Co-ops are common in Manhattan but not Minnesota’s Douglas County. One local co-op is on the east side of Lake Ida. The photo above (July 2017) shows a bird’s eye view of the Caroline Beach Co-op on County Road 34.
The make up of a co-op can throw some people for a loo[p. If you buy into a co-op such as Caroline Beach you are not buying a lake home but instead are buying a share of a nonprofit corporation that allows you to live in the lakefront residence. Once you get beyond the definition though there really isn’t a great difference between owning a lakefront home in a co-op and owning a condo or townhome at a lake. You still take care of your home and improve it as you see fit but are bound to the association’s bylaws, rules, etc. and share common areas with your fellow members.
One important note is that not all banks will finance co-op purchases. If you are interested in a co-op purchase in the Alexandria Area and would prefer to finance the purchase I recommend talking to Alexandria’s Viking Bank as they will finance co-op purchases.