Cohousing-L Mailing List: Re: economics of resale

[David Heimann (heimann]

Hello,

	To add to Diane's post, when we were near move-in five years ago 
(can it be already that long ago?!), I asked a local realtor who was 
acquainted with our development to make a comparison to the local market. 
As mentioned on this thread, he couldn't evaluate the value of the common 
facilities, but he did mention that comparables prices for similarly-sized 
Jamaica Plain condos were similar to what we were paying.  I liked that, 
since we were new construction and most of the comparables were not, and 
in addition our common facilities were much more extensive their others 
(if they had any common facilities at all).

	If our units have appreciated since, especially in the real-estate 
market of the last five years, so much the better :-).

Regards,
David Heimann
JP Cohousing



> From: Dave and Diane <daveanddee [at] verizon.net>
> Subject: Re: [C-L]_ economics of resale
> To: cohousing-l [at] cohousing.org
> Message-ID: <53B330CF-EC5B-4F24-A47C-0031F7044619 [at] verizon.net>
> Content-Type: text/plain; charset=US-ASCII; delsp=yes; format=flowed
>
> Hi Lou,
>
> At Jamaica Plain Cohousing in Boston the owners set the resale price.
> Affordable units are only allowed to appreciate 5% per year (plus the
> cost of improvements). We have 30 days right of first refusal to find
> someone on our list to buy at that price.
>
> How can you add something in for the common elements? Well, I suppose
> you could ask the seller to give you the square footage of all the
> common elements, divide that by the number of units, and then you'd
> have a ballpark figure for the additional space you get in cohousing.
> But if the common elements contain something fancy like a health club
> or a swimming pool, I do not know how to evaluate that.
>
> I cannot say if cohousing is running higher (price-wise) than
> comparable condominiums or townhouses in our area--resale information
> on our units is below. I hope this is helpful.
>
>
>             06/5/05     12/05/07    % change
> Unit 211  317,571.00-->337,000.00  +1.06118001959
>
>            06/13/05     04/17/08
> Unit 304  340,110.00-->355,000.00  +1.04377995354
>
>            06/24/05     03/27/08
> Unit 204  197,600.00-->225,366.00  +1.14051619433  (affordable unit)
>
>            05/09/05     09/21/09
> Unit 210  321,005.00-->338,000.00  +1.05294310057
>
> --Diane(:^]
>
>
> outreach facilitator
> jp cohousing  617-522-2209
> Box 300420 boston ma
> http://www.jpcohousing.org
> -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -  -
> -  -
> "The people who surround you define the quality of your life."
>
> On Jun 3, 2010, at 6:16 AM, Lou Lieb <louislieb [at] yahoo.com> wrote:
<snip>