Voted "The Best Place To Retire" By The Bellevue Reporter 2012 through 2016.
Co-op living is rare out west, but abounds in some parts of the country. You need not be mystified by the concept. In almost all ratings, over 90% of co-op members think they are great. You will too.
What it means for you. We are organized for the purpose of owning and operating a non-profit cooperative housing development. This cooperative lifestyle gives you the significant financial benefit of senior-housing ownership combined with the freedom from home maintenance. It offers freedom to travel for weeks or months, knowing your home is secure.
Economic Advantages: Non-Profit cooperatively-owned senior housing provides full apartment living controlled by seniors themselves. Financial benefits accrue to the unit owners because of their ability to resell their membership. Tax deductibility of mortgage interest and real estate taxes is identical to single-family home ownership.
Co-op versus Condo: In a condo, you are purchasing real estate. In a cooperative, you are purchasing a membership in the corporation.
Unlike a condo, where you pay annual taxes and all utility bills, your monthly payment to the co-op includes your annual taxes; water, sewer and garbage; a visiting nurse's office; unlimited use of the heated indoor pool; water exercises and fitness programs; a weekly prepaid meal in the dining room; indoor and outdoor maintenance costs; and your required contribution to the co-op reserves.
We built it so you could join us
The mission of Silver Glen Cooperative is to provide a safe, healthy, and pleasant home for its members to enjoy an active, independent, care-free lifestyle in a senior cooperative environment.
Membership in a Co-op
Persons applying for membership at Silver Glen Cooperative must be 55 years or older, want to lead an independent lifestyle, meet the minimum income requirements and pass a credit and background check. Membership is open to all persons, regardless of race, color, creed, national origin, gender, marital status, religion, or sexual orientation. Since we are self governing, we rely on our members to share their time and talent on committees, and other necessary activities to keep the cooperative functioning on a successful level.
Purchasing a Co-op Share
The Cooperative has been created for the benefit of each person in conjunction with that of fellow members. Prior to occupancy, each member indicates his or her intention to join by purchasing a membership share. This entitles the member to lease a specific dwelling unit in the community for an unlimited period of time. There are 123 units in three buildings and 123 shares in the Cooperative.
When a membership is sold, the share value (sales price) is returned to the member. Closing costs are less than conventional real estate transactions, since there are no deeds or title searches required.
Co-op Organizational Structure
Silver Glen Cooperative is governed by a seven person Board of Directors. The members elect a Board of Directors annually to manage the co-operative. Terms are staggered so that each Board member serves for three years. The Board has established standing committees of residents who guide the Board in its policy-making function. Committees include Finance, Replacement Reserves, Dining Service, Landscape, Resident Activities, Marketing, Maintenance and Design. There are other committees as well as interest groups such as Bridge, Mah Jong, Gourmet Dining, Music, Book Clubs and Writing. In addition, there are two fund raising groups "Friends of Silver Glen" and "Ways & Means." Self governance is a key feature of Silver Glen. That is why we need participation of our members in contributing to these activities.
Opportunities offered for involvement and participation in the Silver Glen community are many and varied. If you don't find an activity that interests you, you can start your own group!