About Pine Tree
Pine Tree Townhouses allows you to concentrate on carefree living. Decorate inside as you wish, and the rest is maintained for you. Yards and common areas are mowed and snow is removed. No need for rakes and lawn mowers, etc. Plumbing, heating, appliances, and electrical systems are maintained and replaced when necessary. Gas hot water heaters and forced air furnaces provide plenty of warmth. All wiring is underground. Lighted, paved parking areas are provided for residents and guests.
Exciting features inside and out
Your townhouse is designed with central air, kitchen with range, refrigerator and disposal, hardwood and vinyl floors, and washer/dryer hook-ups. Water, sewer and trash are paid.
Ideally located in Lawrence, Kansas, convenient to Interstate 70 and Kansas Highway 10, Pine Tree Townhouses is served by several schools for all ages including public and parochial.
Recreational facilities within Pine Tree include playground areas, basketball goals, and a community room for entertaining. Shopping centers are only minutes away to provide residents with all the services and necessities for comfortable suburban living.
Downtown Lawrence is less than 5 minutes away and the University of Kansas campus is less than 10 minutes away.
What is a cooperative?
A cooperative is a business and operated by the people who use it. Each member of Pine Tree Townhouses has an equal vote in the corporation, which holds title to the property. A Board of Directors is elected from within by the membership. The board establishes standards to keep the community a pleasant place to live and sets down those standards in the “Rules and Regulations”.
Is it like renting?
Yes, in terms of convenience. You make one payment each month without worrying about insurance, taxes, mortgage payments, or maintenance.
Is it like owning a house?
Yes, in many ways. You are the sole owner of the property and there is no lease. Your membership increases in value. You can get credit for improvement. It differs from owning your own house in that you are not personally liable for the mortgage and you are not responsible for all of the maintenance. The Board of Directors sets maintenance standards and retains a professional management firm to supervise the staff. Except for decorating, your home is maintained for you. Complete exterior care includes structural repairs, lawn and shrubbery care, snow and trash removal and outside painting. Major interior repairs include routine handyman work, maintenance of plumbing and electrical systems and structural repairs and replacements. The only time there is a charge if the damage is caused by negligence.
How do I become a member?
Fill out an application to have your name added to the wait list and make a refundable deposit. You are called when your name comes up on the list to look at available units. When you’ve decided on a unit, you purchase the membership in that unit for $295 and the unit is held for you until it is ready for occupancy. You must qualify regarding rental history, total income and credit. You will, in addition, purchase the equity that the seller has accumulated according to the formula established in the By-Laws of the Corporation. You then will build equity from the figure you paid at this formulated rate until which time you are ready to move.
It is expensive and time consuming to sell a home. Broker’s fees and other costs often run 10% of the selling price. At Pine Tree, once you give notice to vacate (sell your membership), a modest resale charge, plus costs for rehab work in your unit, is all you pay. You can also sell improvements that you have made to the unit. You will be refunded your accumulated equity and membership, minus resale and rehab charges.