As home prices sit beyond reach for many first-time buyers, a North Seattle housing experiment is offering an alternative: own less space, share more of it, and still build equity.
The concept is co-homeownership, and it’s being piloted at a new development called The Grove. The project, led by local startup reSpace, divides a standard residential lot into a series of private suites and shared common areas. Units range from 262 to 426 square feet and are priced between $179,000 and $299,000. Each includes its own bedroom, bathroom, and laundry, while shared spaces will add nearly 1,400 square feet of communal living, with multiple kitchens and living rooms outfitted with high-end finishes and appliances.
Ownership is structured through a limited liability company. Buyers purchase shares tied to their specific suite, along with an individual mortgage and title. Monthly costs are expected to average around $2,350, covering mortgage payments, taxes, insurance, and HOA dues for services like maintenance, cleaning, and property management.
In a city where the median price of a single-family home hovers near $1 million, the co-ownership model may offer an appealing middle ground.
The Grove is reSpace’s second attempt at co-ownership housing, following a smaller-scale test in 2023. This time, the company is investing more heavily in design and function by adding a full second story to an existing mid-century home and building two accessory dwelling units. Construction will begin once the permits are approved.
Interest appears to be broad, from younger buyers seeking a foothold in the market to older adults yearning for community without the commitment of traditional homeownership. And with recent zoning changes encouraging increased density in urban neighborhoods, co-ownership could find more room to grow.
If the model proves successful, reSpace is eyeing additional sites in high-rent neighborhoods around Lake Washington — potentially scaling a new kind of ownership shaped around how people live today.
This post was based on information found on Puget Sound Business Journal.
