What's a co-op apartment?

Co-op vs. Condo

Unless you are from the east coast, chances are you may not know what a co-op (short for “cooperative”) apartment is, and/or how it differs from a condominium.
Here is a short description of some of the major differences.

Condos:
Residents own their actual unit. They also hold an undivided interest in the common areas of the building such as a courtyard or clubhouse.

Residents hold private title to their unit, including the right to control and transfer the property at will.

A mortgage for a condo finances the purchase of the actual property, using that property as collateral.

Residents elect a board of directors to manage the building, but the association does not retain any rights to dictate to whom residents may sell their units. Neither does the association have control over owner behavior.

The purchase of a condominium is considered to be Real property, so the State of Washington does charge the seller an excise tax.

Co-ops:
Members own shares in a corporation, which holds title to the land and the building. Each shareholder has the exclusive right to occupy a specific apartment until/unless the member sells their shares.

Members receive a stock certificate and a proprietary lease showing ownership and occupancy.

A mortgage for the purchase of a co-op is actually a loan to purchase shares in the corporation.

Members elect a board of directors to manage the upkeep of the building and ensure that residents abide by the occupancy agreement. The board retains the right to approve potential members/buyers and can evict owners who violate rules of residency.

Shares in a co-op are not considered to be Real property, so the State of Washington does not charge excise tax on a sale.

Want to know more? Give me a call at 206-708-9800

Local Blood Drive today

The Puget Sound Blood Mobile will be in the Jefferson Square (West Seattle, on 42nd Av SW between Alaska & Edmunds streets) parking lot today from 9-2 ; walk-ins are welcome. If you've never donated blood before, please consider giving it a try. It's really quite quick (takes about a half hour) and painless. At one point or another in our lives, most of us will need the benefit of donated blood -- whether for ourselves or for a loved one. Please give if you can. If you need reassurance or encouragement, feel free to give me a call. 206-708-9800.

Queen Anne Studio Co-op $134,500!

I'm holding this apartment open right now (1-4 Sunday), so come on by and take a look! Surprisingly spacious even though it's approx. 400 sq. ft. Comes fully furnished. Click on the following link to see more info, photos and a virtual tour. 7 Harrison Street, #15, Seattle, WA 98109

Queen Anne Studio Co-op $134,500

Today from 1-4 I will be holding the first Open House at my new listing on Queen Anne Hill, a studio apartment in a co-op building at 7 Harrison Street #15, less than a block from Key Arena. And yes, the asking price is just $134,500!

If you are unfamiliar with co-ops in the real estate world (they are quite common on the East coast, but less so here), a co-op is similar to a condo. Both have homeowner associations that regulate and care for the property, however when you buy a condo, you own the unit you live in. With a co-op, you buy shares (similar to stock) in the association which owns the building. This arrangements provides some tax and liability advantages.

Click here for more details about this particular co-op apartment.

Questions? Give me a call at 206-708-9800

This Sunday's Open House

Today I'll be looking at a million dollar view. How about you? Come join me at my Open House from 1-4PM. The address is 3918 SW Southern St., in West Seattle's Gatewood neighborhood. This is an absolutely stunning, ultra modern home with 4 bedrooms, 3 baths with approximately 3375 square feet of living space on an 8386 sq. ft. lot. Listed by my Prudential colleagues, the Johnson Team, for the just-reduced price of $995,000. MLS# 29046403 As usual, I will be giving away coupons for free ice cream cones from our own Husky Deli.