Co-op for Seniors (50+, beach, weather, relocating)
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Well it isn't so much about wishing for, but about the reality of one's finances & how much are you wanting to spend for the housing vs for the rest of your needs, just like looking at houses. Where I live there are "twin" buildings next to each other or around the corner where the exact same 1 bedroom apartment is $420K for the co-op & over $600K for the condo. Is saving about $200K while still working & saving "settling" for something?
True one owns the condo outright to do with as one pleases, but if several owners decide to sublet forever there may be a parade of short term tenants coming & going with little concern for the upkeep & future of the building. Owners may decide to sublet on AirBnB so that the transient population, and noise, increases greatly.
The less expensive co-op has rules that the owners agree on, similar to a HOA, to lessen the chances of lots of transient tenants & even for the expulsion of an extreme case like running a bordello or a rent-a-party-space or even in one case an AirBnB tenant that simply refused to leave & dragged the owner through court for months.
Anyone with enough money can buy the condo, a coop wants to vet the new potential neighbors to head off deadbeats, criminals or gang members or who knows what moving in next door, not really nonsense but annoying to go through.
Most condos also have an HOA (condo association). Likewise, many condos prohibit rentals, or have some restrictions on them. That is why it is so important to read the Ccrc (rules and regs) documents before buying either condo or coop.
But we still need to hear back from the OP to find out what she is really asking sbout.
"A condo is a private residence in a multiunit structure that includes ownership of commonly used property. ... A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit."
"Co-ops tend to be cheaper per square foot," however, condos are often easier to finance.
"Condo fees are usually lower. A co-op owner’s monthly fee can include payments for the building’s underlying mortgage and property taxes, amenities, maintenance, utilities and security."
While both have boards, and association rules, "an important distinction between a co-op and a condo is that most co-op associations require a prospective purchaser to be approved by the co-op board. The upside is being able to pick your neighbors. The downside is that when you sell, the board must approve the buyer and that can delay the sale. The board can reject applicants for only two reasons: financial or a refusal to abide by the association’s rules and regulations."
"Senior cooperative housing has been a fixture in the Midwest for over 35 years and is gaining some traction in the South and West with communities in Florida, Texas, Arkansas and Washington."
This is a clear explanation of costs involved in one senior co-op.
Condos in Duluth sell for over $100K. Monthly fees are considerably less though. The monthly co op fee would be comparable to apartment rentals in Duluth, give or take.
However, "Approximately 53% of your monthly fee is mortgage interest and property tax, which is deductible on your income tax."
Then there is the 1% increase on your share/membership costs. Which is less than most investments, but about the same as savings accounts these days.
For those who meet the income qualifications, it is way to live a comfortable, affordable life while preserving your assets. Less expensive than buying into a Continuing Care Community.
However, should you require assistance, you would likely need to move or hire that on your own.
There is a huge cooperative community in Whiting, New Jersey, called Crestwood Village. Specifically, Crestwood 1; Crestwood 2; Crestwood 3; and Crestwood 4 are all coop housing. You can purchase a unit for as little as $30,000 on up.
There is a huge cooperative community in Whiting, New Jersey, called Crestwood Village. Specifically, Crestwood 1; Crestwood 2; Crestwood 3; and Crestwood 4 are all coop housing. You can purchase a unit for as little as $30,000 on up.
I looked up this Crestwood Village (mostly due to its proximity to NYC), and it has very bad reviews. Units apparently cost $30k because they are moldy and falling apart.
I live in a 55+ Mobile Home Co-op in Tucson, only one of 2 in this city. We've been deemed the Best Kept Secret in Tucson. Why? One reason, you rarely see any green grass driving around Tucson and we lots of green grass scattered around this complex with lush vegetation, because we have our own well, so we splurge with the water. This complex dates back to 1963.
Today, it's all but impossible to buy a unit here as too many are sold word-of-mouth, they never make it to the market and we can't advertise our units with an RE agent. You have to come to the office to see if there's any listings.
Many of these mobile homes date back to the early 60's (mine built in 1969) and when someone buys here they either buy the unit, have it removed, and replace it with a new MH, or, rehab the existing unit, which many people do and it quite easy to completely rehab an older unit, you just crawl under the house to replace all the old water pipes. Some people spend upwards of $40k just to completely renovate a unit.
I live in midtown in a dream location, walking distance to 12 restaurants, lots of shops and 2 grocery chains, you don't even need a car to live here.
With Co-ops you need to be approved by the Board to live here, which is a major factor in why co-op units will always be cheaper than condo's, for even if you find a buyer for your unit, the Board may not approve the buyer, then look around for another buyer.
My Assessment fee is $198 a month and it includes all the water you want and trash. We have a Community center for Bingo, card games, recreation, potlucks and special dinners throughout the year where the Association pays for the food, and entertainment.
Some Co-op boards can be very picky, particularly in New York City. Talk about picky: I read of a very wealthy couple from South America wanting to buy a $3 million Co-op on the upper East side, and when a Board member asked them what they liked to do on weekends, they replied: We love to go to Atlantic City to gamble. And! They were rejected! And, with co-ops in NYC, they can legally discriminate for any reason and are above discrimination laws. Some of these Co-ops won't even allow a single woman to buy in, fearing she may be a temptation to married men living in the building. At 700 Park Avenue Co-op, no Board member will even look at you if you don't have $100 million in assets.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Many senior housing co-op options (Some mentioned above)
+/-
But it CAN be a really great way to get a group together who fits and lives well together.
i.e. 7500 York in Edina, MN.. now serving 3rd and 4th generation of resident members. http://7500york.com/
My favorites of all I have visited in USA is a group of 9 people / couples in Davis CA who sold their BIG homes and built a nice small community with garden / patio homes facing each other, no cars in front.. extra community building / kitchen, crafts ... and apartments for guests and shared caregivers.
I do like https://becketwood.com/ (MSP, MN), but too urban / BIG for me.
Homestead co-ops are much smaller version and usually found in small farming towns (but are not very cost effective, as it takes ~ 50 units to make it worth the investment for developers.
The very few Senior Housing Co-ops on left coast have a very long wait list (10+ yrs).
Usually there is 'Fixed Equity" (availing future affordability, but capping your available increase in equity)
and "Market Rate" +/- due to market fluctuations. https://coophousing.org/resources/ow...g-cooperative/
Many options, much more popular in Scandinavia and USA co-op developers say it ONLY works with that people group. Tho certainly there are many other USA housing Co-ops that are functioning.
Co-ops can be an interesting dynamic and serve a great purpose, but USA has it's issues (independence). much more popular in Canada.
I'm an international cooperative business developer and have been to housing events and training.
Wow, this has generated some interesting responses. I appreciate all of them. I am just merely trying to learn about the way the co-ops are run so I can make the best investment in my future. I already know basically what I need to know about condos.
I feel like I owe it to myself to think about an alternative lifestyle as well.
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