Who are the Developers?
The Uptown Cooperative Development is a group of venturesome Boomers who felt that people like themselves needed a great place to live and play. They are young at heart and ready to travel and spend more time with their kids and grand-kids. There is more to the story and you can read it here.
How does cooperative living work?
Cooperatives are generally set up as non-profit or not for profit entities. Once your Uptown is built, you will be able to take in overseeing the operations. By this time, you will be familiar with your new neighbors and a board of directors will be elected. In addition, other committees may be formed to assist in planning, budgeting, finance or other functions as designated by members.
What do I own?
Baby, you own it! Your share cost is a percentage of the total unit value which is based off the total square footage. You will be able to build equity just like owning a home as the shared price appreciates by a fixed amount each year.
How does Financing work?
Each Uptown Cooperative will be financed with the assistance of a master mortgage loan to be insured by HUD. Although the cooperative members hold no personal liability for the master mortgage, they are bound by the subscription agreement they sign. While Uptown is being built, you may need to secure a home equity or bridge loan to make your share payment. When you move into your new home and your current home is sold, you can repay your temporary loan and most likely have extra funds to invest as you choose.
What happens when I sell my share?
Uptown would be sad to see you go, however you need to know that selling your share will be much easier than selling your home. The management company will handle the transaction with a nominal transfer fee. Uptown will, in most instances, use a fixed equity formula based on a percentage of your initial dwelling unit value, to determine the resale value of a membership interest. Most cooperatives will appreciate in value annually while you own your share. Since no realtor will be involved, there is no commission to pay out.