Previously I wrote about The Hamilton in downtown Palo Alto which is a 36 unit condominium for those 55+ that provides independent living situations. http://actvra.in/49WQ Today I want to discuss a different type of Silicon Valley retirement option, continuing care, which can be found at the Channing House, also in downtown Palo Alto.
The continuing care option for Palo Alto retirement living allows a person to move into a development while they are still able to live independently, but if in the future they need assisted living or skilled nursing care that is done on site and the resident never needs to move again.
There are age and health requirements to move in. They want you to spend some years there while you are healthy before you need the more expensive services. To move into Channing House you must be between the ages of 65 and 83 and be able to live independently. There is a fee to move in and a monthly fee based on the size of your apartment. The monthly fee includes all your meals and will not go up if you need assisted living or nursing care. However, the monthly fee does go up over time. The entrance fee is refundable on a declining basis over the first 6 years that you live there. You must pass their financial requirements to be admitted as well, but if you run out of money they will not kick you out.
Channing House was founded in 1961 by Dr Lee who was the head of the Palo Alto medical foundation. He wanted a Palo Alto retrement home where seniors could live out their lives in Palo Alto and still be part of the community. It was a continuing care facility long before they were popular starting in the eighties.
Today Channing House houses 250 residents, most of who are still active, healthy and contributing to retirement life in Palo Alto.
If you have any questions about retiring in Palo Alto please feel free to contact me.
If you would like to know the value of your current home click here.
Keller Williams Realty Palo Alto
Ca BRE 01191194
- See more at: http://activerain.com/blogsview/4313739/the-channing-house-in-palo-alto-continuing-care-retirement-living#sthash.H2V8xYRr.dpuf
The Hamilton in Palo Alto is a 36 unit condominium at the corner of Hamilton and Byron/Middlefield in Palo Alto that is the epitome of luxury in Palo Alto retirement living. Built in 1997 it was designed to meet the needs of adults over 55 who want to stay in Palo Alto and live in downtown, but want the security and convenience of condo living.
Unlike some other Palo Alto retirement communities The Hamilton does not offer assisted living or skilled nursing care. What it does offer, beside gorgeous, spacious condos, is 24 hour security 7 days a week. a car service to drive you to appointments within 10 miles of the Hamilton, pool, fitness room, common living room, common library, courtyard, coffee, tea and bisccotti in the morning, and a gourmet restaurant for dinners 5 nights a week. The meals are $10.50 a person to cover the cost of the food, and additional charges if you would like wine. There is maid service and on site handymen, but these are also charged additionally, although at very reasonable rates.
The residence age requirements are one occupant must be at least 55 years old. The second occupant must be at least 45 years old. The only exceptions to this would be if an occupant over 55 has full time help, or a disabled child living with him or her. In these cases the minimum age requirement is waived.
The monthly dues are hefty, ranging from around $4000 a month to $4400 a month for one person, and $5000 a month to $5300 a month for two people. All utilities except electricity are included in the dues. The reason for the high cost in this Palo Alto retirement residence is that this is a large building with only 36 owners and a huge staff. There are not a lot of owners to split the costs.
The condos are large and beautiful, ranging from about 1400 sq feet to 2000 square feet which is very large for retirement homes in the Silicon Valley.
Prices are going up. Last year the average price per square foot was $635 but my recent listing just sold for $793 a square foot. This is a huge jump, but still not at the level of $1000 a sq foot which is common in downtown Palo Alto.
If you have any questions about what your options are for retirement living in Palo Alto please feel free to contact me.
Keller Williams Realty Palo Alto
Ca BRE 01191194
- See more at: http://activerain.com/blogsview/4309785/the-hamilton-in-palo-alto-luxury-adult-living#sthash.2i9r7ySg.dpuf
While the Silicon Valley is known for many things, high tech, great schools, and expensivehousing, it is also actually a wonderful place for retirement. The options available for independent adult living, assisted care, nursing homes, continuing care, as well as home health care are abundant.
This is the first blog in a series about what some of the many options you have for your retirement in the Silicon Valley. Today I will talk about independent living for active senior adults.
Independent living in a retirement community means that you would have your own home, condo, or apartment, but the other people in the community would all be seniors. The age cut off depends on the number of units in the community. The smaller communities may have older age requirements, ie 62 years old vs 55 years old.
In an independent Silicon Valley active retirement community there are generally some services provided but not true assisted living. Meals may be available or there may be restaurants on the premises. There may be shuttle services to take residents shopping or to doctors appointments. There are frequently recreational activities such as pools, golf, hiking trails, gyms, art classes, excursions to theatres and concerts, and organized card games.
Some of these independent retirement communities offer additional services for their residents, like maid services or in room meals.
Purchasing a home or condo in an independent Silicon Valley retirement community is generally less expensive than an equivalent home in a non age restricted community. For example Los Gatos Commons has a two bedroom condo listed for $320,000 when no non age restricted condo in Los Gatos sold for less than $500,000 in 2013. There are also options for renting in adult only apartments or buying a mobile hone in an adult only park.
The cost of independent living monthly fees can be steep depending on what is included. It is not unusual to pay $1000 to $5000 a month for dues if meals are included or if there are a lot of recreational facilities offered.
These independent Silicon Valley retirement communities can be found all over the bay area. South San Jose has the Villages, Los Gatos has the commons, Menlo Park has the Commons, Palo Alto has the Hamilton, and San Mateo has The Gramercy just as a few examples. Whether you want a rural, suburban, or urban experience, you can find it in a Silicon Valley retirement community.
If you have any questions about buying a home in a Silicon Valley retirement community please feel free to contact me.
Keller Williams Realty
Ca BRE 01191194
- See more at: http://activerain.com/blogsview/4291385/retirement-in-the-silicon-valley#sthash.QKNUnNjw.dpuf