Co-op-Condo's in Tucson? Know anything? (Tucson Estates: apartment, rent, HOA fees)

[tijlover]

I was visiting Tucson last summer to look over housing possibilities and was shown 3 different co-op/condo projects, all built back in the 60's, one called Echo Cliff to the east, another just south of Reid Park and another called Oxford. I realize that with co-ops you pay cash and there's no financing but I was very impressed with the price and quality of the units and was just wondering if anyone knows anything else about these places and if they're good places to buy into and live in for some over 55.

[Subie]

You must mean "Echo Ridge" to the east.

My mother in law just purchased a co-op condo from there 4 months ago. She's 67. She paid $50,000 cash with furnishings and has been extremely happy with it. The neighbors are very friendly and helpful, management seems to address concerns quickly, and the property is very well kept. They have a couple nice sized pools with patio furniture, laundry rooms, and drying lines, as well as covered parking and regular guest parking. It has always been extremely peaceful and quiet whenever I come see her, and she's had nothing but good to say about it. It's also conveniently located near a park, bank, Home Depot, health store, Safeway, and Walgreen's to name a few.

I'd recommend it.

[Bummer]

Originally Posted by tijlover

I was visiting Tucson last summer to look over housing possibilities and was shown 3 different co-op/condo projects, all built back in the 60's, one called Echo Cliff to the east, another just south of Reid Park and another called Oxford. I realize that with co-ops you pay cash and there's no financing but I was very impressed with the price and quality of the units and was just wondering if anyone knows anything else about these places and if they're good places to buy into and live in for some over 55.

I have a few comments and questions for you, Tijlover.

How much "over 55" are you? How much are you considering or able to invest, not only "up-front" but on a monthly basis? Are you comfortable with an apartment style "community" lifestyle and do you want and/or need secured parking such as a garage?

From my limited experience with the Co-Op Condos while Home Shopping about ten years ago, in spite of their low purchase prices, their HOA fees were fairly high to extremely high compared to most condos. The primary reason their selling prices are low is due to low demand and difficulty in selling even when the market is in great shape. Possibly one of the reasons lending institutions avoid them.

Bottom line . . . compare the total monthly expenses of a Co-Op Condo with a Patio Home (mortgage plus HOA fees) offering similar amenities relative to your particular needs and wants. I personally prefer the privacy and freedom of a Patio Home without the responsibility and work of a regular home.

Good Luck and I hope this helps a little . . .

[sierraAZ]

Originally Posted by Bummer

[color="DarkRed"]Bottom line . . . compare the total monthly expenses of a Co-Op Condo with a Patio Home (mortgage plus HOA fees) offering similar amenities relative to your particular needs and wants.

I think their HOA fees include all utilities, taxes, and repairs, though. I didn't know this co-op was for 55+. The other day I was thinking that's what I should've bought instead of struggling with a house. Mortgage-free and only paying $200-300 a month for the HOA fee sounds like a pretty sweet life to me. I had to give up condos, though, because of the idiotic anti-smoking laws. There was already a precedent with a condo somewhere. Hope to be able to feel at home at least in my own home for the remainder of my life.

When I turn 55 I'm gonna get me a nice mobile home in the cute community on Speedway @ Prudence. You can get a brand new big house for 60-70K! I've always eyed it - ideal location, quiet, mature vegetation... it's a hidden paradise.

[Bummer]

I definitely appreciate The Lazy Life, Sierra . . .

However, I also appreciate the privacy and security of a Patio Home which is basically the Best Of Both Worlds. Also, being a Car Nut, a secure lockable garage is very important to me so I'll stick to my recommendation that a comparison of costs vs "usable" benefits is very important. A list of amenities as long as your arm is basically useless if none of them will be used or important to you.

Another important point to consider is the financial issues with Co-Ops and why most lending institutions avoid them. Future HOA assessments are a huge issue and, unfortunately, are way too common with Co-Ops.

[bellringer]

"I'm gonna get me a . . . "

Nice lingo! So much better than that Texas Talk.

How about saying, "When I turn 55 I'm going to get a . . ."
No "me" needed. And "gonna"?!

Signed, Displaced Texan

[sierraAZ]

Originally Posted by bellringer

"I'm gonna get me a . . . "

Nice lingo! So much better than that Texas Talk.

How about saying, "When I turn 55 I'm going to get a . . ."
No "me" needed. And "gonna"?!

Signed, Displaced Texan

I know! I like being bratty! Deal with it!

[sierraAZ]

Originally Posted by Bummer

Another important point to consider is the financial issues with Co-Ops and why most lending institutions avoid them. Future HOA assessments are a huge issue and, unfortunately, are way too common with Co-Ops.

Yeah, co-ops are a little bit of a finicky business...

[tijlover]

Yes, the additional assessments are something to consider, that's an unknown in budgeting for the future with retirement funds. I'm more than aware of the higher HOA fees but they cover a lot more than a regular condo. I also looked at a mobile home co-op @ 5000 east Grant, and that's also under consideration at Tucson Estates is too far out of town for me. I want to live my retirement years with no car, only relying on a bike and mass transit and rent a car once a month. I've got plenty of time and will make one more run to Tucson this Winter for furthur considerations. Thanks again for the info!

[sierraAZ]

Originally Posted by tijlover

Yes, the additional assessments are something to consider, that's an unknown in budgeting for the future with retirement funds. I'm more than aware of the higher HOA fees but they cover a lot more than a regular condo. I also looked at a mobile home co-op @ 5000 east Grant, and that's also under consideration at Tucson Estates is too far out of town for me. I want to live my retirement years with no car, only relying on a bike and mass transit and rent a car once a month. I've got plenty of time and will make one more run to Tucson this Winter for furthur considerations. Thanks again for the info!

Well, if you don't mind a mobile home, you may wanna take a look at the community I mentioned - it's really cute!