Profile picture for millercorbinp

Apartment in a coop doesn't show up on a map - only the Zestimate for entire building ($17m)

Look at 2540 Massachusetts Ave., NW, Washington, DC 20008 on a map.  Currently there is at least one unit for sale, but when you hover over the building, it just shows the current Zestimate, no sales history or other data for any of the other units in the building.  The building is a cooperative
  • May 17 2012 - Georgetown
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Answers (1)

Profile picture for susanisaacsre

The reason for that may be that cooperative units aren't purchased with mortgage loans. Members don't own individual units, instead they own shares in a non-profit corporation which holds title to the property and grants proprietary leases to unit occupants. The lease grants permanent right to occupy the unit and to use the common elements of the property according to the cooperative bylaws, rules and regulations. The number of shares owned is dictated by the size of the unit.  Until fairly recently, co-op buyers did not pay recordation fees. That changed on October 1 2009 when DC Bill 18-203 was amended. DC Recordation Tax is now collected at settlement so for changes in ownership of a Cooperative Unit after 2009 there are now transfer records.
Hope that helps!

  • June 14 2012
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