|Land cost per unit for senior cohousing||<– Date –> <– Thread –>|
|From: Dennis Jay (dennisjaymac.com)|
|Date: Mon, 3 Aug 2009 11:05:02 -0700 (PDT)|
Greenhouse is a forming senior cohousing group in Annapolis, Md. We propose 32 units on a 2.3 acre site, of which only 3/4 of an acre is useable because of environmental constraints.
Because of its proximity to Washington, D.C., there has been only a modest decrease in property values here. This is a great sustainable site with transit, shops and services a short walk away, but the property is very expensive. Land cost at $51,300 per unit is roughly double the recommended 15% ratio for cohousing, and we are currently negotiating with the owner to avoid a further increase to $62,500 per unit. And because this is senior cohousing, our units are smaller than usual, averaging just 682 square feet.
Preliminary cost estimates are as follows: Studio — size: 504 sf — land cost range: $138,000 to $152,000 1 BR — size: 672 sf — land cost range: $184,128 to $204,288 2 BR — size: 756 sf — land cost range: $207,144 to $229,824 2 BR+ — size: 1008 sf — land cost range: $276,192 to $304,416 Prices so not include common house outfitting.We would appreciate any comments on the feasibility of these prices — good, bad or indifferent.
Many thanks, Bob Corbett Dennis Jay Greenhouse Cohousing Annapolis, Md.
Results generated by Tiger Technologies Web hosting using MHonArc.