Location, Location, Location
Choosing a home in Cornell Trace independent senior living community will place you in one of the most sought after locations in Jefferson County, Kentucky. As a matter of fact, the adjacent zip code, 40242, was cited as #11 in Forbes Magazine’s America’s 50 Highest Demand ZIP Codes Of 2016! There are plenty of reasons this area is so popular:
- quality shopping centers
- a range of dining opportunities
- many places of worship
- a fine hospital and medical services
- easy access to all parts of the city on expressways and main traffic arteries
But there are even more great reasons to enjoy retirement in our community.
Great Value in Our Patio Homes
Patio homes at Cornell Trace are not only very reasonable and affordable,
- They give you a lot of space and amenities for your money.
- We redecorate each unit according to the desires of new residents, so your new home really looks and feels like your own.
- We are constantly upgrading and improving these buildings for energy efficiency and security.
Folks who tour our homes are always amazed that these beautiful buildings have been around since 1998. The number of residents who have lived here since Cornell Trace was developed are a testament to the satisfaction they feel in living here.
Let’s Do a Little Math
Our financial model, Fee for Occupancy, is new to many people, so its benefits are not always easy to see. Briefly, Cornell Trace owns all the homes. When new residents move in they pay the Fee for Occupancy up front in cash, but when they move out, they are entitled to 76% of that fee back. Some people look at it as paying their rent upfront. Let’s compare Cornell Trace’s 2-bedroom Standard to a recent example available in the 40241 zip code : a 2-bedroom, two full bath 950 sq. ft. unit renting for $800 a month.
Chamberlain Lane Condo
- $800 for 950 sq. ft.= $1.19/mo. per sq. ft.
Cornell Trace 2-Bedroom Standard
- Fee for Occupancy = $200,000 for 1400 ft. sq.
- $48,000 = 24% that stays with Cornell Trace after the resident moves out, and is similar to “upfront rent”
- $48,000/12 months/1400 sq. ft.= $2.86/ mo. per sq. ft. in the first year of residence
Even disregarding desirability of those 450 additional sq. ft., that $2.86 v. $1.19 sure looks like a very expensive difference, doesn’t it? But consider this: that cost is for the whole $48,000 fee divided across your first year of residence. You pay no additional fee in any subsequent year.
Your average cost
- in two years will be reduced to $1.43
- $0.57 in five years
- $0.29 in ten years
- $0.16 in 18 years, should you live in Cornell Trace as long as our longest residents have
That $1.19 for the rental will remain the same–or go up–every year.
Your remaining 76% stays with us providing enough interest revenue to keep Cornell Trace financially healthy, so you can be confident your money will be there for you when you move on. For Fees for Occupancy for our 2-bedroom Deluxe and 2-bedroom with Study, go to the About tab at the top of the page.