A Denver company is bringing a new housing category to Colorado.
BaseCamp Communities is combining traditional land leases with permanent-foundation homes in two neighborhoods it is redeveloping in Frederick and Colorado Springs. Each neighborhood will have about 400 homes.
With the land-lease model, homeowners pay one monthly fee – similar in price to condominium dues or homeowner association fees in master- planned communities – to cover the land lease, property taxes, common area maintenance and landscaping fees. They also have unlimited access to the communities’ clubhouses, pools and other amenities.
Without a permanent foundation, manufactured homes are considered personal property and not eligible for traditional mortgages. Buyers have higher down payments and interest rates, resulting in higher monthly payments.
But by putting the homes on permanent foundations, buyers are eligible for a standard 30-year mortgage on homes starting at $110,000.
None of the homes is age- or income-restricted.
“People are selecting these because of the price point,” said Andrew Luter, a partner at BaseCamp Communities.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
