Do co-ops exist in bay area?

Asked by Sasha, San Francisco, CA Wed May 16, 2007

For some reason when I think about co-ops, New York comes to mind, but do they exist anywhere else in US?

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Melanie Nard…, , San Francisco, CA
Fri Jun 22, 2007
Here in San Francisco we have a very few, mostly historic and built in the early part of the last century -- I'm thinking of Greenwich Terrace. But there is also the complex across the street from the Chinese consulate which is probably the best price deal in town. The drawbacks are that you can't rent your place out and they require a 20% downpayment in most cases. I think some changes in tax law made co-ops less attractive at some point in the past, hence San Francisco never developed that many during the period when it was so popular; but I'd be interested in knowing that for sure!
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Lenore and A…, Agent, Vista, CA
Sun Aug 5, 2007
Yes. There is one in downtown San Mateo. Most buildings are condos rather than co-ops in our area.
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Mark, , Santa Clara County, CA
Wed May 16, 2007
Co-ops are all over - What is a housing cooperative? 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.

Specifically in Santa Clara County - you will usually see if they are (or aren't) on the MLS. My guess, less than 5% are co-ops. Hope this helps.
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simplenickel, Both Buyer And Seller, San Francisco, CA
Wed May 16, 2007
You can find a few in San Francisco. I'd guess they are some in other Metropolitan areas across the U.S.
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