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Is Co-housing the way of the future?

By
Real Estate Appraiser with Estimation Nation Corporation

With the fall of creative financing and option of home buying becoming less available to a larger piece of our demographic, some people are clinging to the idea of co-housing or shared living communities. 

One such community is happing just down the street.  The Daybreak Cohousing Community has ‘broken ground' on a new project.  When I say broken, I mean dismantled a great set of ‘horse shoe apartments' circa 1943 (that were in decent condition and rather iconic to the neighborhood in my eyes) in preparation for their new fancy building.

Knowing my past experiences with roommates, I'm sure that this would never be my calling.  But I am fascinated in the Daybreak community's plight.  First off (and perhaps unfairly and incorrectly), I think of people that want to participate in commune-style living to be hippies... suns of the earth... tree huggers... And yet they've taken these perfectly fine buildings and re-purposed them into modern day condo-like hipster housing. (When I use the words ‘dismantle' and ‘re-purpose' I do mean that they are consciously re-using as much of the original structure as possible to build their ideal community).

What made the original apartments so charming was the huge maple tree that sat in the middle of the horse shoe.  Other than severely trimming the tree back to make way for construction, they've thus far managed to save it.  In fact, it might be bad karma to take the old tree to the ground now after they had their ground-breaking ceremony under the tree and adorned it with Tibetan prayer flags.

I would imagine that this project is created for both social and financial endeavors.  To become fulfilled by creating a community within a community while sharing the costs.... And they might save quite a bit of money on this venture.   There appear to be 16 families participating in the community and if they keep their building budget under $2,000,000 they stand to save $75,000 to $200,000 on a ‘similar' (a term loosely used under the circumstances) condo. Hey, this could be the new wave.  Now reselling their space in the community when they decide to move on might be another story all together. 

Comments(4)

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Karen Cooper
Karen Cooper | Sr Mortgage Loan Originator ! NMLS # 223305 | First Federal Bank of Florida, Ocala, FL - The Villages, FL
Helping Homeowners w/Home Loans in 27 US States

Sara - we have a couple of co-housing projects in our neck of the woods too. I understand your first instinct, but I believe the folks drawn to this community style just want a closer sense of belonging in their community. I'll be watching to see how the latest community does, hoping it doesn't become clichish or NIMBY like.

Oct 11, 2008 07:26 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Hello Karen - This very well could be the new way of habitation the future. I will keep this blog updated as I learn more.

Kristin - I love that you found this blog!  I do hope that you don't think I dislike the idea (or hippies :-) ), but I am most curious about it.  In fact, I envy it in a way.  I would like to meet with you and your community.  Feel free to email me offline and I will look on your upcoming events plan for something I might be able to attend.

Oct 11, 2008 12:00 PM
Suzanne Champion
N.J. Realty - Westerville Ohio - Columbus, OH

Interesting post.  Sounds like you have some very willing participants in your area - I think it would take a while before it caught on around here.  Just like any condo, it's not a fit for everyone's lifestyle, but it does seem to offer more than regular condo living.  Still, you never know...this area probably didn't expect to have so much interest in Green building as it happens to right  now (both commercial and residential).

Oct 12, 2008 12:58 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Hello Raines - You caught me by surprise.  I really didn't consider the thought of appraising a co-housing unit.  Now I'm imagining it might be challenging and fun.  It is also good to know that there is enough of a demand for these units that they might not sit vacant too long.  Thanks for the additional information.

Suzanne - The more I think about it, the more I'd like to know where other cohousing is popular.  I think I'll pop on to Raines' link and educate myself.

Oct 12, 2008 04:32 AM