Pros and Cons of Purchasing a Stock Cooperative
There are several advantages and disadvantage to purchasing a stock housing coop in California. Some of the advantages and disadvantages follow:
Pros to Acquiring a Stock Coop (Apartment Style)
- Compared to a similar condominium, a co-op is substantially less costly per square foot to buy.
- The owner occupancy rates are generally higher, making for a more stable community.
- The rules for buying or renting a cooperative housing units are generally far more restrictive than for condominiums which tends to reduce the number of tenants in the community. Most boards have the right to interview prospective buyers and tenants and approve their qualifications, provided they don't engage in unlawful discrimination.
Cons to Acquiring a Stock Coop (Apartment Style)
- The down payment requirements are generally 10% to 25% as opposed to condominiums where the down payment can be as low as 3.5% with FHA financing or 10% with conventional financing.
- Obtaining financing is more difficult as there are a very limited number of lenders that make cooperative housing loans.
- It is more difficult to rent your coop if that becomes necessary or desirable for the reasons stated above.
- You may be required to sit through an interview by the board of directors and be approved.
- Many coops have the right of first refusal to buy an owner's cooperative share before they can sell it to another person. This often makes the selling process more difficult.
Housing Cooperatives in Southern California - Apartment Style
Acama Ardmore Cooperative Estate
Studio City
Burbank Angeleno Cooperative
Burbank
Canyon Ardmore Cooperative Estate
North Hollywood
Clover Manor Cooperative
Los Angeles
Coldwater Ardmore Cooperative Estates
North Hollywood
Coldwater North Cooperative
North Hollywood
Coldwater Peyton Cooperative
Burbank
Colfax Ardmore Cooperative Estates
Studio City
Fountain Park Cooperative
Woodland Hills
Gardena Valley Towers
Gardena
Heatherdale Home Cooperative
North Hollywood
Moorpark Ardmore Cooperative Estate
Studio City
North Del Amo Pacific Cooperative
Torrance
Oxnard Ardmore Cooperative
North Hollywood
Palm Terrace Co-op
Ontario
South Bay Co-op Apartments
Lawndale
South Del Amo Pacific Cooperative
Torrance
Queensland Manor North Cooperative
Los Angeles
Queensland Manor South Cooperative
Los Angeles
Housing Cooperatives
Manufactured Homes - Mobile Home Parks
Camarillo Springs Country Club Village
Camarillo
Casa Mobile Home Cooperative
Agoura
Culver City Terrace
Culver City
Grandview Mobilehome Park
Lomita
Hillview Estates
Santa Paula
Hollywood Beach Mobile Home Park
Oxnard
Marineland Mobile Home Park
Hermosa Beach
Malibu Village
Oxnard
Nu Way Mobilehome Park
Carson
Oak Forest Mobile Estates
Westlake Village
Point Dume Club of Malibu
Ventura
Poinsettia Gardens
Ventura
Rancho Adolfo Mobile Home Estates
Camarillo
Rancho Ventura
Ventura
Seal Beach Shores
Seal Beach
Seminole Springs Mobilehome Park
Agoura
Shull Gardens Mobile Home Park
Bell Gardens
Stallion Meadows
Acton
Top of Topanga
Topanga
Village Mobile Home Park
Gardena
Windward Village
Long Beach
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