Costs and Fees
Financial Benefits
Discover Edina’s best-kept secret as 7500 York Cooperative combines a great location, vast amenities, and an impeccable reputation at a highly desirable cost. Your membership purchase yields low monthly costs, annual equity appreciation and tax benefits that are unsurpassed.
Membership Purchase. . . The purchase of your share gives you membership in the Cooperative, one share per unit.
Monthly Costs. . . 7500 York Cooperative is operated without profit to itself and is operated for the mutual benefit of its members. Because the Cooperative is operated without profit, inflationary increases in the monthly charges are limited to actual increases in operating costs. Shared costs of community space allow for attractive social, recreational, cultural and educational enrichment. Click here for current monthly costs and estimated wait list times.
Monthly Charges Include:
- Payment on the principal and interest on the mortgage and homestead property tax
- Property and liability insurance on the building
- All utilities (except telephone) including individually controlled heating and air-conditioning, internet and cable.
- Operations cost to cover:
- Housekeeping, maintenance and repair of common areas
- Maintenance of kitchen appliances, plumbing, electrical, mechanicals, windows, doors, and hardware
- Grounds keeping
- Professional management fee
- Excess cost for the Stop and Shop, and Yorke Room over their pricing
- Mini-bus service
- Operating, replacement and supplemental reserve funds
Annual Equity Appreciation. . . Using the “limited-equity” approach, annual equity appreciation of a share is determined by the by-laws. The predetermined share values assure stable share prices and share prices remain economical as the Cooperative’s waiting list builds, which assures timely re-sale. Click here for the annual equity build-up for each floor plan.
Tax Benefits. . . For income tax purposes, members are considered homeowners and are entitled to deduct their proportionate amount of the building’s mortgage interest and real estate taxes on their individual tax returns.
Capital gains. . . A member of a cooperative has the same basic federal income tax advantages available to a homeowner who sells a home and purchases a new one. Residence has been defined by the Internal Revenue Service to include a cooperative apartment. There is an established value set on each apartment to be used to offset the Capital Gains on the sale of your home. More complete information about this can be obtained from a booklet entitled “Selling Your Home” (Publication #523) which is available from the Internal Revenue Service.