What is a Co-op?2016-12-29T18:36:42+00:00




What is a Co-op?

Understanding the in’s & out’s of our community…

In many cases, 55+ adult community housing developments tell you what you can and cannot do as an owner. At Palm Lake Co-op, we see things quite differently, and as the name implies, we are just that: a cooperative!

So, what is a co-op? Since 1986, we’ve joined together in a collective effort to create a better living environment for our owners, a place where everyone has a voice and can express new ideas and concerns that may arise. As a co-op, each resident has the opportunity to benefit and fully enjoy all of the amenities this lifestyle offers. You and other residents who comprise the Palm Lake Co-op, own this 55+ adult community, which in turn makes it your place of choice in South Florida.

Let’s look at some of the advantages our cooperative retirement community offers. First off, a co-op is built on a different housing model, as you don’t own land as such, which in turn removes many of the burdens associated with a single home purchase. Instead, you enjoy all of the advantages of opting-in to purchase a share in our entire cooperative retirement community which as a whole, everyone involved owns and operates all of the homes and the community itself, collectively.

As an owner, you’re invited to participate in Board of Directors elections and voice your concerns in public director meetings as well. Furthermore, Minutes are available in the private section of our website for all of our residents to keep track of what’s going on. Gone is the fear of waking up one morning to find out that your community has just been sold or that you’ve been left without a voice, in the dark.

What is a co-op going to offer me compared to purchasing land?

The way our community is setup, our homeowners directly benefit from market appreciation in their home’s value, much in the same way they would expect to do so from a single home or condo purchase. Of course, the ability to deduct mortgage interest and real estate taxes applies here as well. Cooperative retirement living is not only stress free, it provides our owners with a low maintenance lifestyle, enabling semi-retired and retired folks like you to spend less time worrying about taking care of their home and more time to enrich the best time of their lives and experience true freedom in the process. All common grounds and pools, spas and club houses are cared for by the cooperative and are included in the monthly fee. In addition, basic cable is provided for every home.

Above all, it’s important to understand that our cooperative is based on community spirit. At Palm Lake Co-op, we’re all about sharing this familiar spirit with like-minded people. Be it an impromptu conversation on your daily walk, enjoying a cup of coffee on your neighbour’s porch.

At Palm Lake, every day is a perfect day to enjoy your well-deserved retirement in a 55+ adult community… Drop by, meet our happy family and get acquainted with new friends on the road towards this new phase of life!

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