|
Monthly
Fees
How much does it cost to purchase a Membership in
Gramercy Park Cooperative of Duluth and to live in the
community?
There are two primary costs involved: The
Membership Cost and the Monthly Fee.
The Membership Cost is a one-time payment to
purchase a share in the corporation. If a member decides
to move, the cooperative has the option to manage the
sale during the first 90 days, returning the membership
cost including accrued equity.
Members also pay a Monthly Fee, which covers the
mortgage payment, real estate taxes, operating expenses,
lender required reserves, interior and exterior
maintenance, professional management, heat, sewer,
water, trash pick-up, recycling, cable TV, and
underground heated parking. Members are responsible for
their own telephone and electricity.
Gramercy Park Cooperative of Duluth has 74 apartment
homes.
|
Plan |
Description |
Approx.
Square
Footage |
Number
of Units |
Share
(Membership Cost)
March 2010 |
New Monthly Fee
March 2010 |
1%
Annual
Equity |
Qualifying
Income |
|
Aspen |
1
BD/1 BA |
683 |
6 |
$40,749 |
$727 |
$407 |
$18,965 |
|
Deerwood |
1
BD/1 BA |
840 |
4 |
$48,947 |
$903 |
$489 |
$22,556 |
|
Cypress |
2
BD/1.5 BA |
992 |
32 |
$55,267 |
$1048 |
$553 |
$27,339 |
|
Laurel |
2
BD/2 BA |
1064 |
12 |
$59,240 |
$1110 |
$592 |
$28,965 |
|
Willow |
2
BD/2 BA |
1237 |
20 |
$64,232 |
$1206 |
$642 |
$31,460 |
|
