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A better way to live...
PHILOSOPHY
As members of the Minnesota Association
of Cooperatives (MAC), Gramercy
Park Cooperative at Lake Shore Drive upholds the values of self-help, responsibility, democracy,
equality, equity, and solidarity. In the tradition of the first cooperative
founders, cooperative members encourage the ethical values of honesty,
openness, social responsibility, and caring for others. As members of MAC's
Senior Housing Network, we benefit from cooperation among cooperatives
as well as educational seminars and conferences.
MANAGEMENT
Democratic control is the cornerstone to cooperative living. Members
have equal voting status in electing the board of directors from the
ranks of their neighbors. The board decides all policy and budget matt ers
and determines what
professional management, oversight, legal and accounting expertise
is needed. We have an on-site staff to supervise and perform all repairs,
maintenance, and upkeep for members.
OWNERSHIP
Members own stock in the non-profit corporation that holds title to the
building. Each month, member/shareholders pay an amount that covers operating
expenses, including the mortgage payment, if any. Monthly charges will
increase only when the board of directors determines that taxes or operating
costs justify an increase.
Members can deduct their share of the real estate taxes and mortgage interest
paid by the cooperative from their annual taxes!
Compare Cooperative Living
| |
Cooperative |
Condominium
/Town Home |
Rental |
| How to Purchase |
Purchase
a share in the cooperative. One share for each unit in building. |
Sign a purchase agreement
of real estate transaction. |
No purchase - sign rental
agreement. |
| Financing |
One mortgage on entire
building. Member monthly fees pay
real estate taxes and mortgage. |
Owner(s) obtain a mortgage and have
liability. |
No ownership. |
| Equity |
Limited equity based on initial
share cost and amount of time lived in unit. |
Dependent on existing market rate of comparable sales. |
Non applicable |
| Receive Homeowner Tax Benefits |
Yes. Members may
deduct real estate taxes and mortgage interest. |
Yes. Homeowners may deduct real estate
taxes and mortgage interest paid. |
Not available |
| Day-toDay Operation |
Building operated
under terms of bylaws, occupancy agreement and regulatory agreement.
Board, along with management company, oversees general operation. |
Common elements of building (e.g. grounds,
pool) administered by association and/or for hire property manager.
Individual home controlled exclusively by mortgage holder. |
Property manager only. |
| Building Governance |
Member-elected board
of directors, made up of members. Each unit has one vote. |
Most often an owner's association made
up of owners. |
Property manager only. |
| Resale Procedure |
Cooperative has first
option to sell unit. Use wait list to assist member in resale. |
Owner's responsibility to start process
of sale of real estate (i.e., enlist services of realtor). |
You cannot sell. |
How much does it cost to purchase a share in Gramercy Park at Lake Shore Drive and
to live in this community?
There are two primary costs involved. The Share Value is
a one-time payment that purchases a voting share in the
Cooperative. If a Member decides to move, the Cooperative has the option
to manage the sale during the first 60 days,
returning the original share value to the seller, plus accrued equity.
Members also pay monthly carrying charges which include the mortgage payment,
real estate taxes, operating expenses, lender required
reserves (operating and replacement), indoor heated parking, digital cable, interior and
exterior maintenance, central air, heat, water, sewer, trash pick-up and recycling.
Gramercy Park Cooperative at Lake Shore Drive has 160 cooperative homes which
include one, two, and three-bedroom floor plans.
Floor
Plan |
Desc |
Sq
Ft |
Units |
|
Monthly Fees |
Equity |
|
Aspen |
1 BD/1BA |
710 |
16 |
$ 44,966 |
$1,100 |
$290 |
$28,696 |
Birch |
1BD/1BA-BALC |
857 |
16 |
$ 58,040 |
$1,244 |
$380 |
$32,452 |
Chestnut |
1 BD/1BA |
939 |
16 |
$ 58,040 |
$1,268 |
$380 |
$33,078 |
Cypress |
2BD/1.5 BA |
992 |
40 |
$ 70,634 |
$1,363 |
$470 |
$35,557 |
Laurel |
2BD/2BA-BALC |
1087 |
48 |
$ 81,848 |
$1,405 |
$560 |
$36,652 |
Franklin |
3BD/2BA-BALC |
1713 |
6 |
$111,636 |
$2,077 |
$720 |
$54,183 |
Jefferson |
3BD/2.5BA-BALC |
2002 |
6 |
$132,142 |
$2,382 |
$850 |
$62,139 |
Washington |
3BD/2.5BA-BALC |
2354 |
12 |
$139,183 |
$2,560 |
$895 |
$66,783 |
Current Membership
Costs | (Dimensions approximate)
|
Monthly fee includes: Heated parking, central air, heat, cable, water, sewer, trash pick-up
and recycling, ammenities, real estate fees and taxes.
Members are responsible for their own phone and electricity.
See some of our homes here. |
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