November 2020 - Ucol-shareholders

Moving in before code compliance
by Anthony Doesburg 29 Jan '21

29 Jan '21

Hi Everyone, Further to the question of moving into our units before the project’s been issued with a code-compliance certificate, there seems to be a well-trodden route to that interim step. A friend who was in the same position signed the attached agreement issued under the Building Act. You’ll read in the Information for Purchasers below the document title that it does mention a few things that need to be considered before signing relating to such matters as insurance and finance. I'm presuming that in our case the agreement would be with Ucol as the "commercial on-seller”. I’m not quite sure how we would go about doing this, but Ucol’s lawyer would no doubt have some advice—for a price! Regards, Anthony

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Prospective buyers/renters - Invitation to collaborate
by High Street Cohousing (via Google Drive) 30 Nov '20

30 Nov '20

I've shared an item with you: Prospective buyers/renters https://drive.google.com/drive/folders/1dzKCw1z7WabMLH2StvL_igO8WEPL6gEk?us… It's not an attachment – it's stored online. To open this item, just click the link above. I am putting the responses from people who were at the induction workshop on 22nd into this folder, for anyone who wants to have a look at them.

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IMPORTANT: New loans to UCOL before settlement
by High St Cohousing 28 Nov '20

28 Nov '20

Hello everybody. I need to report to Kiwiabank with an indication of possible new loans that will come from shareholders in the coming months. If you are intending to *increase your loan to UCOL before settlement*, can you please get back to me with an indication of the amount and timeframe. As you know this will affect how much we'll need to borrow for the remaining of the project and therefore how much interest we'll need to pay. The sooner that I receive this information the better so I can get this underway. I will also report to Directors. Many thanks, Maria -- *Maria Callau* *TOIORA* High Street Cohousing UCOL Member and Project Coordinator 0211847490

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Fwd: [C-L]_ cohousing premium?
by Jan Burch 27 Nov '20

27 Nov '20

FYI There's been some discussion in the cohousing email list recently about whether units in cohousing communities sell at a premium. In USA they don't. This response left me feeling so grateful to all our "founding members" and gave me such a rush of gratitude for the situation we now find ourselves in as the first owners of Toiora cohousing, that I wanted to share it so everyone could also get the buzz of happiness that comes with reflecting on how lucky we have been with our project. Jan ---------- Forwarded message --------- From: Diana Carroll <dianaecarroll(a)gmail.com> Date: Sat, 28 Nov 2020, 5:54 AM Subject: Re: [C-L]_ cohousing premium? To: Dick Margulis <dick(a)dmargulis.com> Cc: Cohousing-L <cohousing-l(a)cohousing.org> Appraisals ARE based on selling price. That's what they are: a prediction of selling price. And if you DO list it above appraised value, and you DO get a buyer at the inflated price...they won't be able to get a mortgage, because mortgages are limited by appraised value. We've had several owners put their homes up for sale. When deciding how much to sell it for, they typically either get it professionally appraised by an appraiser or real estate agent, or do their own informal appraisal by looking at comparables. If there is a selling premium (such as if an individual buyer is really set on cohousing and this is the only cohousing home for sale in the area), it isn't anywhere *near *$100,000. $10k maybe? But no, I don't really think there is any appreciable difference in price in our area (Central MA). If you are talking about initial prices for founding members...well, that's a wildly different story and has so many variables, there's no way to give any rule of thumb. It's amazing the price which our founding members (including me) were willing to pay...maybe 30% above equivalent units. But that was because we'd all sunk *soooooo *much money into the project (never mind time, energy, heart, soul and dreams) that we couldn't walk away. The prices were never aimed to be 30% higher, but construction costs grow as happens on pretty much every project ever. We weren't helped by the fact that comparable prices were dropping like crazy because we went "online" in 2008. I paid $525,000 for a unit that was only worth about $300k on the day I bought it, and now is worth only about $400k. It's not happy-making. Diana (Mosaic Commons) On Fri, Nov 27, 2020 at 11:40 AM Dick Margulis <dick(a)dmargulis.com> wrote: > Diana, > > Thanks for your response. I'm sorry that I didn't state my question > clearly. > > My question is about the difference in selling price, not the difference > in appraised value. > > In other words, if I see a cohousing unit listed for sale for $600K, > would a similar-size conventional condo nearby also be listed for $600K, > or would it likely be, say, $500K? > > Dick > > On 11/27/2020 11:23 AM, Diana Carroll wrote: > > No premium. I've worked with zillions of appraisers now and they don't > care > > at all. It's all about the square footage and number of bedrooms, and > maybe > > a really small premium for having more amenities, but for all the > > intangible benefits of cohousing? Nada. AND if you add in the fact that > > most cohousing units are smaller than corresponding conventional > > units...cohousing is kind of a minus on the appraisal front. > > > > > > > > On Fri, Nov 27, 2020 at 10:09 AM Dick Margulis <dick(a)dmargulis.com> > wrote: > > > >> If you are looking at a cohousing unit and at a comparable non-cohousing > >> condo, what is the average premium for the cohousing unit? > >> > >> Has anyone studied this question and come up with a US average? > >> > >> Lacking that, if anyone has done this exercise for their own community, > >> would you please comment? > >> > >> Thanks, > >> > >> Dick Margulis > >> Rocky Corner > >> Bethany CT > > > _________________________________________________________________ Cohousing-L mailing list -- Unsubscribe, archives and other info at: http://L.cohousing.org/info

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Draft notes from 26 Nov meeting: Alert! WORKING BEE
by Jan Burch 27 Nov '20

27 Nov '20

*Working Bee: Saturday 28 November 10am* will be a weeding session with entry through Montpellier gate. *Tues 1 December, 6pm* ... you'll have to open the attachment to find out more about that one :-) Any errors or omissions please email me and I'll endeavour to get a corrected version out to everyone on Monday. Thanks Jan

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Re: [Ucol-shareholders] Toiora Body Corp Rules v8 for Lawyers to review
by Y Lee 27 Nov '20

27 Nov '20

As Attached Regards Min

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Current iteration of Toiora Cohousing Agreement
by Warren Hurley 27 Nov '20

27 Nov '20

Hi Everyone, Here's the amended Agreement following Thursday's excellent discussion. Once again the yellow highlighted text indicates parts we are still discussing. Purple highlighting shows text I have inserted/composed from suggestions as an attempt to find common agreement. And a green line to show how far we are through on a 'First Reading' - goodness; sounds like Parliament! See you Thursday for more good ideas. Cheers Warren

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Re: [Ucol-shareholders] Long term maint plan for meeting discussion
by Y Lee 26 Nov '20

26 Nov '20

As Attached

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Agenda for tonight
by Jan Burch 26 Nov '20

26 Nov '20

One item added plus some background information glued on to the end of the Agenda document. Congrats to Rainer and Marianne for the sale. Tell us about it later tonight! Jan

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Re: [Ucol-shareholders] Item for Thursday's agenda
by Anne Thomson 26 Nov '20

26 Nov '20

The Waiting List process, as explained to those who went on to it: *Process for those wishing to go on the UCOL Waiting List for a unit.* 1 Go to Urban Cohousing Otepoti Ltd email list. 2 Attend an induction workshop. 3 Pay one-off fee of $100 per person to UCOL. Contact Anne Thomsom (027 4675488). 4 Read resources listed below – cohousing book, highstreethousing.nz website, other, e.g. radio podcast. 5 Sign Introduction to Urban Cohousing Otepoti Ltd Organising Agreement, and pay a fully refundable fee of $5,000.00 per unit into UCOL account to get onto the UCOL Waiting List. This money will ordinarily be held until completion of the build project, unless an offered unit is accepted and the money will be transferred as laid out under 12. 6 Attend meetings, workshops, working bees, dream a little, become involved and start participating in the project, have fun, get to know your neighbours as you wish. 7 Spend time with a UCOL buddy/contact person, asking questions, discussing hesitations and clarifying your own individual needs. Co-ordinator Rosemary Smith (021 335153). 8 Agree to read the child protection policy and sign the declaration regarding child protection. 9 Ensure a Will and an Enduring Power of Attorney are in place. 10 Participate in ongoing decision-making and planning/build work, but not in financial decisions. 11 The Waiting List will show the date of the deposit, all contact details of the member and the preferred unit type. The order of priority on the Waiting List is in the order of deposits. If a unit becomes available it is to be offered to members on the Waiting List in order of priority, regardless of their preferred unit type. If a member does not take the unit, they retain the same priority on the Waiting List. 12 If a unit is offered and accepted during the building period, the $5,000.00 will be transferred into shares of UCOL. Sign the High Street Cohousing Agreement, Sale and Purchase Agreements, and other documentation and make payments as required. Any person who is deemed a property developer for the purposes of the Income Tax Act 1994 shall advise UCOL of such status before becoming a signatory to the Agreement and shall be prohibited from owning a sufficiently large share in UCOL that would deem any other Member to be a property developer by virtue of the definition of ‘associated persons’ given in the Income Tax Act 1994. 13 Receive unit title on payment of remaining balance once build is complete. 14 Move into your new eco-home and neighbourhood! On Thu, Nov 26, 2020 at 2:41 PM Sander Zwanenburg < sander.zwanenburg(a)otago.ac.nz> wrote: > Hi Anne > > > > It seems to me that it is unclear what the “waiting list promise” is. > > > > I wonder if tonight you can produce any written records of how that’s been > worded or explained to interested parties. > > > > We may then agree on its clarity and relevance. > > > > Regards > > Sander > > > > > > *From:* Ucol-shareholders <ucol-shareholders-bounces(a)list.king.net.nz> *On > Behalf Of *Anne Thomson > *Sent:* Thursday, 26 November 2020 10:29 am > *To:* UCOL shareholders <ucol-shareholders(a)list.king.net.nz> > *Subject:* Re: [Ucol-shareholders] Item for Thursday's agenda > > > > Sorry - wrong attachment > > > > > > On Thu, Nov 26, 2020 at 10:22 AM Anne Thomson <e.anne.thomson(a)gmail.com> > wrote: > > > > This is some background information for tonight's dicsussion of "sale of > A2": > > The directors discussed what to do with A2 and were divided as to the best > way forward. > > We have 4 options to decide between regarding the sale of A2. > > 1. Sell it to the DCC and avoid all this trouble. (Alex's preference) > > 2. If we want to sell it ourselves, put out a public tender/deadline sale > as suggested by Anthony Hamel, and have a group decision/vote on who to > sell it to. Has the advantage of establishing the true market price. Has > the disadvantage of not sticking to the waiting list promise. > > 3. If we want to keep the waiting list promise, then Alex would say we > need to sell it to the brothers who put their money in and kept it in, Anne > and Catherine would disagree. > > 4. Sell it to the Denleys on the rationale that they first put their money > in before the person(s) in 3. Alex says, "I think this is just us deciding > who to sell to rather than faithfully following the procedure. In which > case I think we're better to dispense with the waiting list entirely and go > with 2, which would still let us decide on the Denleys if we felt that was > the right option." > > *Further information*: The market valuation done by Shane from Paterson > Valuation came in at $625,000 - which is well under cost. (Cost for A2 is > at least $654,000 +cost of appliances + cost of painting + cost of wall > unit - DCC was going to pay $675,000 *excluding* GST, so in effect more > like $776,000) Two market appraisals from different real estate agents came > in $700-800K. The valuation made no mention of Passivhaus esign, nor > district hot water scheme. > > I also attach the current waiting list. > > Thanks, > > Anne > > > > > >

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Ucol-shareholders November 2020