Should I buy a Co-op?

By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on February 16th, 2012%

Should I buy a Co-op?

“Should I buy a Co-op?” asked my client.   Hmmm…good question!  We’ve been looking at condominiums in a higher end neighborhood in Seattle.  It’s a good shoe-in for an expensive neighborhood.

I think we can largely agree it’s a good time to buy real estate in general right now.  But let’s back up for a sec.  First let me answer the question what is a condo association and what is a co-op association.

Condominium is a big building with individual units.  Each unit has a tax parcel number and the owner has ownership of the interior walls inside.  They also own the Title for the unit.  Each owner pays a home owner due (HOD).  Which it turn goes into an account managed by the home owner association.  If there are any needed assessments (aka repairs) on the building or lawsuits to pay out, it is debited from this account.  You qualify.  You buy.  You’re in.

Co-Op is a big building with individual units.  The building is the company.  The units are the shareholders within the company.  You don’t hold Title.  The co-op committee does.  And usually the building is one big parcel number.  There are home owner dues just like condo ownership.  You interview with the co-op board.  You buy.  You’re in.  Oh yeah, and no dogs (usually) and no leasing (usually).

Should you buy a co-op?  Yes, you should.  If you are a person who likes people, who likes sharing, who likes working together for a common goal, then yes buy a co-op.  If you like relinquishing some of your control issues and collaborating with your fellow shareholders, then yes you should think about buying a co-op.  If you don’t want to pay 1.78% excise tax as a seller in King County, co-op is a way to avoid this tax.

Should you buy a co-op?  No, you should think twice about buying a co-op if you own a dog (usually), if you like larger buildings (co-ops are generally smaller buildings), if you are an investor/landlord and intend to rent.  Oh, and perhaps you don’t want to know who your neighbors are.

Financing is no different for co-ops.  You can do an FHA loan if you want.  Just make sure you ask for the Financials Addendum from the building.  This is similar to the Resale Certificate for a condo building.  It contains meeting minutes, financials, and future assessments.

Hope this bit of info helped you make the right move.  Questions?  I’m here.

Ciao.

Molly@cooperjacobs.com
206.841.6800

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A Little Gem Called Maple Leaf

By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on January 6th, 2010%

A Little Gem Called Maple Leaf sits contently just Northeast of Green Lake in the active North Seattle area. It’s a quaint rural suburb community annexed from Seattle in the 1950′s. There are different stories on adopting the name Maple Leaf but I still like the story of being a neighborhood so far north it’s nearly to Canada.

Since I help people buy and sell homes, it’s my nature to know interesting quirks about the community and a snapshot of the type of homes that are resting here. When I think of Maple Leaf, I think beautiful brick Tudor style homes that transpire individualism.

So to give you an idea of what your hard-earned money will buy you in Maple Leaf, within the last six months of these mostly Seattle bungalows and Tudoresque style houses, 65 residential homes have sold.

Maple Leaf Tudor

The median price is $450,000 for (on average) a 1900 square foot, 3 bedroom, 2 bathrooms house and a decent size lot. Half of these 65 homes were on the market for less than 30 days and sold for at or near list price.

Maybe the downside of Maple Leaf is the lack of sidewalks off the main Roosevelt drag that runs North and South. Street lamps light up the roads for safety though.

But the goodness far outweighs the “no sidewalk downer” in the 20,000 residents of Maple Leaf. Best known for – believe or not – the water tower and reservoir that sits atop the rounded hill – if 500 feet is rounded to you.

Speaking of the reservoir, the city decided to bury all reservoirs under ground to make room for 15 acres of park and playgrounds! To read more go here.

There’s a dynamite Olympic Elementary School, an ACE Hardware store that will knock your socks off and an awesome diner called Blue Saucer. I give it four out of five stars for food and ten stars for $ and 20 stars for serving locally brewed Stumptown Coffee. Shopping is close too with Northgate Mall right up the road. It was one of the first malls to be constructed West of the Mississippi.

Maple Leaf ranked 29th on the list in Seattle for walkability, scoring a healthy 73!

I hope this gives a good idea of what Maple Leaf can offer for you. It’s a great community with 20 active homes on the market right now just waiting for me to show them to you!  Find more Maple Leaf Listings!

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