SUM - Summerset Group

[winner69]

Ongoing exterior maintenance of units is an issue that all building owners need to consider. SUM currently have a disproportionate number of their buildings that are relatively new which helps.

If well maintained buildings can last a long time, certainly past 2050. What should happen is SUM will start needing to spend progressively more on maintenance. Hopefully it goes from a very small to small expense and doesn't eat away too much of the surplus.

I go past a multi story Ryman that’s not that old

Always has scaffold up somewhere and it’s obvious cladding not working (ie leaky as)

Betcha that building won’t last to 2050 ...let alone 2030 ....without heaps more being spent on it.

[Ggcc]

Not so much of an issue for Kiwis as we don't really have a history of caring for our elderly quite so directly.
Now the Chinese - there's an issue coming (or here already) as they do have a big history in generational caring - 1 couple having to look after 2 sets of parents.

With the Chinese they don’t have a health system like ours in China so they have a dependency on their children to look after them.
What they struggle to realise is that in NZ we have a health system that looks after our citizens and needs funding from our citizens to make it available for our citizens. Some, not all (Chinese) unfortunately don’t fund our system to their fullest potential, which I don’t understand, as taxes are an important part of our system. We need tax money to look after the elderly. I await my scorning, but have loads of experience with dealing with Chinese people

[dobby41]

With the Chinese they don’t have a health system like ours in China so they have a dependency on their children to look after them.
What they struggle to realise is that in NZ we have a health system that looks after our citizens and needs funding from our citizens to make it available for our citizens. Some, not all (Chinese) unfortunately don’t fund our system to their fullest potential, which I don’t understand, as taxes are an important part of our system. We need tax money to look after the elderly. I await my scorning, but have loads of experience with dealing with Chinese people

It's more than the health system.
Westerners wait til the end as offer an inheritance (a generalisation for the point) whereas Chinese pay lots for their kids to get the best start with the expectation they'll be looked after in the old age.
Just a different philosophy but has implication as their society changes - including less kids and children moving to other countries.

Point taken about the other bits - again different philosophies collide.

[ratkin]

I guess in a growing market, we should expect a growing amount of villages aggressively marketing their products.
That certainly appears to be happening here in Christchurch.

Have you seen the elderly care place in Overdale drive Percy? Massive expansion going on there, it looks bigger than most hospitals. It going Three levels high by the look of it. Some of the neighbours not too happy about it, but it going up regardless.
That one owned by Arvida group.

[ratkin]

I can see plenty of storm clouds ahead in the future, especially for the continuous care homes.
At the moment the oldies are buying up the units in all these new homes, but what happens when they all get to the needy stage at the same time, probably the time when their vacated units are not so easy to find new residents for.
The homes will be packed with 80-100 year old dribblers who are probably more of a drain on resources than the sprightly bunch currently residing in these homes.

Not a worry for the next Ten years or so, but at some stage the tailwind will turn into a force 10 headwind

[justakiwi]

Which is pretty much what I’ve been trying to say but in a much kinder and more compassionate way

I can see plenty of storm clouds ahead in the future, especially for the continuous care homes.
At the moment the oldies are buying up the units in all these new homes, but what happens when they all get to the needy stage at the same time, probably the time when their vacated units are not so easy to find new residents for.
The homes will be packed with 80-100 year old dribblers who are probably more of a drain on resources than the sprightly bunch currently residing in these homes.

Not a worry for the next Ten years or so, but at some stage the tailwind will turn into a force 10 headwind

[ratkin]

I was trying to think of a more appropriate word than dribblers, however since I am not far off that stage myself the brain could not summon a more suitable phrase, my apologies.

[percy]

Have you seen the elderly care place in Overdale drive Percy? Massive expansion going on there, it looks bigger than most hospitals. It going Three levels high by the look of it. Some of the neighbours not too happy about it, but it going up regardless.
That one owned by Arvida group.

Yes Rhodes on Cashmere.
We thought about there, 18 months ago.Drove past and thought they had ruined the character of the place.Did not like it.I agree with the neighbours.Looked as though you would either get morning or afternoon sun,not all day sun which I wanted.
Also Overdale Drive is rather steep,so would put me off going for walks.We walked all round that area when we lived in Crighton Tce.After looking at all the retirement villages in Spreydon,Cashmers and St Martins,,we brought an over 60s unit in Grange Street,Hillsborough.May not move from here,just get help if or when required.If we had to go into care, would move to Chatswood Rest Home in Hawford Road,which we walk past often.

[ratkin]

Yes Rhodes on Cashmere.
We thought about there, 18 months ago.Drove past and thought they had ruined the character of the place.Did not like it.I agree with the neighbours.
Also Overdale Drive is rather steep,so would put me off going for walks.We walked all round that area when we lived in Crighton Tce.After looking at all the retirement villages,we brought an over 60s unit in Grange Street,Hillsborough.May not move from here,just get help if or when required.If we had to go into care, would move to Chatswood Rest Home in Hawford Road,which we walk past often.

Agree 100% about Rhodes, looks a dreadful place tbh. Far too urban like, something about it gives me the creeps. I see quite a few of the neighbours are moving out. Number 26 is up for sale for a cool 1.8M
Overdale very unsuitable for any walking at all, would feel very trapped in a place like that. No doubt it also one of the more expensive ones.

I often go running through overdale, via that wooded lane that starts at the end of Barrington st, and that Rhodes seems to have been a construction site for at least Two years now

[percy]

Agree 100% about Rhodes, looks a dreadful place tbh. Far too urban like, something about it gives me the creeps. I see quite a few of the neighbours are moving out. Number 26 is up for sale for a cool 1.8M
Overdale very unsuitable for any walking at all, would feel very trapped in a place like that. No doubt it also one of the more expensive ones.

Nazareth House on Brougham Street was $650,000 with no privacy.Archer in Beckenham was just under $500,00 for a modest oldish unit,Rhodes I can't remember, but think it was like ARV's Park Lane [next to AMI stadium on busy Whiteleigh Ave] priced between $650,000 to $850,000.Couple on Rose Street did not appeal.Buying our over 60s for just under $500,000 ended up being a no brainer.I thought there will be plenty of nice options,but there were not.