In 2016, Evan McKenzie - a former H.O.A. attorney and author of 'Privatopia' (1994) and 'Beyond Privatopia' (2011) wrote on his blog that
> Housing cooperatives are not popular with the real estate industry, bankers, or title companies. They love condominium ownership because it creates many individual units that can be bought and sold, creating a whole lot of business for everybody involved in real estate transactions. But most of the people who live in co-ops find them a good living and ownership arrangement. In a co-op, each resident has a proprietary lease that entitles them to exclusive occupancy of their unit, and also a share of stock in the corporation that owns the entire property. In other words, each resident is a tenant, and collectively they are their own landlord. There is only one blanket mortgage on the whole property. And in order to sell a share, the new prospective owner has to be approved by the co-op board. Usually co-op shares are not viewed primarily as investments, as many condominium units are, so there is more permanence and less selling at the slightest sign of falling real estate prices. There seems to be less conflict in co-ops than in condominiums, and on the whole they survived the crash better than condominiums, or at least that seems to be the predominant opinion.
... which links to "The Rise and Effects of Homeowners Associations" by Wyatt Clarke and Matthew Freedman (2019). Regarding that paper, Vox recently reported that
> one 2019 study found that houses in such subdivisions are worth at least 4 percent more than similar houses outside of them.
> “Being in an HOA actually makes your housing value go up,” said Wyatt Clarke, one of the authors of the paper. However, he acknowledged most of that value is captured by the developer, and that over time, that extra value diminishes as properties age and houses start to turn over. “The fact that you’re in this unit, over time, becomes less and less valuable,” he said.
- Emily Stewart. "When Your Neighbors Become Your Overlords". April 20 2003
> median APR (average percent return on investment) was significantly lower in HOA neighborhoods than in others in most years. The data show that HOAs are not protecting home price appreciation and they may be reducing it.
In 2016, Evan McKenzie - a former H.O.A. attorney and author of 'Privatopia' (1994) and 'Beyond Privatopia' (2011) wrote on his blog that
> Housing cooperatives are not popular with the real estate industry, bankers, or title companies. They love condominium ownership because it creates many individual units that can be bought and sold, creating a whole lot of business for everybody involved in real estate transactions. But most of the people who live in co-ops find them a good living and ownership arrangement. In a co-op, each resident has a proprietary lease that entitles them to exclusive occupancy of their unit, and also a share of stock in the corporation that owns the entire property. In other words, each resident is a tenant, and collectively they are their own landlord. There is only one blanket mortgage on the whole property. And in order to sell a share, the new prospective owner has to be approved by the co-op board. Usually co-op shares are not viewed primarily as investments, as many condominium units are, so there is more permanence and less selling at the slightest sign of falling real estate prices. There seems to be less conflict in co-ops than in condominiums, and on the whole they survived the crash better than condominiums, or at least that seems to be the predominant opinion.
- https://privatopia.blogspot.com/2016/03/in-france-retirement-co-op-ensures.html
> That article walks through this paper
... which links to "The Rise and Effects of Homeowners Associations" by Wyatt Clarke and Matthew Freedman (2019). Regarding that paper, Vox recently reported that
> one 2019 study found that houses in such subdivisions are worth at least 4 percent more than similar houses outside of them.
> “Being in an HOA actually makes your housing value go up,” said Wyatt Clarke, one of the authors of the paper. However, he acknowledged most of that value is captured by the developer, and that over time, that extra value diminishes as properties age and houses start to turn over. “The fact that you’re in this unit, over time, becomes less and less valuable,” he said.
- Emily Stewart. "When Your Neighbors Become Your Overlords". April 20 2003
@ https://www.vox.com/money/23688366/
That same year (2019), Leon Robertson published "Correlation of Homeowners Associations and Inferior Property Value Appreciation"
> financial returns on properties in homeowners associations are significantly lower than those outside such associations
@ https://www.housing-critical.com/data/USR_057_DEFAULT/Correlation_of_Homeowners_Associations_and_Inferior_Property_Value_Appreciation.pdf
> median APR (average percent return on investment) was significantly lower in HOA neighborhoods than in others in most years. The data show that HOAs are not protecting home price appreciation and they may be reducing it.
@ https://www.gvnews.com/article_990de320-8cb5-11e9-aed2-e381c4c65364.html
> You will be ground to a fine paste by the Homeowners’ Association
Pun intended ?