Cohousing-L Mailing List: re: cohousing and resale

[Christine Johnson (cbmanz]

Ray (Shelly DeMeo) wrote: "Under our bylaws sellers are required first 
to offer units to folks on the waiting list at a price set by an 
appraiser, who presumably prices the unit at fair market value."

You don't say where you live in but it would seem that there would be 
insufficient comparable sales of cohousing units upon which an 
appraiser may base their valuation.  Given the absence of comparables, 
one would be just plain lucky to arrive at a FMV from an appraiser.   
Doesn't it happen under such a rule, that the owners  wishing to sell 
first  have to educate the appraiser and then, unhappily,  are simply 
at their mercy? !

We wouldn't buy into a cohousing community in which one was first 
required to offer to those on a wait list the home at an appraised 
value not only because of the unfair terms of resale, should we need to 
sell, but because the cohousing community itself, given this 
restriction, would be seen to be less desirable to potential buyers and 
so would likely be required to carry the operating costs for a greater 
number of vacant units.

 (The opinion / theory above is my own alone;  we don't presently live 
in cohousing but intend to very soon!)

Christine Johnson
Bastrop, Texas