Village Cooperative of Cedar Rapids
We're continuing our tour of Cedar Rapids Senior Community options.
Join along to learn more about Co-op living at the Village.
Join along to learn more about Co-op living at the Village.
It's a unique living choice you may not have considered.
Photo courtesy of Village Cooperative
1230 English Lane NE, Cedar Rapids
Located off Boyson Road between Council Street & C Ave NE
Phone: 319.294.6563
Email: cedarrapids@reedevelopment.com
Phone: 319.294.6563
Email: cedarrapids@reedevelopment.com
Call or email Val Steuber, Member Services Manager, for a tour.
Website: Village Cooperative of Cedar Rapids
We were warmly welcomed by Val Steuber, Member Services Manager, and Sheri, a resident. They kindly gave us a tour of the building, and not only did we get to see an available vacant unit, but we were thrilled to see an occupied unit of a member who graciously allowed us in, as well as Sheri's own home.
It was a great way to see the scale of the spaces when fully furnished.
It was a great way to see the scale of the spaces when fully furnished.
Additionally, each home we saw was of a different floor plan.
There are 11 different floor plans in the building!
Scroll below and we'll discuss four main considerations:
1) The type of community and levels of care available.
2) Price
3) Amenities
4) Location and Facilities
Photo courtesy of Village Cooperative
The Village is a community for active seniors 55+ looking for a community-minded,
There is not a continuum of care with options for greater levels of care, such as Assisted Living, Memory Care, or Skilled Care.
The community space that greets you in the entry.
What is a co-op?
Why would I want to live in a co-op?
From the Village Cooperative site:
"Cooperative housing combines the financial advantages of home ownership with the convenience of community living. Designed to fit your changing lifestyle, one of the key features of a cooperative is joint ownership of the property. To that end, a cooperative is a community of active adults who own an equity share—not just a unit—in the entire community through a not-for-profit Cooperative Corporation. Each equity share is held through an official Membership Certificate upon purchase."
"Probably the greatest difference between life in cooperatives and other housing options for seniors is the attitude of the members. The attitudes of our members reflect a sense of belonging that is reminiscent of the neighborhood where they lived and raised their families."
Mail Room
Inviting Club Room to gather with other members or to reserve for private family events.
"People who choose to live in cooperatives typically move here to share and participate in the
great lifestyle and activities within the communities."
great lifestyle and activities within the communities."
2) Price
"There are two primary costs involved with membership in the Village Cooperative.
The cost of the share is a one-time upfront payment that purchases a share in the Cooperative Cooperation. If a member decides to move, the Cooperative has the first option to buy the share, helps facilitate the sales process and returns the member's share plus accrued equity (transfer value).
The cost of the share is a one-time upfront payment that purchases a share in the Cooperative Cooperation. If a member decides to move, the Cooperative has the first option to buy the share, helps facilitate the sales process and returns the member's share plus accrued equity (transfer value).
Members also pay a monthly carrying charge. The monthly carrying charges cover operating expenses including the mortgage principal and interest, real estate taxes, operating expenses, interior and exterior maintenance, water, sewer, and trash removal. The monthly fee also covers liability insurance for the building, legal and accounting services, and professional management."
As I mentioned previously, there are 11 different residence floor plans available ad pricing will vary depending on the size of the unit.
I'll cover a couple of different options as examples.
I'll cover a couple of different options as examples.
First, The "A" Home, a 1 Bedroom, 1 Bath residence.
I included some photos of an actual residence, since it was vacant I took photos.
I included some photos of an actual residence, since it was vacant I took photos.
Notice the height of the dishwasher! Great idea for making loading and unloading easier.
Living Room
Storage space in the laundry/storage area.
Washer and dryer and slightly different angle of storage space
For the "A" Home there are variations in price (Cost of the Share) depending on which floor it is located on:
1st Floor - $64,770
2nd Floor - $62,230
3rd Floor - $67,310
There's the Monthly Carrying Charge designated for that share.
Continuing with "A" Home example:
1st Floor - $842
2nd Floor - $822
3rd Floor - $864
Additional expenses that the resident is responsible for:
Electricity, Gas, Telephone, Cable TV, Personal Contents insurance
For comparison purposes, let's look at a 2 bedroom, 2 bath residence with 1380 sf.
The "H" Home floor plan
1380 sf
1380 sf
For the "H" Home there are variations in price (Cost of the Share) depending on which floor it is located on:
1st Floor - $97,790
2nd Floor - $95,250
3rd Floor - $100,330
There's the Monthly Carrying Charge designated for that share.
Continuing with "H" Home example:
1st Floor - $1311
2nd Floor - $1290
3rd Floor - $1332
As in "A" Home plan (and all plans), there are the additional expenses for electricity, gas, telephone, cable tv, and Personal Contents insurance.
The "F2" Home floor plan.
The most expensive residence available is the "F2" Home plan.
It has 1565 sf, 2 bedrooms, 2 baths and a specific dining room space.
The "F2" Home also has variations in price (Cost of the Share) depending on which floor it is located on:
1st Floor - $114,300
2nd Floor - $111,760
3rd Floor - $116,840
There's the Monthly Carrying Charge designated for that share.
Continuing with "H" Home example:
1st Floor - $1498
2nd Floor - $1478
3rd Floor - $1519
Again, there are the additional costs of electricity, gas, telephone, cable tv,
and Personal Contents insurance.
What IS covered in the Monthly Carrying Charge?
Mortgage principal & interest, mortgage insurance
Real Estate taxes, liability insurance for common area
Hazard insurance for the entire building
Operating expenses
Mortgage principal & interest, mortgage insurance
Real Estate taxes, liability insurance for common area
Hazard insurance for the entire building
Operating expenses
One underground heated parking space
Common area heat and air conditioning
Sewer, water, trash removal
Sewer, water, trash removal
Snow removal and lawn care service
Maintenance: all interior and exterior repairs
Required reserve funds for operations and replacement of cooperative property
Wireless high-speed internet service
Professional management by Real Estate Equities Development, LLC
Selling Your Share/Moving
"Shares in the Village Cooperative may be sold for the 'Transfer Value' (original share plus 3% annual increases). Using the 'limited equity' approach, appreciation is limited by the Cooperative with the amount of return determined by a formula established in the Bylaws. This ensures that the units remain affordable. Experience dictates that as units become more and more affordable over time, the Cooperative's waiting list builds, which facilitates timely resale and is a direct benefit to the Cooperative's members.
3) Amenities
"Standard features include a community room, reading areas, club room, woodworking shop, guest suites, garden plots, “while-you’re-away” services, free wireless Internet, underground heated parking with a car wash bay – all wrapped up in a fully secure building. The homes are equipped with all appliances including a washer and dryer, in-home storage, walk-in closets and individually controlled HVAC systems.
Workout room
Woodworking Shop
Woodworking Shop
Drive-under, heated garage
Car-wash bay
4) Location and Facilities
The Village Co-op is located at 1230 English Lane NE, Cedar Rapids
It's a 3 story building with 65 homes featuring 1 and 2 bedroom floor plans.
There's a heated drive-under garage for parking, plus a car-wash bay.
There's a heated drive-under garage for parking, plus a car-wash bay.
"Members are allowed to have small pets in their homes, following a few guidelines.
Cooperative ownership creates a sense of pride resulting in maintaining the property and participating in civic activities, which creates a friendly and active community.
As a Village Cooperative member, you can travel for days, weeks or months without worrying about your home with our “while-you-are-away” services. The no-maintenance lifestyle sets you free to do the things you like to do whether you’re at home or away. Still working? Perfect! Where else can you find yourself living exactly where you want, near everything you need and so affordably while easing into your next stage of life—retirement!"
Are there special requirements for membership?
There is a wait-list for a share (residence). Some members have moved into the Village before their ideal residence was available, just so they were able to get in and start enjoying all the benefits. When other residences become available, current members have first opportunity to switch and move.
Val and Sheri explained it's common to have members moving to find the "right fit" as residences become available.
I'm hoping the information gives you a better understanding of the Village concept.
There really are some amazing benefits to co-op living.
Call Val for a tour or to answer questions - 319.294.6563.
There really are some amazing benefits to co-op living.
Call Val for a tour or to answer questions - 319.294.6563.
If you're starting to consider downsizing and all that entails with getting your house ready
to put on the market, give us a call.
Judy - 319.551.3170 and Steve at 319.551.3375
to put on the market, give us a call.
Judy - 319.551.3170 and Steve at 319.551.3375
We can create an outline to help get you from A to B.
It doesn't have to be scary, you just need a plan.
It doesn't have to be scary, you just need a plan.
~ Judy
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