Who Paid What - 27 East


Southampton Press / Opinion / Letters / 1784674

Who Paid What

I read Aidan Corish’s letter [“Everyone Is Important,” May 20]. He quotes The Times as saying, “We live where prices meet the sky.”

I write because I bought an affordable co-op 17 years ago, and I sold it for less money than three shareholders on a five-member board, who subsequently paid more for comparable units afterward.

Also, a decade after a couple paid the highest price by far, another buyer paid one-third of that for a comparable unit that holds 12 percent more shares. The purchase gave him more shares than each of the board members with comparable units who approved them, some of whom he paid less than.

To prevent that, many boards have floor prices. They want prices to go up. But shareholder principal price is not a concern at that co-op.

In my mind, accordingly, the question isn’t whether a co-op is affordable because things are out there in Southampton Town. The question is how it got affordable.

Entry-level priced co-op boards can be run by entry-level thinkers.

Billy Sternberg