Cohousing-L Mailing List: Re: limited equity co-housing

[Fred H Olson (fholson]

Rob Sandelin <floriferous [at] msn.com>
is the author of the message below. 
It was posted by Fred the Cohousing-L list manager <fholson [at] cohousing.org> 
because the message included HTML ;      PLEASE do not post HTML, see
   http://csf.colorado.edu/cohousing/2001/msg01672.html  and
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--------------------  FORWARDED MESSAGE FOLLOWS --------------------

How was this originally purchased? Was it an existing building or was it
built 22 years ago?  At $20K per share, with 27 shares you have $540K as
capital. I suspect you could not buy this kind of setup today with that
kind of money, although maybe so. I k now that a mennonite group bought an
apartment complex in Seattle and turned it into Cohousing (although they
no longer use that term because they were hassled). 

----- Original Message -----
From: Harriet Lewis
Sent: Monday, December 22, 2003 4:11 PM
To: cohousing-l [at] cohousing.org
Subject: [C-L]_limited equity co-housing

Santa Rosa Creek Commons, 22 years old, is a limited equity complex  
which has resulted in maintaining low prices.  For less than $20,000  
maximum, people buy a share in the housing cooperative.  That is 1/27th  
of the total 1.5 acre complex with 27 apartments. When they leave, they  
get it back.  They don't lose money but they don't make money either.   
Therefore, we are still offering share values for very reasonable  
prices and monthly carrying charges below market value for local  
apartments.

This has worked well for us but it goes against the grain of making  
money on real estate.

We also do much of our own management work .

At the moment, we have temporarily halted applications for single  
adults and are actively searching for families with children.  10 of  
our units are assisted living units.  H Lewis



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