Property of the Week: Cambridge Co-op on the Charles
November 8, 2012
We don’t have many co-op buildings in Cambridge, so figured I’d use this new listing to explain the difference between a co-op and a condo, which basically boils down to ownership. When you buy a condo, you own your individual unit (fee simple), as well as a percentage share of the common elements; in a co-op, you don’t actually own your unit — you own shares in the corporation that owns the building.
Probably the most commonly known implication of buying into a co-op is that you must be approved by the board. Other things to be aware of are that with co-ops, the monthly HOA fees are generally higher than for condos (because they include your share of the building’s mortgage payment and property taxes), there are often board-imposed requirements for downpayments, and renting out your unit can be tricky or may not be permitted at all.
And now that we’ve got that out of the way… this is a great unit — river views from the living room and bedroom, every detail carefully crafted, every inch of space maximized. But it’s hard to do this place justice online — it really needs to be seen in person. So if you have any interest, let me know and I’ll set up a showing!
1010 Memorial Drive, Unit 2B, Cambridge — 1BR/1ba, 780 SF co-op unit, listed at $645,000
Listed by Gail Roberts & Ed Feijo of Coldwell Banker Residential Brokerage.