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Dear PoP – Anyone Familiar with Limited Equity Cooperatives?

by Prince Of Petworth May 3, 2011 at 1:30 pm 20 Comments

“Dear PoP,

Anyone ever heard of a limited equity cooperative? This looks like you “buy” for $6,000.00, pay $750.00 a month, then get your $6,000 back when you “sell?”

The Craigslist ad says:

CURRENTLY AVAILABLE:
1489 Newton Street Cooperative

Our Cooperative has 3 one-bedroom units available for sale. We are located in Columbia Heights on Newton Street, NW, between 14th and 16th Streets, just a three blocks from the Columbia Heights Metro Station, around the corner from the new DC USA shopping center.

The buying price is $6000 and the monthly carrying charge is approx $750.

You get the buying price back when you move out and sell your apartment, and the monthly charge covers your proportional share of the building’s expenses.

The apartments are about 650 sq ft., arranged in a suite style, in which the living room and bedroom are in opposing haves of the unit, and the kitchen and bathroom are clustered in between. All units have gas stoves, refrigerators, new carpet, and new paint. The building features a laundry room on site, in the basement.

Sounds pretty cool – anyone ever heard of a deal like this before?

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