|Re: 1 Bedroom unit at Cornerstone||<– Date –> <– Thread –>|
|From: David Heimann (heimanntheworld.com)|
|Date: Wed, 29 Jan 2020 10:02:28 -0800 (PST)|
Hello,I did a quick online lookup at "www.dollartimes.con/incomoe-needed-for-house/550000", a came up with $95546 as the income needed to finance the condo (20% down, 30 year loan at 4.5%, 28% of income needed for housing). That's still expensive, but not $1397000 annually.
At Jamaica Plain Cohousing in Boston we haven't recently sold a one-bedroom, but a one-bedroom with a loft recently (around 1 1/2 years ago went for around $500,000, and some two-bedrooms not for sale have been appraised by the city at around $427,500.
In any event, all the best in our efforts to provide affordable cohousing!
Regards, David Heimann Jamaica Plain Cohousing Date: Tue, 28 Jan 2020 11:14:58 -0500 From: Sharon Villines <sharon [at] sharonvillines.com> To: Cohousing-L <cohousing-l [at] cohousing.org> Subject: Re: [C-L]_ 1 Bedroom unit at Cornerstone Message-ID: <A7C64BA7-531E-4107-BA50-336BD4D8701E [at] sharonvillines.com> Content-Type: text/plain; charset=utf-8
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
- Re: 1 Bedroom unit at Cornerstone, (continued)
- Re: 1 Bedroom unit at Cornerstone Sharon Villines, January 29 2020
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