Cooperative Living Presents an Attractive Alternative for Downsizing Seniors

Also: We sign up for water cremation; and new listing in Wheat Ridge and price reduction in Twin Lakes

The first time I heard about Village Cooperatives was a few years ago when I listed and sold the home of an elderly couple who had a deposit on a unit at Village Cooperative Lakewood, near Wadsworth and Jewell, which was then under construction. They ended up canceling their reservation, so I didn’t think any more about cooperatives, including in March 2022 when Rita and I sold our Golden home and moved into a 55+ rental building called Avenida. If I had looked into Village Cooperatives at the time, Rita and I might have made a different decision.

Two weeks ago, I got an invitation to visit the Village Cooperative building in Centennial from a reader who had moved there from Avenida the same year Rita and I moved in. I attended a 2-hour talk and tour of the facility and learned enough to consider applying for the waiting list on a 2-bedroom unit with a den.

Ten of the 45 cooperatives built so far by the Minnesota company are in Colorado. Half of them are in the Denver metro area, stretching from Longmont to Centennial, and the only ones that aren’t sold out are in the Columbine area of Jefferson County and in Longmont. All the others have waiting lists. Residents must be at least 62 years old.

The details and numbers I’ll quote in this column are for the Centennial location but are likely comparable to the details and numbers at the other locations.

Buying into a cooperative is not at all like buying a condo. You are buying a share in the ownership of the building. The price of the share was set when built and appreciates by 3% per year, without compounding. For example, at the Centennial cooperative, the original prices ranged from about $160,000 to $240,000 when it opened three years ago. Today, if you could purchase a share with an original value of $200,000, you’d pay about $218,000 (3% increase x 3 years = $18,000).  

The 3% per year is pro-rated, so it wouldn’t be 9% unless you bought after exactly 3 years.

There are 50 to 70 units in each of the cooperatives. Structurally, they resemble a 3- or 4-story condo building with a garage in the basement. There are a few 1-bedroom units, but most are 2 bedrooms, and some of those also have a den. I viewed all three types. They range from under 900 to over 1,700 square feet, and there are over 20 floor plans. This one is 1,514 square feet:

Real estate agents play no role in the purchase. You pay a refundable $500 deposit to get on the waiting list, and you will be notified when shares become available. You can pass on any unit that becomes available and not lose your place on the list.

The monthly fees — it’s not considered “rent” — are about $2,000 per month and consist of four components: your pro-rated share of the monthly payment on the building’s 40-year construction mortgage; your tax-deductible share of the property tax on the building; and a management fee, including your share of the building’s contract with Comcast for internet access, cable TV and a landline. The fourth component is a contribution to reserves. Gas and electric are billed directly by Xcel Energy.

The cooperative is governed by a board of directors composed of fellow shareholders. Members also are encouraged to run for the board or join committees on finance, maintenance and social activities.

One parking spot in the secure basement garage is assigned to each unit. There is a high-pressure car wash bay with vacuum, too. Other amenities include a fitness center, a library, storage rooms ($40-50/month), a meeting/game room, and hotel-style guest rooms that can be reserved for $50/night.

I was impressed by the sizes of the rooms in each of the apartments. In our current apartment, the master bedroom is 10’  by 11’ — barely big enough for our king-size bed and one dresser. The master bedrooms in the cooperative’s units are more like 12’x15’, and the smallest guest bedrooms are bigger than the master bedroom in our Golden apartment.

A member can sell their share at any time and get back their investment plus the 3% per annum appreciation paid by the replacement member. Members can invest in upgrades such as better appliances, countertops, fixtures, backsplashes, flooring, etc. and expect an additional direct payment for those upgrades, as negotiated privately with the buyer.

A gas forced-air furnace is in a locked closet accessed from each unit’s balcony. There’s no water heater, because central hot water is included in the monthly fees.

You can’t finance your purchase with a mortgage, because it’s not real estate. It’s a cash purchase, and you have to demonstrate that you can afford the monthly fees. If you are planning to sell your current home when your wait for a unit is up, you could borrow the purchase money via a home equity line of credit (HELOC) that is paid off when your home sells.

We can help you sell your home, of course!

The purchase price for a cooperative unit is half or less than what a comparable condo purchase would be, and far less than the buy-in plus monthly rent of many 55+ communities. And you get more than the purchase price back when you leave.

Here are links to a few YouTube videos I recorded during my tour. First, here’s a 2-bedroom unit with a den and lots of upgrades:

Here’s a regular 2-bedroom, without many upgrades:

Here’s the “cul-de-sac” are outside some end-of-hallway units, used to socializing:

Here’s the fitness center:

Water Cremation: Going Green in the End

I don’t recall how I learned about it, but last week Rita and I visited an “open house” at Be A Tree, a company which offers water cremation as a green alternative to conventional flame cremation.

Conventional flame cremation uses natural gas. Water cremation is what the name suggests. Also known as alkaline hydrolysis, it uses a mixture of 95% water and 5% potassium hydroxide or sodium hydroxide to dissolve fats and tissues, reducing the body to liquid and bone. The process takes place 18 hours in a pressure vessel heated to 200°F.

The bones are then reduced to a powder referred to as “ashes,” although no flame was used. For an extra fee, those ashes can be molded into white stones which can be shared among loved ones.

The 150 gallons of nutrient-rich water generated by the process, called Tree Tea, can be used as fertilizer, hence the name of the company. We chose to have our Tree Tea sprinkled at the Wild Animal Sanctuary. You could have some or all of it delivered to an heir for sprinkling elsewhere.

Rita and I had always thought that cremation was the best way to go when we die, but we had done no pre-planning, and this approach is much more appealing to us, so we have now pre-planned for water cremation with Be A Tree.

We’re happy to promote this woman-owned company. If this concept appeals to you, learn more at www.BeATreeCremation.com or call 720-782-2782. We received no compensation for this recommendation.

Just Listed: 5-Bedroom Brick Ranch in Wheat Ridge

The seller has owned and loved this brick ranch at 7085 W. 32nd Place for 43 years! The basement, with two doors to the backyard, includes a large wet bar for entertaining plus a sound-proofed musical studio which we count as a bedroom with ensuite bathroom. The home has 500-amp electrical service, with two 240-volt circuits in the 24’x27’ garage/workshop. There are four separate sheds in the backyard. Well water is used for irrigation. The asphalt driveway was recently seal coated. There’s a fenced dog run and pre-wiring for a hot tub. You’ve got to see this home to believe it! Visit www.WheatRidgeHome.info to see lots of interior and exterior photos and to take a narrated video tour. Kathy Jonke will be holding it open this Saturday, Nov. 2nd, from 11am to 1pm. Or call her at 303-990-7428 to request a private showing.

Price Reduced on Solar-Powered Mountain Home

This 3-bedroom, 2-bath home at 48 Lang Street is in Twin Lakes, halfway between Leadville and Buena Vista at the foot of Independence Pass. It could be your escape from the Front Range rat race! Thanks to high-speed internet, some of the residents have city jobs but work from home. Live here year-round or make it a rental. Or live here part-time and apply to Lake County for a short-term rental permit! Enjoy the quiet mountain life of Twin Lakes Village (population 23). In summer, enjoy the drive over Independence Pass to Aspen. In winter, drive over Fremont Pass to Copper Mountain or Tennessee Pass to Ski Cooper or Vail.  No more dealing with I-70 traffic! Closer to home, enjoy hiking the Colorado Trail, which passes through town. This home was built in 2000 with all the modern conveniences, yet you're in a historic and charming mountain town. If you’ve been hankering for a slower lifestyle, this mountain home may be your escape. Visit www.TwinLakesHome.info to take a narrated video walk-through of this home and see lots of photos, then come see it!  Open both Saturday and Sunday, Nov. 2-3, 10 to 4.  Or call me at 303-525-1851 to request a private showing by the owner.