Buying a house together - for Mini Retrofit Cohousing Project (S. Berkeley)

This is a past event

8 people went

Price:
 $10.00

Long Haul

3124 Shattuck Ave · Berkeley, CA

How to find us

We'll be meeting in the back space. Note that this is not a "what is cohousing" intro, but rather a structured conversation that goes deeper into a particular potential project.

Location image of event venue

Details

Our Mini-Retrofit Cohousing group invites you to:
Build community while participating in a renovation project.

The project could be a multi unit, 2 or more houses on one larger lot, or a larger single family house zoned for multi unit or appropriate for ADU (accessory dwelling unit) expansion. We are focusing on neighborhoods in Oakland from San Antonio Square to North Oakland and Berkeley.

The vision for our Mini (4 units or less) Retrofit (reconfigure / improve an existing structure) Co Housing project is to find a house with good structure and some raw attic or basement space for expansion potential on a larger lot that will allow us to:

- do repairs needed (sanding floors, upgrade systems) to move in within 1 - 2 months and stop paying rent.
- once moved in, do a quick (4 - 6 month) renovation / expansion to increase the amount of living space to accommodate all partners comfortably.
- have native and edible landscape as well as solar installation
- be an example of using the economy of scale of group purchase to help establish other communities - with a group purchase, the cost per square foot goes down as the house price and square footage go up.

We are 70% funded to buy a decent-sized place, have done a lot of the financial and legal legwork already, and have a team in place: a real estate agent, mortgage broker and real estate lawyer.

with a third partner, we could purchase this in the Clinton area / estimated selling price 750k - https://www.redfin.com/CA/Oakland/1441-11th-Ave-94606/home/1964055

if we had 2 more partners, we could bid on this, in the Bella Vista area, estimated selling price 1.1 M - https://www.redfin.com/CA/Oakland/1020-Bella-Vista-Ave-94610/home/1802716

Join members Julie and Pete for a focused look at the opportunities and challenges involved in cooperatively buying and developing an existing property with others in Oakland. Even as costs in Oakland have recently increased by an average of 10% per year, it is possible to reduce the costs and increase the enjoyment of buying and owning property by taking advantage of the economy of scale of a group purchase, having the capacity as a group to do moderate work to improve / expand an existing property as well as other efficiencies available through cohousing - sharing larger common and yard spaces, laundry facility, etc.

Our vision for the community and type of house we want is here - https://docs.google.com/document/d/19DBZaEW25mDQ9r_wggKcp-RlddIIPNMCnqkoTqTlmO4/edit?usp=sharing

If you are new to the group, or have attended, but not yet filled out our questionnaire -

https://docs.google.com/forms/d/1EzHoiHItotdCdhVcJ3GiRS93OHpC8qcsio9K-BV4tFQ/edit

We have recently been going to open houses and have done detailed analysis on a couple of potential target properties in Oakland. We will be discussing what we have learned about the current housing market and feasibility of taking on a project using examples as test cases. Please also bring sample properties of projects that may interest you as well for us to discuss.

Buying an older property costs less per square foot than one already remodeled. What has worked well? What are the pitfalls to avoid? What are the tradeoffs between time and cost now and later? Pete has background in this area, having completed a studs out home renovation, managing contractors as well as leading hands on construction.

We have currently secured 70% funding for the project and are looking for one or two more partners who share our vision.

If you think this might work for you, are already actively looking for partners and property, or just curious, here's a chance to meet other EBCOHO members who are willing to roll up their sleeves to co-create safe affordable homes with you.

Please tell your friends who may also be interested. Looking forward to seeing you there!

We're asking $10 per adult
(free for kids and current supporting members of EBCOHO).