It's a good concept if you can keep the cost of ownership down. In my 12 years we did a lot to provide low to moderate income families a chance at earning share equity.
No. Although prevalent on the East Coast, they are NOT common here and are actually very hard to buy due to the way title is held. Most West Coast lenders will not lend to COOPS because of this â€“ there are actually a very limited number of lenders out there providing loans. A higher-than-normal down payment is usually required, completely ruling out FHA and VA buyers.
Additionally, COOPS typically must be owner occupied and frequently come with other restrictions as well.
For these reason, COOPS tend to be much harder to sell and consequently end up being valued less than normal condos.
James Endo DRE 00993009
Broker, ABR, CRS, CDPE, IMSD, QSC, SRES
Serving Silicon Valley Since 1987