• Maintenance-free living. In a survey of 45-plus-year-olds spanning across 6,500 households, the ProMatura Group in Oxford, Miss., found that respondents want homes that are easy to live in and care for. “What that means is a one-story home with a livable main-level bedroom, bathroom and kitchen, so that if something happens to the owners they could remain in the house without making a lot of modifications,” says Margaret W. Wylde, ProMatura CEO and author of “Right House, Right Place, Right Time” (Builder Books, 2008). They also desire maintenance-free exteriors and materials that eliminate weather problems such as concrete foundations that won’t crack, says Jeff Gersh of Shea Homes.
• Quality and desired size. Whether they favor a 2,500- or 5,000-square-foot home, boomers have expressed interest both in the size and quality of materials and finishes, says Steven Kleiman, CEO and founder of Oakington Realty in Houston. “Most want smaller, though how small depends on what size home they come from,” he says. What many are willing to give up are bedrooms, or at least have one or two of them double as a guest room or home office, says Nanette Overly, vice president of sales and marketing services with Epcon Communities in Dublin, Ohio. What they do want are wider hallways -- not to accommodate wheelchairs at this stage but for walking a bicycle through the house, she says. They also desire luxury finishes to enhance their quality of life, according to Kohl Solutions, a builder and developer in Teaneck, N.J.
• Sustainability. While few homeowners of any age expressed interest in green materials and energy efficiency five years ago, these features have become important and continue to gain proponents willing to pay for better insulation and lower energy costs, Wylde says.
• Universal design. A few years ago, wheelchair-compatible showers, grab bars, lower countertops, nonstick flooring and elevators were equated with homes for old folks. But features that work well for all ages are garnering greater attention, especially among boomers. Most insist that features look attractive rather than institutional.
• Open-style interiors. Though the formal living room may be on its way out, homeowners still seek some type of living space, such as a smaller parlor, family room or library, and one adjacent to a kitchen and dining room or area. Despite this desire, Wylde says, many also want the work area of the kitchen to remain somewhat concealed so they don’t see dirty dishes while sitting in the living area. And though upscale buyers seek high-end equipment and materials, nice materials and mid-range appliances are sufficient for less affluent buyers since this age group eats out and entertains rather than just cooks, Gersh says.
• Bedrooms with attached bathrooms. Though a bathroom for every bedroom isn’t always affordable, more homeowners desire bedroom-bathroom suites not just for owners but also for grown children and guests who visit and seek privacy, says Overly.
• Outdoor living area. Even when boomers don’t want acreage or a small lawn, many still want an outdoor area, possibly a terrace, deck, screened porch or balcony. “Some even want multiple outdoor spaces, as well as rooms with windows for good natural light,” Wylde says.
• Ample storage. Basements are less desired, even in some areas where they’ve been traditional, as long as the home includes good storage elsewhere and preferably on the main level.
• Good security. All homeowners seek good security for their homes, and this age group wants features that allow them to “lock, leave and travel,” says practitioner Bill Golden with RE/MAX Metro Atlanta/Cityside. What features they desire depend on the price of the home.
• Fluff. While sub-niches favor different bells and whistles, boomer Nancy Kirk, who operates The Kirk Collection, a quilt business in Omaha, Neb., is typical of the many who want to be allowed to keep a pet, have high-speed Internet access and lots of power outlets, she says.
For those interested in more discussion, go to www.eons.com, a social networking site for 50-year-olds and over.
Interesting article as it has predictions for imminent booms in active older adult housing. However other recent articles claim that many boomers will continue working well beyond their expected retirement ages. This is because a good segment of that population has not saved for the golden years.
Visit most recently built adult communities aimed at Boomers and you'll probably find a large inventory of unsold homes built on speculation. A local community, Monroe Township, here in NJ has several large gated active adult communities. That area has been popular with retirees in NY and NJ because of it's proximity to the NJ Turnpike and NYC. However they are currently experiencing something new: homes that owners cannot sell being rented instead.
"Whether they favor a 2,500- or 5,000-square-foot home ..."
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I keep reading that many empty-nesters would like to, at some point, downsize.
Q: Is 2,500sf to 5,000sf now considered to be downsized?
Not to me it's not. We downsized from 5000 SF to 1300 SF. The communities around here in WNC that are just now being built are called "maintenance free" townhomes with all amenities on site within 20 minutes of downtown Asheville, built green, and NOT selling well - go figure?
Those smaller townhouses may not be selling because of a general downturn in home sales nationally.
We have a house for sale in the Northeast and although it is priced right (cheapest 4 bedroom colonial in our area) and in a desirable community, it has not sold yet. I know of others in the community trying to downsize and also having difficulty selling.
Although we own 2 homes now, most people wait till they seel the first house before buying the second one.
I agree with ladycliff - the biggest drag on purchase of retirement homes is the inability to sell one's existing home. It's going to take a while to clear all the inventory out there, then things will start cooking. What impresses me about what baby boomers want is that we are very different. Some folks want to live in a very affluent community with monster houses and expensive amenities. Others are looking for the cheapest place where they can stretch out limited resources. Some want special activities - like boating or aviation. And I think a lot of people are thinking green - seems like a big opportunity for builders that can deliver a sustainable product (really deliver, not just make claims) for a reasonable price.
It looks like the RETIRED heavy weight champion, Evander Holyfield, might be facing a 'downsizing' decision:
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ATLANTA - Former heavyweight champion Evander Holyfield denies that his home will be foreclosed, saying "Everything is all right with the house now."
A legal notice in a small local newspaper Wednesday said Holyfield's estate will be auctioned to the highest bidder for cash on July 1. The 54,000-square-foot home has 109 rooms, including 17 bathrooms, three kitchens and a bowling alley. The estate is valued at $10 million.
In The Atlanta Journal-Constitution on Saturday, Holyfield said he's not broke - "I'm just not liquid."
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I mean, it's tough out there.
Didn't Ed McMahon get foreclosed on also?
Evander said, "I'm just not liquid".
It sounds like Ed might have trouble pullin' that off.
view linkNote: I saw McMahon on Larry King last week, and for an 85-year old geezer, he looks like he's doing very well.
I wish 'em both the best.
I have to comments I'd like to throw into the discussion with the first being in regards to the inability to sell one's current home in order to move into a retirement community. There is one retirement community in the Charleston, SC area that will actually allow you to live in your new retirement home without your mortgage starting until your current home is sold. Lets face it, the builders are in as much of a pinch as the homeowners who are trying to sell their homes, so more and more seem to be willing to work with prospective buyers.
In regards to retirement communities and what boomers want, I think we are a huge mixed bag of 'wants' and 'want nots'. For instance, my own personal state of confusion is as follows: Our home is 26 years old and it seems like everything that could need replacing has needed it for the last several years. It's been repair and remodel almost non-stop over a span of 8 years while we have both worked full time and helped with grandchildren and parents. We are tired and I don't ever want to go through all of this remodelling again and neither does my husband. So, we are are thinking a retirement community. But, we have issues with that as well and those issues are plain and simple...FREEDOM and PRIVACY! We've lived in an association neighborhood for 16 years now and some of the rules are outlandish and had we known about all of the issues when we looked at the house, I don't know if we would have bought it. There is also very little privacy in our neighborhood and the retirement communities I've looked at seem to have even less. I've spoken to other Boomers who are in the same quandry. I guess some of us want it all!
MJ
