What are the costs to you when you join our Community? |
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Cooperative living means cooperative ownership, providing the pride and security that comes with owning your home because you own your membership. Buying and selling a share in a cooperative is handled by the building manager acting for the Board. There are no filing fees or other closing costs. The cooperative may charge an administrative fee for handling the transaction.
Share Value - Buy In
Realife Co-op of W. St. Paul has 97 shares, one share per apartment. Share Prices and monthly fees vary according to apartment size. Apartments are normally homesteaded for tax purposes.
Qualifying applicants purchase a share in the cooperative corporation. There is a minimum monthly qualifying income for both the share price and the monthly fees, so the Cooperative requires an eligibility application at the time of a request to purchase a membership share
Each year in June, the value of the member share increases based on unit size.
Qualifying applicants purchase a share in the cooperative corporation. There is a minimum monthly qualifying income for both the share price and the monthly fees, so the Cooperative requires an eligibility application at the time of a request to purchase a membership share
Each year in June, the value of the member share increases based on unit size.
Each member family owns a share in the non-profit corporation that: operates the building, contracts for services, and holds the mortgage and other joint assets and liabilities. We work together to support our community. Each member share contributes a monthly carrying charge that covers mortgage costs, operating costs, and additions to reserves for future expenses. The level of the carrying charge is set from time to time by the board, and varies by unit square footage.
Owning a share means:
One share, one vote in electing the board and in any decisions that go to a vote by the full membership.
Prorated share in Co-op equity.
Occupancy rights to your unit.
Use of shared facilities, e.g. the Shop, the Loft, Guest Rooms, Craft Room, Wellness/Exercise Room, Kitchen/Great Room, Library, Laundry Rooms, Garage.
Prorated share in Co-op equity.
Occupancy rights to your unit.
Use of shared facilities, e.g. the Shop, the Loft, Guest Rooms, Craft Room, Wellness/Exercise Room, Kitchen/Great Room, Library, Laundry Rooms, Garage.
Carrying Charge - Monthly Fee
The carrying charge, the monthly cost to each member, is reviewed annually, and varies by unit square footage.
This covers:
This covers:
- Mortgage principal, interest and insurance premiums for fire and liability for the building
- Real estate taxes
- Operating costs including: natural gas, heat, water, sewer and trash collection
- Grounds maintenance including lawn care and snow removal
- Onsite staff and services, including bookkeeping and sales management
- Administration and Management
- TV service with 200 channels
- Additions to reserves for future maintenance.
There may be additional costs for you, for example, personal property insurance within your home (HO6), WiFi, a different TV service, indoor parking ($40 per month), electricity.
Style/Floorplan |
Bedrooms |
Den |
Bath |
Sq Ft |
Share Value |
Monthly Fee |
1 |
1 |
1 |
955 |
$39,186 |
$833 |
|
1 |
1 |
1 |
1000 |
$41,713 |
$874 |
|
1 |
1 |
1 1/2 |
1083 |
$43,682 |
$914 |
|
1 |
1 |
1 1/2 |
1130 |
$45,868 |
$977 |
|
G |
2 |
1 1/2 |
1134 |
$45,933 |
$977 |
|
K |
2 |
2 |
1315 |
$53,885 |
$1129 |
|
FF |
2 |
2 |
1378 |
$54,718 |
$1159 |
|
2 |
2 |
1399 |
$54,718 |
$1159 |
||
2 |
2 |
1409 |
$55,507 |
$1183 |
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HH |
2 |
2 |
1409 |
$55,507 |
$1183 |