Today's Seniors Seek Sleek Retirement Housing
Modern seniors are shopping for a new kind of retirement community, and won't stop looking until they find it ... the perpetual vacation location.
Yesterday's demanding baby boomers have become today's older adults seeking retirement communities that allow them to pursue active lifestyles in a setting resembling a "permanent vacation." So says a new book, "Developing Active Adult Retirement Communities," published by the Urban Land Institute (ULI).
These modern seniors tend to be more healthy, more financially secure and more socially oriented than previous generations of older adults. Many want not only a change in homes, but a change in lifestyle. "They often want a resort environment providing comfort, quality, independence, companionship, choices, security and freedom from responsibility.
These fussy seniors have worked hard all their lives, and retirement is ... pay-back time. They have earned this new lifestyle. They deserve it. And they can afford it. Not content with just golf courses and clubhouses, today's adults are demanding projects complete with large, fully equipped fitness centers, indoor lap pools, jogging tracks, massage therapy, concierge services, restaurants, informal socializing areas and more.
According to statistics compiled by the adult community development firm Del Webb Corporation, the population of people aged 55 to 69 will increase by more than 6 million between 2000 and 2005; national demand for new active adult housing is expected to rise to 700,000 units in 2002, compared to 400,000 units in 1999.
Think those stats are impressive? Well, hang on to your hat. That's not all, 45 percent of baby boomers expect to move to another home in retirement, and 23 percent say they will move out of state. The price range for most units is expected to be in the $100,000 to $250,000 range.
"Developing Active Adult Retirement Communities" analyzes the characteristics of this market segment and examines all aspects of its influence on future housing developments, including geographic location, overall design and individual amenities. "They may or may not have children, may or may not be retired, may be rich or poor, athletic or sedentary. Yet, exasperating as they are to pin down, they are nonetheless a force that will rock the housing market," the book says.
Age-restricted or age-targeted? A key factor in developing adult communities is whether to include age restrictions or target certain age groups, the publication notes. People over 65 tend to prefer communities with age restrictions, because they want to live near people close to their own age in an environment in which all the facilities and programs cater to their
interests.
Younger members of this age group, however, are more likely to balk at age-restricted communities, perceiving them as "places for old people." A community that is age-targeted still focuses on amenities for active adults, but will have a wider variety of features (such as kid-friendly facilities) since it will be marketed to a larger group of buyers, some of whom might have children.
"Active Adult Retirement Communities" points out that because the decision to purchase in an adult community is driven by desire, rather than need, most buyers take their time, and they prefer projects with the amenities in place, rather than promised. Described as "black-belt" consumers by one developer, "they have bought homes in the past, they know what they want, and they have the time, expertise and inclination to thoroughly investigate their options before making the purchase decision," the publication says.
"Active Adult Retirement Communities" costs $69.95 from the ULI: 1-800-321-5011. The Urban Land Institute is a nonprofit education and research institute supported by its members. Its mission is to provide responsible leadership in the use of land to enhance the total environment.
See related articles in the AgeVenture archives.
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