Our guests today were our exchange student, Maria Klakegg and Harry Carter, Treasurer of the board of directors at Applewood Pointe. Harry was a guest of our Speaker, Chuck Moe.
Also visiting was Assistant District Governor and Anoka Rotarian, Sandy Campbell. Sandy was here to make us aware of all the fun Halloween activities in store for visitors to Anoka later this month. Sandy was also selling tickets for the Anoka Rotary’s “Vacation of a Lifetime Raffle”. A $10 ticket gives you a chance to win a $5,500 travel voucher and other great prizes.
This Thursday, 7AM at U.S. Bank conference room, there will be a brainstorming session about how to increase membership (and especially female membership). Please join us and offer your thoughts.
Co-President Cindy Carlson reminded us of our 40th Anniversary Celebration on Saturday February 23rd, and asked our preference for either an adults only or family event. Those present preferred the adults only option. Cindy will email the club to get an idea of the preferences of those not present today.
Ed James noted that the Harvest Pack team will meet with the Eagles tomorrow to determine how they might participate in the food packing event. If you would like to participate in the meeting, it will be held at 563 Old Highway 8 at 7:15PM.
Happy Bucks Summary:
- Cindy Carlsonis looking forward to a girls golfing weekend.
- Geoff Hollimon was happy to have a road trip with his daughter to see the Pack play Green Bay.
- Paul Fournier announced that his wife, Chrissy, has published a second book about her experiences with her mother’s Alzheimer’s disease. It’s available on Amazon.com. Click here to check it out.
- Dave Hoel was happy to attend the Benedictine Health System leadership conference in Duluth this past week.
- Dave was also happy to attend his 55th high school class reunion in Rochester.
- Gerry Tietz paid a happy buck for the Packers.
- Dana Rebelein was happy for Joe Mauer.
Jim O’Brien introduced Chuck Moe, President of the Board at Applewood Pointe. Harry Carter, Treasurer of the Board was also present. As many of you are probably aware, Applewood Pointe is an example of the rapidly growing trend toward cooperative senior living. Applewood Pointe began with the purchase of 10 ½ acres on the east side of Rush Lake in 2005. Designed in a northwoods motif by Michael Pollock, the 4 story, 120 unit senior housing complex was ready for owners to move in by the end of 2006. Applewood New Brighton is now one of 15 Applewood communities in the metro area but it remains the flagship property.
Chuck said that 285,000 Minnesotans will turn 65 this decade and those over 65 will double between 2010 and 2030, by which time 1 in 5 Minnesotans will be over 65! The traditional senior housing market is rushing to keep up with the demand and cooperative senior housing is booming as well. There are now over 100 senior coops in the upper Midwest and the concept is rapidly gaining acceptance. The concept is unconventional but relatively simple. The Applewood coop is an association of shareholders, each shareholder having one share of stock and one vote per unit. The stock is considered personal property and is not considered real estate. Each shareholder has the exclusive right to occupy their unit provided they follow the rules and regulations of the coop. A resident board of directors makes day to day decisions and works with various committees to manage property, marketing, financial and social concerns. The cost to buy a share and move in ranges from $145,000 - $495,000, depending on size and location of the unit. A monthly charge is assessed to cover all operating and maintenance costs exclusive of individual electricity use. The monthly cost ranges from $681 - $1825, again depending on size and location of the unit. If share is to be sold, an “asking price” is determined by a formula that includes a 2.5% annual equity increase. People on the waiting list (currently 60) are informed of the asking price and all are allowed to bid on the available share. The actual purchase price is negotiable and not tied to the asking price. The entire transaction is handled in house for a fee of $750 with no real estate sales commission. The overall property mortgage is HUD insured, decreasing the risk for shareholders and the proportionate mortgage interest and real estate taxes are deductable.
Chuck cited several advantages to living at Applewood Pointe including:
- Security
- Community control
- Turn-key living for snowbirds, cabin owners and travelers
- Full woodworking shop
- Exercise room, sauna and hot tub
-Underground parking and car wash
- Social Activities
Applewood is holding its Applefest Open House on Thursday, October 11th from 1-4 PM. Tours will be available and refreshments will be served. The address is 1900 Rush Lake Trail, New Brighton (across from Beisswenger’s Hardware). Check out the website here.
Jim and Chuck are shown below.
