What is a Cooperative?
WHAT'S A CO-OP?

Carefree, Independent Living

  • A housing cooperative is owned by its resident shareholders 
  • To join the cooperative, residents buy a share in the cooperative 
  • Each share in the cooperative is associated with an apartment home 
  • The cooperative is governed by a resident Board of Directors 
  • You will enjoy a carefree and secure lifestyle, because the cooperative will attend to all the details of maintaining your building and grounds. 
  • As a member, you will set monthly fees through your Board of Directors 
  • You will decide what services, if any, should be brought in and under what terms 
  • Tax deductibility of taxes and mortgage interest 
  • To join the Plaza, you will purchase share in the cooperative. 
  • Through this purchase, you will become an owner and member of the cooperative. 
  • Upon your decision to move, your share will be resold. 
  • Your purchase into the cooperative is an investment, not an entrance fee 
  • Supportive and rich community life of cooperative living
CO-OP VS. CONDO

What Makes Us Different?

The members own and operate the cooperative through a Board of Directors elected from and by the members and by-laws set by the members and which can only be changed by the members.

One monthly fee covers taxes, insurance, utilities (except telephone), cable TV, debt service on the mortgage, maintenance and a replacement reserve.

Members not only occupy their apartment, but have the use of all the common area, such as the library, parlor, activities room, fitness center, billiards area and workshop.  

When it becomes necessary to the sell the membership, the cooperative assists in marketing and sale for a nominal fee, currently established at $2,000.

New members must be approved by the Board of Directors in accordance with guidelines that apply to all.

A condominium, on the other hand, is an individual enterprise. The individual must make arrangements for the purchase and becomes the owner of the unit. The owner is totally responsible for paying taxes, insurance, utilities and a monthly fee to cover external maintenance and maintenance for the common area which is regulated by an Owner’s Association.

The individual is responsible for any resale and normally would use a realtor at the going commission rate. The transfer is regulated by all laws, rules and regulations applicable to real estate transactions.

WHAT’S INCLUDED?

Independent Living at The Plaza Includes:

  • Spacious units or Luxury Suites ranging from 700-1,775 square feet
  • Cable TV and utilities
  • All expenses included in monthly fee except telephone and Internet(free Wi-Fi available in the library)
  • Spacious lounge and socialization areas
  • In-your-unit laundry facilities  
  • Fitness Center, Library , Woodworking and craft shop
  • On site recycling
  • Covered carport
  • Extra storage area
  • Pets under 35 pounds are welcome and mutually enjoyed.
  • Peace of mind for your family…. knowing you are continually supported
  • No responsibility for maintenance and repair
  • Total freedom to come and go whenever you please
  • Always among friends and never alone for holidays
  • Eligible for renter’s insurance
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Click here to download a lifestyle comparison worksheet.
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