Life at Nokomis Square Cooperative offers many advantages including financial benefits, a wide variety of amenities, convenient location, vibrant community and numerous floor plans to choose from.
Cooperative Housing Frequently Asked Questions
In cooperative housing you purchase a membership, not a deed to the property. The buyer does not need a separate mortgage because one master mortgage covers the entire building. The buyer does not pay the closing costs normally associated with the purchase of a home. The monthly housing charge is a share of the operating costs for the cooperative based on the size of the apartment, and a share of the master mortgage.
We maintain a waiting list of individuals who want specific floor plans or building locations.
The garage maintenance fee is $30 monthly.
Housing charges include principal and interest and cooperative operating costs prorated by unit size. 1 Bedroom Apartments – $900 to $1,100 monthly; 2 Bedroom Apartments – $1,200 to $1,600 monthly.
Cash at closing is the difference between the selling price and assumed share of the master mortgage.
1 Bedroom Apartments – Starting at $105,000; 2 Bedroom Apartments – Starting at $190,000; Ask about our 3 bedroom and larger combined units.
Compare our financial advantages: Ownership with deductible mortgage interest and real estate taxes, no landlord or outside investors, affordable down payment, and predictable housing expenses with a reserve fund for major repair and replacement. We’re happy to provide details, an easy comparison worksheet and more. Buyers are encouraged to compare other senior housing options with the benefits of living at Nokomis Square.