Just a short distance down the Somerville Community Path from Davis Square, and equally convenient to Porter Square, is where you will find this week’s featured property, a Live/Work loft combo at the MIXIT Studious CO-OP. Before going into detail about the property, let’s go over what exactly a CO-OP, or cooperative, is.
Cooperatives are a rare, but fascinating ownership arrangement. They are similar to condominiums in the fact that they are generally located within a multi-unit building with shared common spaces, but differ in a significant way. Instead of owning the unit that you are living in, as it is with a condominium, you actually own shares of a corporation, which in turn owns the entire facility. In lieu of a mortgage, a prospective buyer needing financing will take out a “share loan” to purchase the required amount of shares in order to buy their way into a unit. They are usually managed on an at-cost basis, and therefore become attractive in extremely expensive neighborhoods.
For this great property, the main living area is approximately 1,245 square feet with 11 foot ceilings that showcase exposed original beams. There are 2 bedrooms, one bath, a large open living/dining area, kitchen with pass through, and an elevated study/loft. An additional feature is the 70 feet of southern exposure that overlooks the bike path.
Not only does this property have a truly amazing living space, but it comes with a 666 square foot studio/work space on the ground level with a private entrance to the street. This studio/work space also has a shared half bath and work sink. The building elevator stops at all levels, and there are shared gardens and a top floor common roof deck with beautiful far reaching views.