainableCohousing.org > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://L.cohousing.org/info > > > >
- 1 Bedroom unit at Cornerstone Judith Adler, January 28 2020
- Re: 1 Bedroom unit at Cornerstone Fred-List manager, January 29 2020
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