In Westminster, buyers are making reservations to join a wait list for a new senior cooperative headed for a site near Standley Lake. But in other states where the concept isn’t so new, buyers wait in lines just to get into existing senior co-ops that have been around for years, feeding off the word-of-mouth from current owners about how well they work.
Of 17 Applewood Pointe senior co-ops that are up-and-operating around Minneapolis, no less than 560 people are on wait lists to gain memberships, after paying a $500 reservation deposit.
“When I come down to Colorado, I tell people to call the managers of the co-ops in Minnesota to see how popular they are,” says Chuck Ellis, former Director of Sales & Marketing for Applewood Pointe.
After helping sell the co-op concept around the Twin Cities, Ellis and his wife joined an Applewood Pointe co-op in Bloomington. Itap 100% sold, but has 56 people on a wait list waiting to get in.
Ellis says age-62+ cooperatives are so popular because they meet needs of seniors better than traditional single-family or condo ownerships do.
“Many of us made a lot of money on homes we had when we were younger; but you get to a point at our age where you’re not looking for that,” Ellis says.
“You’d rather have the peace of mind of getting a safer return, knowing that when the time comes to sell, it will sell fast.”
Co-op members buy shares into a HUD-insured 40-year master mortgage for the entire building—no need for you to head to the bank for a mortgage to purchase.
Buyers can choose to buy a share of the 40-year master mortgage at 20% (as little as $97,300), at 40%, 60% or 80%—calculated off of the home’s dwelling unit value. The Westminster co-op at Wadsworth at W. 108th will have large units—all 2-bedroom/2-bath, some with sunroom or den. Co-op owners will also pay a monthly fee that covers much more than a typical HOA—mortgage, taxes, insurance, reserves, operating expenses, a 3-person staff, cable, internet, water, heat, electricity, gas, underground parking, storage and more.
Included in the fee are amenities designed to foster a sense of community. The 10-acre Westminster site will include walking trails that merge into city trails, outdoor grills, recreation areas, community gardens, fire pits, and social spaces. At Ellis’ co-op, some 80 neighbors show up for Saturday morning coffee and doughnuts in the great room; and more for a movie night that starts with a smorgasbord potluck.
“Itap as private as you want, as social as you want,” Ellis says—adding that he was amazed by how much extra leisure time he has now, after giving up maintenance chores he used to do on his house.
“If you want an active life, there’s not a lot of sitting around here,” Ellis adds. Members run their co-op, and most join groups oriented around favorite activities—or start their own.
You can find out more about how they work at an information session Wednesday, Nov. 10, at The Ranch Country Club, 120th Avenue at Tejon, a few miles east of the building site. Choose either 11 a.m. or 2 p.m., RSVP at 720-715-7953.
The news and editorial staffs of The Denver Post had no role in this postap preparation.