Baby boomers seek­ing ac­tive adult com­mu­ni­ties

North Penn Life - - REAL ESTATE TRANSFERS -

Baby boomers, cur­rently age 48 and 66, ex­ploded on the scene just af­ter World War II. They cheered on Martin Luther King Jr.’s quest for civil rights and burned their bras for equal rights; they came of age dur­ing Viet­nam, as­sas­si­na­tions, Water­gate, and “Amer­i­can Band­stand.” Now, they are cre­at­ing their own real es­tate trend.

Boomers’ real es­tate choices and the in­dus­try’s re­sponse led to a re­search project by the MetLife Mar­ket In­sti­tute and Na­tional As­so­ci­a­tion of Home Builders. Their re­port, “Hous­ing for the 55+ Mar­ket: Trends and In­sights on Boomers and Be­yond,” is based on U.S. Cen­sus data and ex­am­ines “trends that emerged dur­ing a six-year pe­riod from 2001 to 2007,” ac­cord­ing to theMa­tureMar­ket.com.

The data showed that al­though most 55+ house­holds do not re­side in age-re­stricted com­mu­ni­ties, that num­ber rose from 2 per­cent in 2001 to 3 per­cent in 2007, and one of the main rea­sons for pur­chas­ing in age-re­stricted com­mu­ni­ties was a de­sire to own a higher qual­ity home. De­sign and ap­pear­ance are im­por­tant fac­tors in choos­ing an ager­e­stricted community, and buy­ers age 55 to 60 are rapidly see­ing the ap­peal of these com­mu­ni­ties since many of them in­clude so­cial and phys­i­cal ac­tiv­i­ties, club­houses, and no out­side main­te­nance.

Pru­den­tial, Fox & Roach Re­al­tor Jill Iris, who spe­cial­izes in list­ing and sell­ing homes within 55-plus com­mu­ni­ties, said “the as­pects PDQY fiQG VR DSSHDOLQJ DBRUW 55+ com­mu­ni­ties — low main­te­nance, ac­tive per­son­al­ized life­style, peace­ful yet stim­u­lat­ing en­vi­ron­ment — are the ones po­ten­tial buy­ers should con­sider and ques­tion be­fore pur­chas­ing such a prop­erty. Prior to mak­ing an of­fer, buy­ers should re­view the HOA doc­u­ments, un­der­stand the monthly fee, what type of clubs, ac­tiv­i­ties, and ameni­ties are avail­able, how are chil­dren, pets, and vis­i­tors treated, what types of hous­ing are or will be avail­able, the cost of util­i­ties, the cost and avail­abil­ity of up­grades, how sta­ble the builder/de­vel­oper is, and whether new con­struc­tion or a re­sale prop­erty might BHWWHU fiW WKHLU QHHGV.

Buy­ers should un­der­stand that the agent at the community is work­ing for the owner or builder/de­vel­oper. On the other hand, a buyer’s agent works only in the buyer’s best in­ter­est, and in Penn­syl­vaQLD WKH DJHQW KDV D fiGUFLDUY re­spon­si­bil­ity to the client. A buyer’s agent is a buyer’s best re­source to help him/her through the process, get all ques­tions an­swered, and en­sure fair treat­ment.”

A ris­ing trend to­wards 55plus com­mu­ni­ties for the gen­er­a­tion that made a ma­jor im­pact on so­ci­ety re­quires spe­cial­ized real es­tate mar­ket­ing skills. Contact a Re­al­tor IRU KHOS LQ fiQGLQJ DQG BUYLQJ into one of these com­mu­ni­ties.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.