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

[Robert Heinich (robert]

Quoting Elizabeth Magill <pastorliz [at] verizon.net>:

> > 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?

Not quite.  Although appraisers are getting better at including the
Common House, The Barn, the PlayStructure and about 8 acres of common
land in the value of a house, they did not add a bump for the
surrounding community.  (As cohousing sales have more of a history,
this may change.)  I believe the appraisals was less than the asking
price so the buyers needed to put up additional cash in order to buy
the house.

-Robert Heinich
  Eno Commons Cohousing Neighborhood
  www.enocommons.org
  Durham, NC
  where Sunday is the Peter Pan Operetta rehearsal
  (part of the preparation for EnoWeen).
  Have you prepared your EnoWeen goodie bag?