At Fountainview Village, as at most co-ops, the buyer's mortgage covers the price of his or her unit, which ranges from a very reasonable $28,500 for a studio to $64,100 for a three-bedroom unit. The monthly maintenance fee ranges
from $198 for a studio to $400 for the three-bedroom unit. As an opening special, the developer is throwing in a year's free membership in a health club being built on the grounds.
Michaels has spent more than $4 million converting the 17-year-old buildings. Section by section, the units are getting new windows, kitchen cabinets, ceramic tile, bathtubs and vanities, light fixtures, carpet, window blinds and stacked
Outside, the spruce-up includes repairs to roofs, removal of numerous annoying speed bumps, landscaping, and the installation of a playground, sun deck, stone-bordered pond and two gatehouses that are staffed 24 hours a day.
Fountainview Village has been open since October. About 40 units have been sold. About 70 percent of the 970 units are occupied by tenants who remain
from the complex's apartment days.
The development has a mixed appeal, according to Block, although many buyers are first-time homeowners. "This is like a steppingstone to the day when a young person or couple can buy the house with the white picket fence," Block said.
Type of housing: Co-operative units.
Developer: H.L. Michaels Inc., New York.
Number of units: 970.
Price range: $28,500 to $64,100.
Mortgage available: An adjustable-rate loan with initial interest rate of 7.9 percent is available through the developer for up to 90 percent of the
Square feet of living space: 380 to 987.
Bedrooms: Studio, one-bedroom, two-bedroom or three-bedroom.
Baths: One or two.
Density: 24 buildings on 52 acres.
Warranty: One year on heating and air-conditioning units.
Heating: Gas furnace.
Air conditioning: Central.
Appliances: Dishwasher, garbage disposal, gas range, refrigerator and washer/dryer standard.
Smoke detectors: Yes.
Sewer and water: Public.
School district: Blackwood public schools.
Estimated taxes: (Included in maintenance fee).
Windows: Double, with screens.
Floors: Ceramic tile in baths and kitchens; carpet elsewhere.
Extra-cost options: None.
Shopping: Deptford Mall, five miles; Echelon Mall, six miles.
Public transportation: Lindenwold station of PATCO High-Speed Line, five miles.
Recreation: On-site health club (scheduled for completion in May) with exercise rooms, tennis courts, basketball court and outdoor pool.
Hours: Sales office open seven days a week from 10 a.m. to 6 p.m.
Directions: From Center City, take the Benjamin Franklin Bridge to Interstate 676 South and Route 42 South. Take Blackwood-Clementon Road (Route 534) exit and turn right on Blackwood-Clementon Road. Turn right on Erial Road and right again at the first traffic light. Fountainview Village is about half a mile on the right. Follow signs to sales center.