Quote:
Originally Posted by Muta
But would that really be a barrier to entry for young people, particularly? Given today's prices, this would give them home ownership at an affordable price, and a fun social aspect to it as well. I'd wager to say it could be successful depending on the location and the quality of the development.
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A fun party co-op? All the co-ops I've seen are the exact opposite. People who've been there the longest have the most sway on the co-op boards. They tend to be curmudgeony slightly older people who will cause a massive fuss if any kind of noise disturbs their pomeranian. Many will go as far as to exclude single and young people from their ownership.
The only place you'll find a good social scene for young people within a building is in a building where the landlord just doesn't care.
Co-ops aren't really ownership either. Typically the model is that you buy the share, and then pay upkeep costs. You're basically paying a reduced rent. You sell the share when you leave (if you can), but profits on that share aren't going to be huge. Most strictly prohibit any kind of rentals.