Real Estate - , ,
Funkisgården (Funkisgaarden) is a Private Housing Cooperative, constituted by 135 shareholder apartments. In addition the building complex contains 16 small studios (flats for rent) that are linked to shareholder apartments. The private coop owns and manages the building complex from early 1930'ies, designed in the style of functionalism (hence "funkis"). Funkisgården is located at Sandaker / Torshov in Sagene Borough of the Municipality of Oslo. During winter 2010 and spring 2011 twenty two penthouse apartments will be added to the building, increasing the number of shareholder apartments to 157. The entire property is legally owned by the non-profit corporation in which the tenants own shares; each share carries the right and duty to lease an apartment from the cooperative. Shares in Funkisgården are traded on the free market and is thus more condominium-like in legal style, meaning that shares (in practice the apartment) may be traded and mortgaged on the same markets as free-standing real estate. An important exemption is that the collective mortgage of the corporation is secured prior to any tenants' security. This is according to Norwegian Law. However this coop is also ensured (and thus its tenants) against individual tenant liability, limiting even further any differences compared to privately and individually owned housing.