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Lynnsy Logue
identifies Co-operatives in Charlotte-Mecklenburg. |
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Charlotte
Condominiums and
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There are two co-operatives in
Charlotte at this writing:
The Kimberlee and Morrocroft.
Both are unique
structures with superb locations.
Both are in our unique condominium
database.
Pictured is The Kimberlee.
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Morrocroft
South Park
High-Rise
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The
Kimberlee
Park Road
High-Rise |
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The shift to condominium ownership is linked directly to the
ascendance of the condominium form of ownership along with other
perceived difficulties in cooperative ownership. |
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A Cooperative is a multi-family complex owned by a corporation
organized for this purpose. A purchaser of shares in the corporation
acquires a proprietary lease and the right to occupy a particular
unit along with obligation to pay a pro-rated share of the corporate
expense. The corporation is, in fact, a lessor and the purchaser a
lessee. The corporation is governed by a Board of directors whose
duties and powers are set forth in its by-laws. |
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a. Joint liability (the shareholders in the corporation are jointly
and severally liable for all debts incurred by the corporation) has
been a major disincentive to the further growth of cooperative
housing. |
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b. Financial institutions apply more rigorous credit standards
regarding the shareholders in the cooperative before advancing
either construction or permanent financing. As a result of these
standards and practices, the effective market for cooperative house
is severely reduced, and consequently, the supply of those units is
increasing at only a modest rate...in Charlotte, not at all. |
