Cohousing-L Mailing List: Re: Resale Policy

[Raines Cohen (rc2-coho-L]

On 11/11/02 2:21 PM, Sharon Villines < sharon [at] sharonvillines.com> wrote:

>15.2 Sale of Units. Upon notification of an Owner's intent to sell, Takoma
>Village Homeowners Association or its designee shall have the exclusive
>right to purchase the unit for forty-five (45) days. If, after a unit has
>been on the open market, an offer is received, the Association shall have
>three (3) days to exercise its right of first refusal.

Sharon -

Thanks for that text. Like any legal text without context or the history 
or knowledge of who is currently interpreting it, how, it raises lots of 
interesting questions.

Have there been any resales? Has the HOA exercised its option? Would it 
take a consensus decision of the whole group, including the seller, to 
choose to exercise such an option? Has authority been delegated to any 
group, like a board or executive committee? Does every seller have to 
wait 45 days before marketing the unit / taking outside offers? Does the 
HOA have any actual policies as to when to exercise such an option? The 
language about first refusal makes it sound like it's a matter of meeting 
the offer price... but the 45-day clause sounds like it could be avoided 
by the seller setting a high price initially to deter the HOA then 
reducing the price for subsequent marketing/promotion. Does the HOA 
maintain a waiting list or other pool of buyers?

Raines (who is mainly curious, not trying to zing you with a zillion 
questions; answer as many or as few as you like!)

P.S. This topic is "hot" at both Berkeley (CA) coho, where the 
community's first resale to somebody not already renting there is in 
escrow (and thanks to the limited-equity condo structure unique to 
Berkeley, prices are precalculated based on capital improvements plus 
initial cost plus cost of living and limited to buyers within a certain 
%age of area median income), and here at Swan's Market Cohousing 
(Oakland, CA), where the first new family just moved in and another unit 
is for sale at market prices on the open market (although not yet through 
a realtor or MLS), but the seller is seeking a 
coho-aware/community-friendly buyer.

Raines Cohen <coho-L [at] raines.com> <http://www.swansway.com/>

  Vice President, Swan's Market Cohousing [Old Oakland, CA]
Where it's HOA budget season, and we're trying a "Self-Service" Reserve 
Study: see http://www.ReserveStudy.com/ .

  Member, East Bay Cohousing [on hiatus] <http://www.ebcoho.org/>
Who attended a meeting about the "Coho with a Clubhouse" Concept.

  Boardmember, The Cohousing Network <http://www.cohousing.org/>
Where we're getting ready for holiday fund-raising season.

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