Independent senior cooperatives are an age-62-plus ownership concept that offer home appreciation and tax breaks, just like owning regular homes and condos do—but are designed for people who are looking to live with peers and friends in a supportive community, who want flexibility on the cost of a down payment, and who want more predictable returns on their investment.
One like that is headed for the Standley Lake area of Westminster—Applewood Pointe, a senior co-op you can explore at an informational coffee set for this coming Wednesday, 11 a.m., at The Ranch Country Club, a few miles east of the co-op’s building site at Wadsworth Parkway and W. 108th.
Cooperatives have made their way to Colorado from Minnesota, where they’ve been a huge success. Applewood Pointe’s developer United Properties recently opened its 17th co-op in the Twin Cities, where they’ve typically sold out prior to opening.
The concept works well for somebody who has owned a single-family home for decades, may have significant equity after the run-up in home prices, and is looking to avoid the hassles of home maintenance. Cooperative living also offers more of an opportunity to meet neighbors and be part of a community.
“This is a more secure way to live and invest,” says Bridget Young, who will meet you at Wednesday’s event. “Itap relatively new to Denver, but once buyers understand it, they’re very accepting.”
In a co-op, buyers can purchase an ownership share for well below the estimated value of the home—as little as 20% (less than $100,000) on a typical 1,260-sq.-foot 2-bedroom/2-bath home. Applewood Pointe has 20 floor plans, including a 3-bedroom at almost 1,900 feet.
After choosing a down payment option, members pay a monthly fee that covers practically all expenses associated with home ownership—mortgage, reserves, community landscaping, interior and exterior maintenance, property tax, water, cable TV and WiFi, and nice amenities including a club room, social areas, library, art/woodwork studios, outdoor living spaces, and a 10-acre site wrapped in trails.
Applewood Pointe offers a choice of down payment options (20%, 40%, 60% and 80% shares are available) to create flexible investment options. When the time comes to move out of Applewood Pointe, owners receive a flat 3% annual appreciation—very predictable for the outgoing member. (They also get 1% on their unit’s value during construction.)
This buyer likes that stable, predictable structure, says Young. “Who knows where the housing market will be in five or ten years?”
But buyers also want to meet people and be part of a community—have coffee with friends without driving anywhere. This, Young says, sets co-ops apart from low maintenance options like townhomes or condos. (Some 50% of reservations are from singles, very much wanting to connect with others.)
Young will tell you more at that meeting at The Ranch Wednesday. Take W. 120th to Tejon and turn south.
The news and editorial staffs of The Denver Post had no role in this postap preparation.