THE SECOND STORY | October 17th, 2013

Co-ops in Alameda? Yes!

 I took this shot when I was on the Potomac ( a lovely yacht to see more yachts on the bay). The boat went out for the preliminaries for the America’s Cup.  After watching the water, it was time to look up!  And this is what my camera found. Oh, and the catered lunch was really good!

Boomer-chick-musings – my take on what is going on out there.

COMMENTARY
You have questions and I may have some answers.

Marilyn, when did you start selling co-op units in Alameda, and what the heck are they anyway?

I got a call from a friend who’s mom needed to move out of her house.  And then I was suddenly selling co-op units in Alameda.  That was a really long time ago, when the management was made up of three volunteer ladies who worked the office and they lived in Woodstock.

The basics are as follows:  You need to have 20% down.  You need to owner occupy what you buy.  You cannot rent it.  There are no rentals at Woodstock.

You really don’t buy a lot with a house on it.  Instead you buy a 99 year lease with a house on it.  At Woodstock the houses have shared walls (one or two walls).  There are single story and two story homes.  There are single level homes (one and two bedrooms), and two level homes, made up of two and three bedrooms.  I haven’t seen them all, but I’m speaking from my own experience.

Very few of the 200 units have had extensive remodeling but there are some.  Each has a yard.  Some are large and some are small or smaller.  There is a stock cooperative board comprised of volunteer members of the co-op.  The management is paid these days and works four days per week.  You can have kids and pets at Woodstock.  There is a restriction regarding how many can live in a home.

In the old days there was no financing for these units from banks.  The person selling the co-op had to carry the paper for the next shareholder.  For quite some time now there has been one bank that will make loans on stock co-ops. That’s the gig…just one.  And financing involves the same hassles as any other financing: income, credit scores, cash for the down payment, and ability to pay back the loan. But the financing is competitive.

Garages?  Not so much.  But you can rent one.  I’ve been told over the years that there is a five year waiting list for a single car garage.  And you have to park a vehicle in it…not use it for storage. These units are usually priced below condos (which also have higher month fees), than Woodstock.

The best news about Alameda’s Woodstock Co-ops?  It is on the quiet side of Alameda!  No more jets blasting their engines against a blast pad during all hours of the day or night.

Ride your bike around there.  Drive around and see Alameda Point.  It is a fascinating place, both the Point and Woodstock.  I like them both!

ALAMEDA REAL ESTATE THIS WEEK…
Broker Tour Tues  13 on the tour and I saw all but one located at Park Webster.

Highest and Lowest priced NEW listings this week  86, 92  I was looking at last weeks stats, and that was wrong…the 86 was good but the 56 for pending?  It must have been too late for me to be up.

New  14
BOM  2
Pending  15
Sold  15
Withdrawn, canceled  5
A couple of these properties have been taken off the market and reinserted in the last week.

ALAMEDA REAL ESTATE AWARDS THIS WEEK…remember this is only my perspective!
Grande Dame!  Huge house on Bay Street.  The owner used to have a thank you party for the Alameda Meals on Wheels volunteers and I served tea and cookies and sandwiches there a couple of times.

Have a great weekend!  Make it work, work, work!  Be well.

best, marilyn

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Marilyn

I arrived in Alameda in 1973, as a new bride...with husband Carl Schumacher, both of us from Newport Beach. He was embarking on his career as a Naval Architect (i.e. yacht designer) under Gary Mull. Please see the 'ABOUT ME' page in this website! www.MarilynSchumacher.com to see how it has all turned out! I'm so blessed!