Cohousing-L Mailing List: Re: Quantifying the value of community

[Elizabeth Magill (pastorliz]

> Recently, folks were willing (and
> paid) a premium for the smaller A house ... this was even more amazing
> as this was at a time at the start of falling house market.

I'm willing to pay a premium for community, and I'm willing to ignore  
the falling house market.
But what happened with the appraisals on those homes, and how did  
that affect getting a mortgage?

Was the appraiser willing to increase the value of the home because  
there were people who wanted to buy it at that price? Or because of  
the community that came with it?


-Liz
(The Rev.) Elizabeth M. Magill
PastorLiz [at] verizon.net
Worcester Fellowship
PO Box 3510 Worcester MA 01613
www.worcesterfellowship.org
508-450-0431



On Sep 27, 2007, at 10:03 AM, Robert Heinich wrote:

> cameron rabe wrote "In the process of pricing units has anyone  
> tried to
> quantify the value of cohousing?"
>
> Cameron,
>
> The pricing of a house is only loosely determined by an algorithm.
> That is why the prices of houses vary so much in this country.
>
> People are willing to pay a premium if there is a perceived shortage
> of a feature they want.  Here at Eno Commons, we only only two house
> designs, A, 3BR /1486 sq ft, and B, 4 BR / 1976 sq ft.  It has been
> easier to sell the larger B house.  Recently, folks were willing (and
> paid) a premium for the smaller A house ... this was even more amazing
> as this was at a time at the start of falling house market.
>
> Part of the reason why there people were willing to pay for a premium
> was there was a preceived shortage.  There will people who wanted to
> move in but could not as there was no houses available.  Once a House
> A was available and it did not seem likely that there would any other
> houses available, several people bid on the one available house.  The
> price went up several times during the bidding process.
>
> Just a few years earlier, the same house took awhile to sell.
>
> Pacifica, a nearby cohousing development in Carrboro, sold out before
> they started building.
>
> So long as folks put a value on community, cohousing will sell at a  
> premium.
>
> -Robert Heinich
>   Eno Commons Cohousing Neighborhood
>   www.enocommons.org
>   Durham, NC
>   where the committees are preparing for the busget party
>   and the kids are excited about EnoWeen.
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