What is a Co-Op?
In real estate, the phrase Co-op is short for cooperative housing. But what does it mean if you own a co-op? This guide explains.
What is a Co-Op?
In a co-op, which usually just looks like an apartment building or condominium complex, people don’t own their own units. Instead, they own shares of the entire building. What co-op owners do is actually buy stock in the housing complex. Then, the ownership in the housing complex comes with a lease for the home they live in.
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Are There Co-Ops in Tampa?
There are a handful of these types of properties in the Tampa Bay area, but they’re not as common here as they are in other major cities, such as New York and Chicago.
Related: 5 signs to watch for when you tour homes in Tampa Bay
The Three Types of Co-Ops
There are three main types of co-op housing:
- Market rate, which are treated like standard properties. Owners can sell whenever they like, and for whatever price they can get.
- Limited equity, which are often more affordable than others. There’s a limit on how much equity members are allowed to earn in their homes, which means they can’t typically sell for a huge profit.
- Group equity or zero equity, Which don’t allow members to build financial equity in their homes. However, they pay rental rates that are generally below market value.
$700,000
Active
2404 N Glenwood Drive Tampa, Florida
3 Beds 2 Baths 1,318 SqFt 0.17 Acres
$485,000
Pending
8408 Granite Place Tampa, Florida
4 Beds 4 Baths 2,210 SqFt 0.24 Acres
$375,000
Active
2811 W Pearl Avenue Tampa, Florida
4 Beds 2 Baths 1,116 SqFt 0.18 Acres
$190,000
Active
4718 Christa Court 314 Tampa, Florida
2 Beds 2 Baths 1,050 SqFt 991 Acres
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Are You Buying or Selling a Home in Tampa Bay?
You can use this website to search homes for sale in Tampa Bay and all its communities. Our site is directly connected to the Tampa Bay MLS, and we update our listings every hour. You can even use our site to create your own account and get emails as soon as a new home hits the market, price change alerts and so much more.
While you’re here, check out these listings:
