a community of neighbors
across from
Wood Lake Nature Center
6711 Lake Shore Drive
Richfield, MN 55423
612-861-1378
info@gramercylakeshore.com
Currently Available!
spacious 1 & 2 bedroom units
..Amenities include:
- large kitchens,
fully equipped - storage units on
same floor - courtesy van
- hair salon
- library with
computer center - heated garage
- washer & dryer
in your unit - guest suites
- convenience store
- fitness center
- party room
- secure entry
A Better Place to Live...
Our Home is...
Set in the Heart of Richfield, walking distance to restaurants, coffee shops, shopping, groceries, post office, pharmacies, and dental/medical offices.
Adjacent to Wood Lake Nature Center - a 150 acre natural area park with 3 miles of walking trails, boardwalks, and a wildlife observation shelter.
A community of neighbors with a fitness center, wood shop, hair salon, grocery store, library with wi/fi high speed internet, tai chi and aerobic classes.
Homes with park-like views, spacious rooms, sound resistant construction, and a washer/dryer in every home!
We are a limited equity senior housing cooperative for 55+ vibrant adults!
What is a cooperative?
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 matters
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 has no individual liability. 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 |
'09 Share Value |
Monthly Fees |
Equity |
Qualifying Income |
|
Aspen |
1 BD/1BA |
710 |
16 |
$ 44,386 |
$1,188 |
$290 |
$31,200 |
|
Birch |
1BD/1BA-BALC |
857 |
16 |
$ 57,280 |
$1,356 |
$380 |
$35,583 |
|
Chestnut |
1 BD/1BA |
939 |
16 |
$ 57,280 |
$1,379 |
$380 |
$36,157 |
|
Cypress |
2BD/1.5 BA |
992 |
40 |
$ 69,694 |
$1,492 |
$470 |
$37,078 |
|
Laurel |
2BD/2BA-BALC |
1087 |
48 |
$ 80,728 |
$1,537 |
$560 |
$40,252 |
|
Franklin |
3BD/2BA-BALC |
1713 |
6 |
$110,196 |
$2,316 |
$720 |
$60,470 |
|
Jefferson |
3BD/2.5BA-BALC |
2002 |
6 |
$130,442 |
$2,672 |
$850 |
$69,704 |
|
Washgtn |
3BD/2.5BA-BALC |
2354 |
12 |
$137,393 |
$2,863 |
$895 |
$74,661 |
|
Current Membership Costs (Dimensions approximate) |
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Heated parking, central air, heat, cable, water, sewer, trash pick-up and recycling are included in the monthly fee. Members are responsible for their own phone and electricity (lights and appliances).
See some of our homes here.