Re: Home prices for cohousing
From: dahako (dahakoaol.com)
Date: Thu, 17 Nov 2005 12:30:31 -0800 (PST)
Hi -

I've been involved with two cohousing developments, Eno Commons (22 units) and Eastern Village (56 units). In both cases, the answer to your question can be answered two ways.

1. If the question is, did you pay more per square foot for your cohousing unit that for similarly sized (3BR, 2BR) mainstream units? The answer is probably yes, we did.

2. If the question is, was the overall purchase price of your cohousing unit higher than the price of a similarly sized mainstream unit? No, they were about the same. The cohousing unit is a bit smaller and the common space costs a bit more. Evens out, more or less.

In either case, it is usually a far better deal in terms of money to buy in early and contribute some sweat equity to the building process. In both cases, the unit values increased at or above market after initial occupancy.

Jessie Handforth Kome
Eastern Village Cohousing
Silver Spring, MD
"Where we've just come to consensus on our second annual budget, even though we don't really have a process yet. Sigh."

-----Original Message-----
From: Becky Weaver <beckyweaver [at] swbell.net>
To: Cohousing-L <cohousing-l [at] cohousing.org>
Sent: Thu, 17 Nov 2005 11:14:53 -0800 (PST)
Subject: Re: [C-L]_ Home prices for cohousing

Thanks everybody for your input. To re-phrase my question, in case it got lost
in the shuffle - there a price "premium" on new cohousing homes, due to
cohousing development costs, over other new homes in the area.

Thinking back to when your community sold its brand-new homes for the first time around, what was that premium? I saw 21 - 27% for one community, which had 22 homes. Would you say that 25% is more realistic than 10%, for the purposes of
setting expectations in a new development?

I am especially interested in feedback from communities in the 34 - 38 unit
range.

Thanks,

Becky Weaver
Central Austin Cohousing


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