Looking for Adult Community Co-Op?

By
Real Estate Agent with Century 21 At The Shore Realty

With 89 Adult Communities in Ocean County, containing nearly 65,000 units and 1500 currently on the market, what is going to drive buyers to my listing?

First concern is that this particular listing is a Co-Op!

What is a housing cooperative? The National Association of Housing Cooperatives says that a housing cooperative is formed when people join with each other on a democratic basis to own or control the housing and/or related community facilities in which they live. Usually they do this by forming a not-for-profit cooperative corporation. Each month they simply pay an amount that covers their share of the operating expenses of their cooperative corporation. Personal income tax deductions, lower turnover rates, lower real estate tax assessments (in some local areas), controlled maintenance costs, and resident participation and control are some of the benefits of choosing cooperative homeownership.

They also say you should know what you actually own. The main distinction between a housing co-op and other forms of homeownership is that in a housing co-op you don't directly own real estate. But if you don't own real estate, what exactly are you buying? You are buying shares or a membership in a cooperative housing corporation. The corporation owns or leases all real estate. As part of your membership (being a shareholder) in the cooperative you have an exclusive right to live in a specific unit (this is established thorough a occupancy agreement or proprietary lease) for as long as you want, as long as you don't break any of the rules or regulations of the cooperative. As part of your membership, you also have a vote in the affairs of the corporation.

This particular model is the one in the community with the most living area. This would be of concern for folks who are down-sizing from a big home. This should be of importance to many.

Anyway, here's the place, does anyone out there have a client who may be interested in it?

                              

                                                                           Big Adult Co-Op Home - Available NOW! 

 

 

Comments (2)

jack harmon
harmonandsonconstruction - Sparta, TN
whats the adult housing in NJ LIKE..WHATS THE RATIO?
Jul 01, 2007 06:55 AM
Franklin (Bruce) Needhammer
Century 21 At The Shore Realty - Berkeley Township, NJ

Jack,

Thanks for asking. We are in Ocean County, NJ. The Senior population here is very high. In our town, for instance, I'd estimate about 65% or higher.

Jul 01, 2007 07:22 AM