“What is a Co-op? Isn’t that like a big house where a bunch of hippies live and share a kitchen and grow their own food? That’s what they were like in Austin.”
So went a conversation I had last night with a friend from Texas; if you’ve ever seen the (great) movie Slacker, you probably understand why he had this impression. Nevertheless, he’s a smart guy and his question reaffirmed a suspicion I’ve had for a few weeks, especially after visiting a few downtown banks (WaMu, Wells Fargo, Bank of America) to ask about financing to buy a co-op unit: many people just don’t know what they are because they aren’t that popular in Seattle.
My friend’s wife, who had lived in NYC, knew what a co-op was. Coincidentally, the big banks, and even Countrywide, only make share loans (the type of loan needed to buy in to a co-op) in New York and New Jersey, where this type of housing is more prevalent.
So, to answer my friend’s question, yes, a bunch of hippies/artists/students/slackers or lawyers/scientists/stock brokers/politicians, or any mix of people with varying professions can inhabit a co-op. The only differences that I can see are the legal technicalities and possibly the attitudes toward “community” of the residents. By the latter, I mean to say there is a social element of cooperative housing. The degree of participation is variable and depends on the development but, as I understand it, is typically more than in your typical condo building or townhouse complex.
The reason I’m drawn to the co-op arrangement is twofold: I think it would be a way to finance the construction (pool our money) and, secondly, I like the idea of a more interactive community. As previously stated, I intend to spend some time with co-op residents (I know of three buildings near my apartment) so that I can make a better comparison between their living arrangements and mine.
Do you have any questions for one of these “hippies”?
Subscribe to:
Post Comments (Atom)
4 comments:
May I suggest that you structure your "co-op" legally as a condominium? It will be vastly simpler and get you to the same spot.
Suggestion from the respected Mr. Sucher is duly noted. I was drawn to the cooperative idea because I felt it was a way to organize resdients before the development was constructed. However, I guess there is no "rule" saying that a homeowner's association can't be established before the homes are built.
Hey Keith. . .ug. the "wrap" condo policy will add a minimum of $10k to the cost of doing a condo. . .
I think you get out of that by doing a coop. . .
I would argue the single most important thing about a condo over a coop is the ease of financing. . . which is a double edged sword. The reason that coop's are usually cheaper (even in NYC; but more so outside of it) is because "share loans" are so hard to obtain, and hence prices are lower. . .
SO, co-op's often appeal to people who are looking for a cheaper place to live vs people looking for an investment (use vs investment value)
So, I'm running my mouth, but I wanted to give you links to two other "community oriented" projects in other cities:
Buy a block in Baltimore, here is an old article, http://www.citypaper.com/news/story.asp?id=4727
which despite it's general lack of web presence was a successful effort by a group of people to buy a block of rough houses and fix them up. . .
the other is closer to your vision in Oberlin:
http://www.sustainableca.com/index.php
which has a serious website. . .
Post a Comment