Ward Capital Management

'CoHous' offers ease of condo and benefits of single-family home

11/01/2018

NEW ROCHELLE - In appearance, newly-constructed homes on Maple Avenue fit right into the historic residential neighborhood steps away from the city's downtown. 

But the six-unit Maple Avenue Residences development is different from traditional single-family homes: It's built based on a new housing concept called "CoHous," which is a housing unit managed as if it were a condominium but offering the amenities of a single-family home. 

"CoHous is essentially a marriage between the condominium legal structure and the single-family home amenities," said D'Wayne Prieto, principal of WARD Capital Management, the developer of the complex who coined the term "CoHous." 

"Our target buyers are anyone who's looking for a starter home or looking to downsize." 

The new development at 63-75 Maple Ave. consists of three buildings; each appears to be a single-family home but offers two luxury condo units on its first and second levels.

Entering one of the units, a wide hallway leads into a spacious living-dining room filled with natural light. From the large windows, there is a good view of the backyard. 

Each unit, ranging in size between 2,307 and 2,414 square feet, includes four bedrooms, three bathrooms, and a living-dining room with an open kitchen equipped with high-end appliances and quartz countertops.

It also comes with the amenities of a single-family-home, such as a greenhouse where residents can grow plants, an oversized two-car garage, a large storage room, and a private backyard. 

"It really is a hybrid of single-family home, condo and townhouse," said Barrie Sacks, real estate agent with Silversons Realty, a Scarsdale-based brokerage firm representing the developer.

One of the homes with two units at Maple Avenue Residences in New Rochelle Oct. 31, 2018. Maple Avenue Residences is a six-unit condominium complex that offers the amenities of single-family living.

Photos: CoHous sells ease of condo with single-family benefits

Prices for the units range between $799,000 and $1.1 million, which is more than Westchester's single-family-home median sales price of $679,000 in the third quarter of this year, according to the Hudson Gateway Multiple Listing Service

But Prieto said future owners would find monthly housing costs more affordable compared to owning a similarly-sized single-family home in the area because property taxes are lower for condo units. 

According to the developer's estimate, each unit owner would pay $11,830 in annual property taxes. Owners are also required to pay $541 a month in common charges for the upkeep of the buildings' exterior and common areas, including driveways. 

The Maple Avenue Residences replaced a dilapidated home that had attracted squatters, so neighbors have been pleased with the developer's work, said Louis Canoro, 74, whose backyard abuts the new development. 

"A couple of my neighbors came over because, from my backyard, they got better views of what's going on," Canoro said. "They all said the same thing: 'How beautiful it turned out!'"