Co-ops: What’s The Deal? The other day I held a Broker’s Open at Portage Bay, Eastlake, Westlake, Center For Wooden Boats – and more! Cooper Jacobs Real Estate’s new houseboat listing on Lake Union. A man and his family stopped by. He has a job that requires him to travel from Bellingham to Seattle and needed a place to live while he’s in town. I told him the background on 2764 Westlake Ave N Unit #D: a rare 1910, 479 square feet of lake living, views of Gas Works Park, Fremont bridge, Queen Anne, and um, the water of course. Lots of water. Anyway, one bed, one bath, and opportunities to build up and it’s mortgage is a co-op. He raised his eyebrows. “What’s THAT?”
I told him you own a share in a big corporation. You don’t hold the Title but you hold a share in the overall portfolio in the co-op on that dock. So, I explained, you are almost like leasing it BUT you have a shared legal entity. Your voice is heard. Just like a condominium building, a co-op has a board of directors responsible for business decisions.
The monthly co-op dues are usually lower than condomium (home owner association or HOA) dues. Why? Because a co-op is non-profit. But check with your real estate agent on this, because much like the neighborhoods in Seattle, every one is different.
A most brilliant website (thank you again Wikipedia!) has an indepth explaination of co-ops in all different countries. So don’t be afraid of the word “co-op”. Oh…and don’t be afraid to check out more beautiful houseboats in Seattle – one of the largest communities of houseboats of all kinds! Yes indeed – and in Seattle, we have an entire association JUST for houseboats.
Call for more information regarding lake-living!