Our residents own a share of Gramercy Park Duluth, earning value each year.
How it Works
Gramercy Park Duluth members purchase an ownership share in the Cooperative which entitles the shareholder to occupy a specific unit. A share increases in value each year as equity is added, according to the cooperative by-laws. The original share purchase price, plus accrued equity less selling expenses are returned to the member or to the member’s heirs upon resale of the share.
Technical and financial stuff aside, members share their talents and experiences for the enjoyment and enrichment of the community. New and lifelong interests and hobbies are pursued through involvement in a wide selection of resident-run activities, such as
- Music, arts, and library
- Hobbies & Crafts
- Life Enrichment
Advantages of Cooperative Living
Members actually own the cooperative through their share ownership of the nonprofit cooperative corporation; there is no equity investor or landlord.
Residents govern the cooperative with assistance from the managing agent.
Cost of Operation
Occupancy charges are equal only to the actual cost of owning and operating the property. In a rental, rent generally goes up faster than actual costs because most landlords are in business to make a profit.
Initial members were able to customize their dwelling units, including a choice of floor coverings, cabinet colors and various structural changes, so each unit is unique. Opportunities remain to refurbish the flooring and paint colors in some units prior to move in at no additional cost when choosing from our standard options.
Homeowner Tax Advantages
Mortgage interest and real estate taxes are tax deductible in a housing cooperative.
Expenses in a cooperative are spread across the entire membership proportionately, making the cost of living generally lower than a comparable single-family home.