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
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on October 5th, 2010%
Looking to buy some Tangletown Real Estate? Is it a wise purchase? What kind of neighborhood life is Tangletown? What about the schools?
 Tangletown Home Geographically, Tangletown is nestled between south Green Lake and north Wallingford. Living here you can still take advantage of Green Lake’s paddle boats and basketball courts while walking to Wallingford for a glass of wine and live music. But Tangletown has its own main drag (North 56th Street) you don’t want to miss! Get an updo at Beehive Salon then walk across the street to grab one of many hotdog selections at Diggity Dog Hot Dog & Sausage stand and wash it down with a brew at the local Elysian Brewing Company ~ just kiddy corner from Might O Donuts.
Tangletown is probably most proud of Zoka. Zoka is a super cool cafe which roasts its own coffee beans, has delicious pastries and lot of seating for those important meetings with your wedding planner or hunkering down to write that mid term paper for school.
Because of the quaint parameters of Tangletown‘s borders, it has seen average solds for the last six months. 13 solds to be exact. $214,000 buys you a 500 square foot studio or an expansive $1,280,000 beautiful home with over 3,000 square feet of living space. So the average days on the market are only 24 days from these sold properties and the average price is around $564,000. This is just under the FHA loan limit of $567,500. Believe me, a minimum downpayment of 3.0% is worth buying a home in Tangletown.
The schools are amazing! Let’s start with daycare and pre-kindergarden. Green Lake Day Care and Preschool, managed by Anne Kelly, is a safe place you can trust. Located at 63rd and Green Lake, it has three separate rooms for the Poohbears, Piglets, and Tiggers in a huge brick church. My daugther went there from 1 year old as a Poohbear and graduated at age 5 as a Tigger. She’s seven now and STILL talks about her teachers from Green Lake Day Care and Preschool.
The Elementary school will be McDonald in 2012 after a complete facelift but for now, it’s Lincoln Elementary. Middle School is going to be Hamilton, and Roosevelt for high school. I recommend going to the Seattle Public Schools Website for more detailed information.
Tangletown has some charming homes on the market right now! There are 10 single family homes and 1 condo for sale in Tangletown. Find more at Cooper Jacobs Real Estate.
By Molly Cartwright, Realtor, Cooper Jacobs Real Estate, Molly@CooperJacobs.com, 206-841-6800, on December 22nd, 2009%
Tangletown Seattle, WA: The New Center Of The Universe?
Fremont has been dubbed “The Center Of The Universe” but I think there might be a new kid in town.
Tangletown is not where the monkeys swing from tree to tree – although Woodland Park Zoo IS right up the road. Tangletown is smack dab between the Wallingford and Green Lake neighborhoods. It’s named after the tangle of roads that intertwine these easily walkable ‘hoods and the last straight shot arterial road to join the two locations. The majority of homes in this area are built in the 1920′s and oh do they melt in charm from this era. Not only are they linked to the outdoor environment with Green Lake so close, but inside these homes are a harmonious blend of classic architecture and tasteful layouts.
What Might You Find In Tangletown?
For being a one road wonder (55th Street to be exact), it has everything you need! It’s most noted for the kick butt coffee house otherwise known as Zoka. If you poke your head into Zoka, you would find students immersed in their studies taking advantage of the free wi-fi, you might notice a small group of walkers or runners grabbing a healthy scone and strong cup of coffee after their jaunt outside. Perhaps it’s just the fresh and locally roasted coffee beans that bring people to this hot spot. Next door is the Elysian Brewery. Great upscale bar food (and cheap kids menu) and an array of beers on tap make this one a family favorite. One door down is my favorite Mighty-O Donuts. This isn’t just any donut shop folks. It’s the organic, vegan, anything you can think of to create a one of a kind donut shop. You can always find a dog or two waiting for their owners and welcoming you into donut heaven.
Across the street are: cheap eats hot dogs, a dry cleaner, yoga place, bee hive hair salon, a dentist’s office, a financial planner, Kisaku sushi restaurant, the Meridian neighborhood grocery store, an upscale restaurant (perfect for a romantic meal), a dive neighborhood bar (an essential to any neighborhood, right?) and last but not least an attorney’s office. Hey, you never know when you’ll need a good attorney!
Tangletown will never be the original “Center Of The Universe” but I contend it’s in the running to be the offspring of it.
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