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Best Guide Retirement Communities Features The Sheldon

The Sheldon Cooperative has recently been featured in an article at the Best Guide Retirement Communities website. The in-depth interview covers topics such as city retirement, active senior communities, cooperative housing and The Sheldon in specific. Below is an excerpt, but please read the entire Retirement Living in Portland article.



BG: Does cooperative housing make living or retiring in the city more affordable?

TS: Yes. In fact, cooperative living is one of the most financially advantageous age 55+ options available today. In co-op style city retirement you'll reap the benefits of shared costs and collective bargaining. Purchasing items such as cleaning services, in home care or personal fitness classes can be done in a pooled manner by the cooperative members effectively and, therefore, priced down.

Furthermore, overall operating and maintenance expenses are shared by the membership, making the overall cost of living more affordable than a single-family home. When you take the profit-driven middle-man out of the equation, you have control over your costs that most would not have in other retirement communities, be they city or suburban, without the burden of sole ownership.

BG: What is the definition of cooperative housing?

TS: Good living! [laughs].

But seriously, the true definition of a co-op for our purposes is a business organization owned and operated by a group of individuals for their mutual benefit. You know that saying, "it takes a village to raise a child"? Well a co-op is an extension of that thought that wisely says, "It takes a village to raise a village!" Humans are communal in nature; individualism is historically a newer concept and I don't think it's all it's cracked up to be, especially as we age. A co-op is a housing model that allows members to be connected, secure and in control.

Cooperative Housing: Age in Place Community

BG: Are senior cooperative retirement communities any different from non-age restricted co-op communities?

TS: It is in one very important aspect: our building is designed to help you age-in-place. It won’t look institutional, but there will be subtle differences that you won’t think about until you need them. The standard family home would need major renovations to accommodate someone as they age or encounter medical difficulties (for example, what if we need a wheelchair in 10 years?) Here are a few features that will be tastefully implemented at The Sheldon:

  • Crank handles (vs. knobs) - since our joints have more trouble with that turning motion with age.
  • Lower counter-tops and cabinets
  • No slippery stairs
  • Wide parking spaces & underground, connected, covered parking. Most likely we will also have a zip car so you don’t have to fool with car maintenance if you choose to live largely car-free (except for those special occasions).
  • Reinforced towel racks & shower hand-holds
  • Large level roll-in showers
  • Balconies to accommodate wheelchairs and reduce tripping hazard.

BG: I know from experience those things are important and become more so with aging. Your website talks about community as an important aspect of living in a co-op. How do you achieve a feeling of community in a co-op? Do you consider this unique to cooperatives?

TS: Community is intrinsic to the co-op structure. When you own something with other people, and you see them every day, a cooperation is THE most important aspect to making it a successful and pleasant place to live. In co-op's, you get to form governance committees and run a democracy within your building. The incentive to get involved with the community is obvious. Community-building is a huge advantage of co-op's.

Additionally, the amount of community space we have set aside at The Sheldon, a senior cooperative community (at the request of the members), is significant for an urban location. Architects call this “Community Space Science.” Whether an art or a science, it is thoughtful design with an intended result: to get people to come together.

BG: Seniors are very interested in saving their hard-earned money. Can you explain the financial advantages of co operative housing and how it saves money for seniors in retirement?

TS: In a co op, the costs to operate the building are equal to what members pay monthly. It's owned by the members so there is no third-party interests seeking to gain profit from the project. It essentially operates as a zero profit enterprise. Any increases in assessments reflect the actual costs to operate the building, and are voted on by members.

We know of no way to provide the consumer with more high quality for less money because of the manner in which the project is financed. Members make their "down payments" or purchase "shares" in the cooperative prior to the commencement of construction. As a result of this, members eliminate the high return requirements that traditional real estate investors will require. Eliminating this return or "equity yield" allows the co-op members to retain control and essentially get more for less, by eliminating the return-seeking investor.

Additionally, this co-op model offers predictability that is uncommon in your own home, much less, typical retirement communities. The Co-op has robust reserves for maintenance/future repairs and eliminates the profit-seeking owner that raises monthly assessments as much as the market will bear annually. Members are in control of all of this and have total transparency on the co-op’s costs since they own it.

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