FAQs

What does Zvago mean?
Our name (pronounced zuh-VAH-go) derives from the Italian word svago, meaning fun and relaxation.  That’s what you’ll find here – a place where you’re free to pursue your own interests and activities as part of a lively, engaged community of neighbors and friends.

What does it cost to buy a unit and become a member of the cooperative?
Ownership in a cooperative differs from owning a home or a condominium. In a cooperative, the building is jointly owned by its members. So what you are buying at Zvago St. Anthony Park is not real estate; it’s a share in our $11 million cooperative corporation, giving you the right to occupy a unit as a cooperative member.

There are two costs to cooperative membership: a one-time down payment — your share — and an ongoing monthly fee. Share prices vary depending on the predetermined value of each unit and the amount put down by the original purchasers of the unit. Whereas original members were able to choose a down payment of 20, 35, 60 or 95 percent, subsequent members must assume the percentage down payment set by their unit’s original members. That means that share costs can vary from about $100,000 to as much as about $500,000.

Besides your purchase of a share, there is a monthly fee. That covers, among other things, your part of the co-op’s mortgage, property taxes, building insurance, upkeep of common spaces, lawn care and snow removal, internet/WiFi and TV package, trash/recycling, a building reserve fund, and staff salaries. It also includes one parking stall. Monthly fees may range from $1,000 to $3,000. A rule of thumb: The higher your share down payment, the lower your monthly fee, and vice versa. 

In addition, all members cover their own unit’s electricity/natural gas and telephone service and must carry an HO6 insurance policy on their personal belongings.

Zvago is a limited equity cooperative. What does that mean?
In a limited-equity co-op, each share’s value is determined annually according to a set formula. Annual increases in value are limited to make this type of housing more affordable to buyers than it would be on the open market. At Zvago St. Anthony Park, the current allowable rate of increase in share value is 2 percent. The only way to change that would require Board of Directors action, a vote by our members, changes to our legal documents and approval by the U.S. Department of Housing and Urban Development (HUD), which guarantees our co-op’s master mortgage.

What happens when I sell my share, and what would I get back?
Before you move, you must notify the cooperative’s Board in writing of your intention to sell (transfer) your share. The cooperative will then find a buyer for you from our waitlist and will manage the share transfer on your behalf. The terms of all specific financial packages are non-negotiable; the prospective buyer will be presented with exactly how much the one-time down payment and the monthly fee will be. You will be responsible for your unit’s monthly fee until your share transfer is completed and the new member has signed an Occupancy Agreement.

After your share is sold, you—or your estate—will get back your down payment; your equity, compounded annually; and the dollar value of any Board-approved upgrades you made to your unit. (Note: Upgrades are not included in the calculation of the 2-percent equity growth.)

Can I remodel my individual unit?
Before members alter or remodel their unit, the Board requires written approval. Some redecorating may be done without prior approval.

Are there garage stalls and storage spaces for every unit?
One garage space comes with every membership; any additional open stalls are available for a monthly fee. The garage stalls accommodate storage cabinets, available for purchase. In addition, any available storage spaces on the upper floors may be rented for a monthly fee.
Are pets allowed?
Standard household pets (dog, cat, bird, or fish) are allowed as long as they meet all provisions of Zvago’s pet policies, including size, which is limited to 50 pounds.
Is this a smoke-free community?
Yes, Zvago St. Anthony Park is a smoke-free community. Smoking is prohibited everywhere on site, including in units and common areas as well as on the grounds.