Glen Ridge was built in four phases (1983, 1988, 1992, & 2004) and is fully developed. There are 14 buildings and 51 homes set on 30 acres of land. Each building has either 3 or 4 homes all specifically designed with independence in mind. All are single floor living with the exception of basements in some homes.
Glen Ridge is for independent 55+ members. Independent means the member is able to fully participate in the life of the Cooperative. Cooperative by definition means to cooperate and membership assumes a willingness to participate in committees and/or the Executive Board, the community’s governing body.
There are 8 home types at Glen Ridge that are distinguished by the number of bedrooms, baths, whether or not there is a basement, and whether that basement is a walkout. Homes are between 900 and 1,200 square feet. Each home comes with a detached garage and additional parking is available for members and guests.
People interested in Glen Ridge must apply for membership and become stockholders of the not-for-profit corporation, shares of which are determined by the home type. Owners are issued a long term lease or “proprietary lease” along with a stock certificate following a home purchase. Membership approval includes income and age verification that allows Glen Ridge to maintain a very stable community both socially and fiscally.
Glen Ridge maintains ownership and responsibility for appliances including electric stove, refrigerator, garbage disposal, electric hot water heater, and garage door opener. Some members have purchased, own, and are responsible for their own appliances. Most homes at Glen Ridge have electric baseboard heat with a few homes heated with propane gas.
Roads are privately owned and maintained by Glen Ridge. All community grounds are maintained by a crew of 3 full-time grounds keepers shared by Glen Ridge, Juniper Hill Village, and the Mansfield Center for Nursing and Rehabilitation.
Monthly fees include an association fee based on the home type described above. Annual real estate taxes are also paid monthly to the Cooperative. The Cooperative pays those taxes to the town semi-annually. Real estate taxes are deductible on members’ personal income tax returns.
The community has an independent on-site office and community room intended for exclusive use of the members, their friends, and family.
The Cooperative is managed by a part time administrator overseen by a member selected Executive Board made up of stock holders. A “Declaration”, By Laws, and Rules and Regulations are the legal documents for Glen Ridge, compiled in the “Glen Ridge Reference Booklet” given to each member.
Glen Ridge has a significant Capital Reserves account that it continues to fund annually as a hedge against future capital needs and has never imposed a onetime assessment for any unforeseen needs. In the event of any foreclosure on any home, banks are required to pay owed association fees and taxes once the home is liquidated. That is not the case with condominiums where associations can be financially responsible in the event of foreclosure.
When any Glen Ridge home is sold, one-third of the appreciated value (if there is any) is returned to the Cooperative. Example: Home A sold for $150,000 in 2005. It was sold again in 2009 for $165,000. The appreciated value is $15,000. One-third or $5,000 is returned to the Cooperative. If there is no price increase from its previous sale, a newly sold home owner pays nothing to the Cooperative. Realtor fees are added to the cost basis before finalizing the final appreciated value.