How to Buy a Seattle Co-op (updated for early 2025)

What is a co-op?

Housing co-ops are when groups of people own or control the buildings where they live together.

When someone buys a co-op, they’re buying stock—or a membership—in a cooperative corporation that owns the building, land, and common areas. Buyers don’t receive a deed to the property like they would when buying a condo. Instead, they’re issued a stock certificate and proprietary lease for their unit. 

Typically, the bigger a co-op unit is, the more shares its owner(s) hold and the higher proportion of the building’s property taxes, utilities, and insurance they pay. Cooperative corporations are governed democratically with each member getting a say in decisions—from the furnace to the roof—that will impact the community.

How is it different from a condo?

When you buy a condo, you’re directly buying real estate. With a co-op, you’re buying a stock or a share in a cooperative corporation that, in turn, owns the real estate.

Why buy a co-op?

Here are some reasons recent buyers cited for buying a co-op:

• Access to a property in a highly desirable area that they may not normally qualify for
• Property taxes are included in the HOA dues making the monthly payment much more affordable for buyers
• Stronger sense of community since all the owners must be approved by the board and usually co-ops limit the number of renters
• Able to put as little as 3% down, minimizing up-front costs

What are the benefits of a co-op?

• Lower purchase price: Co-ops typically have lower purchase prices than condos or single-family homes in Seattle because you’re buying a share in the cooperative corporation rather than outright ownership of the unit. This can make co-ops more accessible for first-time buyers or those looking to downsize.
• Lower property tax: Co-ops also generally benefit from lower property taxes because the building itself is assessed as a whole rather than each unit individually. Property tax is also included in the monthly dues instead of being assessed yearly.
• Lower closing costs when you sell: When you sell a co-op you’re not assessed excise tax like when you sell real estate. This can be a huge savings.
• Strong sense of community: Co-ops are known for fostering a strong sense of community among residents. Many co-ops have a board approval process, which can help maintain a stable and harmonious living environment.
• Lower HOA dues: Sometimes, the homeowner dues are lower since the members of the co-op pitch in to run the building instead of paying an outside management company to do so.
• Less competition from investors: Since most co-ops have rules restricting subletting or requiring board approval for sales, they tend to attract long-term residents rather than investors.
• Historic buildings: Seattle co-ops are often located in older, well-maintained buildings with character and charm (e.g., in neighborhoods like Capitol Hill and Queen Anne).

What are the downsides of a co-op?

These aren’t true for all co-ops, but here are some common downsides to buying a co-op:

? Strict Board Approval Process

• Most co-ops require potential buyers to be approved by the board, which can involve:
  • Financial disclosure (income, assets, debts)
  • Personal references
  • An interview with the board
• If the board denies your application, you may lose out on the property — even if you meet the financial qualifications.

? Higher Monthly Fees

• While co-op fees often cover more than condo fees (like property taxes, utilities, and maintenance), they can be substantially higher.
• This can make your overall monthly cost comparable to or higher than a similarly priced condo.

? Limited Financing Options

• Co-ops are harder to finance than condos because:
  • Only 2-3 lenders offer co-op loans
  • Interest rates for co-op loans may be slightly higher than a conventional loan

? Subletting and Rental Restrictions

• Many co-ops have strict rules about renting out units, such as:
  • No short-term rentals (like Airbnb).
  • Limited or no long-term subletting without board approval.
  • Some buildings may require owners to live in the unit for a certain period before renting.
• This limits your ability to generate rental income or use the unit as an investment property.

? Slower Appreciation and Resale Challenges

• Co-ops tend to appreciate more slowly than condos in Seattle because:
  • Fewer buyers are comfortable with the board approval process.
  • Financing challenges and high fees can reduce buyer interest.
  • Some co-ops have resale restrictions (e.g., board approval of buyers).
• This could make it harder to sell quickly or at a competitive price.

? Shared Financial Liability

• Since you own shares in the corporation, you’re partially responsible for the building’s financial health.
• If other owners default on their fees or the building faces major repair costs, the co-op may require a special assessment — which means you could face an unexpected financial hit.

? Pet Restrictions

Many co-ops have pet restrictions that are much more restrictive than condos.

? Owners help out

Many co-ops don’t have a management company like a condo, so the co-op expects you to contribute your time to help with the building’s operation and upkeep.

What does board approval mean?

Many co-ops require an interview with the co-op board as part of the purchasing process. From our experience representing a recent buyer in this building, the interview process is pretty lightweight, and the board is more concerned with the buyers having a clean background check.

Which lenders can lend on a co-op?

Tessa Gaines at National Co-op Bank
TGaines@ncb.coop, (937) 393-7904

Julie Johnson at Cross Country
Julie@johnsonteamhomeloans.com, 206-769-6031

Elizabeth Vona at Caliber
elizabeth.vona@caliberhomeloans.com, 425-283-3860

Finding co-ops for sale

Real estate websites like Redfin have search filters allowing you to search for co-ops.

Map of Seattle Co-ops

List of Seattle Co-ops

Name	Neighborhood	Address	Year Built	Effective Year Built	Num of Units
500 W Olympic Place	Lower Queen Anne	500 W Olympic Pl	1962	1990	24
756 Broadway / Broadway Co-op	First Hill	756 BROADWAY E	1929	1991	22
Aloha Terrace	Lower Queen Anne	224 Aloha St	1947	1988	19
Amalfi	Queen Anne	1302 Queen Anne Ave	1912	1991	20
Avalon	Lower Queen Anne	22 John St	1908	1988	33
Barbara Frietchie	Capitol Hill	1100 17th Ave	1929	1999	22
Bellemoral	North Capitol Hill	711 Belmont Pl E	1928	1990	19
Cantebury Court	Madison Park	2500 Canterbury Ln E	1967	1985	91
Chesterfield	Capitol Hill	1810 E Republican	1914	1989	14
Concord	South Park	1412 S Concord St	1963	1990	6
Crestview	Queen Anne	1623 Taylor Ave N	1226	1990	16
Empire House	Leschi	100 Martin Luther King Way	1963	1986	12
The Gables	North Capitol Hill	409 16th Ave E	1911	1993	34
Green Lake Co-op	Green Lake	7866 Green Lake Dr N	1941	1994	10
Hadley House	Lower Queen Anne	919 2nd Ave W	1960	1988	43
Horton & York	Mt. Baker	3301 York Rd S	1921	1987	6
L’Amorita	Eastlake	2905 Franklin Ave E	1909	1985	21
Letitia	Wedgwood	8701 35th Ave NE	1959	1988	14
Lorington	Capitol Hill	Canterbury Court	1910	1989	29
Los Angeles Apartments	Capitol Hill	214 Summit Ave E	1917	1993	28
Marquis	Capitol Hill	1605 E Olive St	1926	1999	37
Maryland	North Capitol Hill	626 13Th Ave E	1910	1993	20
Melrose Terrace	Capitol Hill	308 E Republican St	1961	2002	112
Moana	Capitol Hill	1414 E Harrison St	1907	1984	13
Olympus Manor	Lower Queen Anne	220 W Olympic Pl	1930	1983	34
Park Vista	Ravenna	5810 Cowen Pl NE	1928	1999	50
Princeton	Capitol Hill	1726 15th Ave	1907	1984	25
Rosemont	Capitol Hill	214 13th Ave E	1917	1995	15
San Remo	Capitol Hill	606 E Thomas St	1906	1993	19
Stewart Crest	North Capitol Hill	2016 Broadway Ave E & 2020 Broadway Ave E	1922	1992	10
Strathmore	Lower Queen Anne	7 Harrison St	1908	1988	35
Sunny Arms	Industrial District	707 S SNOQUALMIE ST	1907	1969	19
The Troy	Capitol Hill	115 Bellevue Ave E	1910	1994	23
The Tulane	Capitol Hill	408 Bellevue Ave E	1929	1991	20
The Wayfarer	University District	4725 15th Ave NE	1923	1991	31
The Wilana	Capitol Hill	1732 15th Ave	1909	1994	27
The Willmar	Queen Anne	2021 4th Ave N	1909	1988	15
The Wimbledon	Queen Anne	1427 3rd Ave W	1930	1995	21
Union Arts Co-op	Capitol Hill	1100 E Union St	1916	1994	12
Union Terrace	Capitol Hill	1136 13th Ave	1924	1996	31
View Crest	Queen Anne	515 W Olympic Pl	1922	1992	10