Are high prices of ranch homes keeping you from selling your old place? Here are four senior-living alternatives
Age-50-Plus age-restricted communities in metro area offer ranch plans in both rental and cooperative arrangements.
That put Brown on the same quest that thousands of other Coloradans face coming into 2018 – wanting out of their aging, high-maintenance, two-story homes, aware that they could sell for good money, but daunted by what it will cost to find a replacement, or even how to go about doing that.
After hunting all over Lakewood, Brown has now settled into a large quadplex flat at The Village at Belmar, an attractive community with a variety of home types ranging from independent living to assisted living and memory care. His 1,200-square-foot flat in a low-density independent living area has a master with walk-in closet, a guest bedroom, two baths and a study. It also includes a backyard, attached garage and space for entertaining and to show his memorabilia. He gets yard upkeep, housekeeping, dining options and a menu of other services – all on a rental basis, no purchase required.
The pressures seniors face in transitioning out of their older home is amplified by how much of their assets are tied up in that house. “Much of what they have as a nest egg is typically in their home,” says Conrad Steller, who heads The Steller Group, a real estate team that specializes in downsizing transitions throughout the metro area. Steller Group agents track dozens of retirement communities for referral to their sellers – including some that are non-purchase opportunities.
You can explore four of those non-purchase options in this featured Senior Living Tour – two that are rental properties; and two that are co-ops set for construction in 2018, requiring a buy-in, refundable when you leave.
Brown found the Village at Belmar on his own; but decided he could use help in marketing his older house, handling the move and getting rid of “30 years of crap in my house.” The Village put him in touch with The Steller Group, who made everything happen: “We met with Roz, gave him an estimate of what his house was worth, helped him decide what possessions to hold and what to sell, and suggested some updating to get him maximum home value,” says Steller. The Steller Group financed about $10,000 worth of recommended home improvements, including some new flooring, to be paid back after the sale.
“My house sold in three days after 18 offers, at approximately $20,000 over the asking price,” says Brown, who said he was pleased with the result. He adds that 40 or 50 people showed up for the estate sale.
“That took the pressure off me,” Brown says. He’ll be performing at the Buckhorn Exchange Dec. 23 and Christmas Eve from 7 p.m. – adding holiday numbers to his western repertoire, no cover required. His instrument, the autoharp, was invented in 1883, 10 years before the Buckhorn opened its doors at Tenth and Osage Streets – now Denver’s oldest restaurant.
Rental Senior-Living Options
1. The Grove at Stapleton, Denver, age-55-plus from $1,810/month. With a location that matches Stapleton’s popular Town Center to RTD’s new Commuter Rail service to downtown and DIA, The Grove is a senior rental alternative that’s focused on an active lifestyle and community events. This holiday season residents held a holiday party, a cookie exchange, a wreath-making class, a holiday market bazaar featuring local artisans and a gift collection for Volunteers of America. Next week they’ll host a happy hour at Stapleton’s new Punch Bowl Social at the old Stapleton Airport control tower (Dec. 28th, 4:30-6:30 p.m., drinks and appetizers included).
Along with one- and two-bedroom apartments, The Grove will show you a resort-style pool, art studio, community gardens, woodwork shop, yoga studio, bike workshop and “Barks-n-Rec” dog park; and how close this is to Stapleton’s rec centers (residents are members). A United Plus-managed community, The Grove also provides health, wellness and educational programs of the Senior Umbrella Network, “Wine-Down” happy hours and Active Minds presentations. All of that is included in rent, no large buy-in fee is required. Move now and receive two months free. 2980 N. Syracuse, Denver; from Quebec St. take E. 29th Ave. east thru Stapleton’s Town Center, 2 blks to Syracuse, turn north 1.5 blk to entry. PHONE: 303-333-2980 WEB: GroveAtStapleton.com
2. V-Esprit Active Adult Community, Aurora, apartments from $1,950/month, patio homes from $3,100/month. If you know you can sell your home for top dollar, but aren’t ready to purchase a new home at top dollar, you’ll find a creative rental concept at V-Esprit, an active-adult maintenance-free community located across from Cherry Creek State Park, beside the Shalom Park campus. This locally-owned-and-managed community offers an all-inclusive lifestyle with a host of services that include a robust social calendar, transportation, light housekeeping and membership to the J. Leonard Levy Wellness Center. The award-winning fitness center includes a 90-degree warm water pool, group classes, specially designed equipment, a bistro and salon. Come tour the newly remodeled common spaces and ranch-style patio homes on a beautifully landscaped 14-acre campus with mountain views. 5240 S. Shalom Park Cir., Aurora; from I-225 head southeast on Parker Rd. 3 mi. to E. Belleview Ave, turn east 1 block to Belleview Dr; or from Arapahoe Rd turn north on Parker Rd 2 miles to Belleview, right PHONE: 303-400-2300 WEB: v-esprit.com
Cooperative Senior Living Communities
3. Village Cooperative of Lakewood. Minneapolis-based Real Estate Equities Development has created a popular network of senior housing cooperatives – a concept that blends advantages of for-purchase communities with those of for-rent communities. Residents, age-62-plus, own their buildings in common via a not-for-profit corporation, in which each resident has a share that appreciates at a fixed-3 percent-per-year, until they leave and sell the share. After expanding through 30 communities across six states, Village Cooperatives is launching its first Colorado cooperatives – including Village Cooperative of Lakewood, now in preparation for a site on W. Jewell west of Wadsworth. In an area of town where new for-purchase patio homes often start from the $500,000s, shares are anticipated to be around $150,000.
In exchange, co-op purchasers choose from 18 styles of homes ranging from single-bedroom designs with around 900 square feet, to two-bedroom/two-bath-plus-den plans at 1,600 square feet (the average monthly fee would run around $1,500 to $1,600 depending on size). Co-ops have an intimate size to create a community where everyone knows everyone; with the cooperative handling maintenance and upkeep. Homes have the feel of luxury condos, but with an added emphasis on communal spaces such as a reading area, fitness center and workshop – designed to encourage long residencies. Development Vice President Shane Wright notes that residents tend to join at younger-than-average age for senior communities, attracting 60 percent married couples, 40 percent singles. The Lakewood cooperative, to start construction in 2018 for delivery in 2019, has already drawn deposits for over half of the homes. Sales office: 7586 W. Jewell Ave., Ste. 300, Lakewood. PHONE: 720-644-1188 EMAIL: [email protected] WEB: VillageCooperative.com/Lakewood-CO
4. Village Cooperative of Centennial. Real Estate Equities Development has a second Village Cooperative underway for a site in Centennial, northeast of Arapahoe Road at S. Potomac near Centennial’s civic center. As in Lakewood, the community of 74 homes has attracted a long list of depositors. (You can see the broad selection of plans, along with a video tour, on the web site. Options are available for some design finishes and colors. A Village Cooperative is also under construction in Fort Collins (opens 2018) and scheduled for construction starts in Greeley and Longmont. Office location: 6551 S. Revere Pkwy, Ste. 125, Centennial. PHONE: 720-399-9949 EMAIL: [email protected] WEB: VillageCooperative.com/Centennial-CO
Real estate agents trained to help with retirement moves:
5. The Steller Group, Keller Williams DTC LLC. Agents at The Steller Group specialize in handling all facets of downsizing moves: Listing and selling your home, making improvements to increase its salability, sorting your belongings for what to keep and what to sell, arranging an estate sale for your discards, and lining up a low-maintenance, single-level living alternative, whether purchase or rental. The Steller Group is listed as a preferred broker with several retirement communities, including Wind Crest Senior Living in Highlands Ranch, and Village at Belmar in Lakewood.
Agents focus on making sure clients are sufficiently liquid to carry out a complex move; and The Steller Group can finance home improvements, if necessary, to be paid back at closing. Agents are specialists in Colorado senior living alternatives, both purchase and rental, age-restricted and non-restricted. Steller has free senior seminars open to the public: In-Home Health Care Services and Aging-In-Place, Tuesday, Jan. 16, 9:30-11 a.m., featuring experts in in-home care and universal design; also Property Values and High-Yield Home Improvements Tuesday, Jan. 23, 5:30–7 p.m., to be held in the Southglenn area. Office: 6300 S. Syracuse Way, Ste. 150, Centennial PHONE: 720-593-9355 WEB: StellerRealEstate.com
To read the original article in the Denver Post, click here.