TWO BEDROOM UNIT WITH OPTIONAL 1ST FL LAUNDRY
ONE BEDROOM UNIT WITH OPTIONAL 1ST FL LAUNDRY
Who owns the cooperative?
Cooperative members each own a cooperative share. Together, the members own 100% of the cooperative, which the cooperative owns all of the building, land, and any common areas. The right to reside in each specific dwelling unit is allocated solely to a specific cooperative member and governed by that member’s proprietary lease or occupancy agreement.
What do I own as a member of a housing co-op?
As a member, you own a cooperative share that is the combination of two things:
• Your ownership interest in the cooperative corporation (represented by a
certificate of membership or corporate shares), and
• An exclusive right to occupy a particular dwelling unit that is owned by
the cooperative corporation (represented by an occupancy agreement).
Why is being a cooperative member better than renting?
Lower Monthly Costs: Because cooperatives operate at cost, co-op carrying charges are often 15—25 percent or more below rental market value.
Tax Deductions: For income tax purposes, co-op members are considered homeowners and can deduct their share of the real estate taxes and mortgage interest paid by the cooperative.
Home Equity: Co-ops provide for accumulation of individual member equity.
Limited Liability: Cooperative member/owners have no personal liability and need not individually qualify on the co-op blanket mortgage. The cooperative corporation is responsible for paying off any blanket loans. This often makes it possible for persons whose income might not qualify them for an individual mortgage to buy a membership in at least a limited equity co-op.
Overall Savings: Co-op members benefit from economies of scale in co-op operating costs as well as from not-for-profit operation. Bulk purchasing of major building improvements provide substantial savings on a per-member basis. In a low-income setting, the spreading of costs among co-op members cushions the economic shock of emergency repairs that so often leads to mortgage
delinquency and foreclosure for single-family homeowners.
Community Building: Cooperatives provide homes for members and build a community for the co-op as a whole.
SO YOU HAVE PURCHASED A MEMBERSHIP IN A
COOPERATIVE HOME COMMUNITY.
Sometimes it is difficult to go from a family home, high-rise or apartment to buying into a Cooperative community. Each type of housing option has it's own benefits and some not so desired benefits.
So a cooperative living is like an apartment or rental community where you have a management team or owner that cares for the exterior of the buildings , parking lots and grounds but your day to day interior items are not part of the monthly fee because you purchased that space in the form of a membership stock in the community as an equal member. This is where a cooperative is also similar to home ownership. You are responsible for the interior and all the furnishings. An added bonus for you in this cooperative is you also have maintenance coverage for hot water tanks and heating source. You also have many items that come with your membership, Roof and siding upkeep (you are responsible for the interior repairs), you have a clubhouse, pool, neighborhood events and social gatherings (if you desire).
Of course the rules and payments must be kept up and paid on time as well as the taxes twice a year. Like an apartment community you can be held responsible for breaking the rules but like home ownership you do have a say in the community and a Board of Directors to keep order and work for the greater good of all owners.
WELCOME HOME !
ONE BEDROOM UNIT
OPTIONAL FINISHED BASEMENT
Reminder: Only two (2) parking spots per home is provided. Guest parking is available in dedicated areas. Please advise family and friends to please use the overflow areas.
This page will serve as a resource area for information to assist buyers and sellers,
know what you are selling and how to make that transition easy.
For buyers we hope to educate and help them understand the beauty of living in a cooperative community..
Remember this is an Independent Living SENIOR community.
TWO BEDROOM UNIT
1 & 2 Bedroom Floor plans from original construction specs.
When deciding to sell your membership you need to prepare and gather together a few things to get started.
* FIRST, Please read the Selling Unit area of the Rules & Regulations
If you are listing with a local Realtor they will need the following.
1. Copies of your most recent Summer and Winter Tax bills
(Members are required to retain a copy)
2. Copy of Responsibility Grid
3. Supply this web site so they can obtain the Bylaws and Articles of Incorporation. www.colionalacresphasev.com
3. List any additions or improvements that may have been done to the unit. Example: Sunroom, softner system, porch railing, front gate etc.
4. Submit your Sale of Unit Form to Clearview
5. ADVISE your Realtor of the Senior Independent Housing Requirement and that ALL potencial new members MUST supply a picture ID with birthdate clearly visible.
Now you or your Realtor are ready to reach out to our CLOSING Team. The Closing Agent & Clearview Agent MUST do and attend ALL closings. Scheduling a closing MUST be coordinated with or through * Jamie.
* CONTACT INFORMATION BELOW
Jamie L. Tompkins-Schroder
Colonial Acres Sales, Inc., Associate Broker/Owner
Cornerstone Realty, Inc., Associate Broker
248. 207. 5077 cell
Please do not call the Clearview office for sales or closing information, management is not contracted to facilitate the sales, that is your Realtors job and what their commission pays for. A member of the Clearview Team will attend the closing for questions and clarifications. Sales questions can be directed to Jamie Schroder.
It’s Called Cooperative Living.
You Enjoy Living. And Your Home Cooperates.
Housing cooperatives are formed when people join together to own and control the buildings and properties where they live. Both limited equity cooperatives such as Gramercy Park and market rate cooperatives such as Gramercy Club share the benefits of this type of home ownership. Today, more than one million households live in cooperative communities. In Minnesota alone, housing cooperatives have become the lifestyle of choice for active adults.
As members of the National Association of Housing Cooperatives, Gramercy cooperatives uphold the values of self-help, responsibility, democracy, equality, equity, and solidarity. In the tradition of the first cooperative founders, cooperative members encourage the ethical values of honesty, openness, social responsibility, and caring for others.
Democratic control is the cornerstone to cooperative living. Members have equal voting status in electing the board of directors from the ranks of their neighbors. The board decides all policy and budget matters while Gramercy Corporation provides professional management, oversight, legal and accounting expertise. On-site staff supervises and performs all repairs, maintenance, and upkeep for members.
Members own stock in the non-profit corporation that holds title to the building. Each month, member/shareholders pay an amount that covers operating expenses, including the mortgage payment, if any. Monthly charges will increase only when the board of directors determines that taxes or operating costs justify an increase.
Members can deduct their share of the real estate taxes and mortgage interest paid by the cooperative.