Active Adult Communities – on the Rise
By Senitra HorbrookCommunities catering to active adults are springing up in rapid numbers. Research from the National Association of Home Builders found that more than 100,000 units constructed in 2008 will be targeted to this growing niche market. Growing just as fast are the number of adults 55 and older, which is expected to
exceed 85 million by 2014.
But if they build it, will active adults come?
So far, they have and the reasons why active adults are choosing age restricted communities are quite
varied.
“We wanted to downsize and get something smaller,” said Beverly Massi, a 68-year-old who sold a single family home on one acre in Elmer, NJ nearly two years ago, to move with her husband to a school converted to condos for active adults in Clayton, NJ.
“This particular one was cost-effective and more reasonable than anything else around. We had been looking at another community nearby. Then it opened and the taxes were out the ceiling, before we even moved in. The maintenance fee was also high. Then we found this, and it has worked out fine. We’re good.”
“This particular one was cost-effective and more reasonable than anything else around. We had been looking at another community nearby. Then it opened and the taxes were out the ceiling, before we even moved in. The maintenance fee was also high. Then we found this, and it has worked out fine. We’re good.”
Rich Shakarjian, Director of Sales for J.S. Hovnanian & Sons, which currently has three active adult communities in Southern New Jersey, has noticed that location plays a large role in choosing an active adult
community.
“They want to stay close to where they currently live or they’re moving here to be closer to their kids or to a brother – to be near family,” Shakarjian said. “It’s also interesting that a lot of our active adults are still working, so they’re still not moving too far from where they’re
working.”
Selecting that perfect location is the next big decision, and active adults base that choice on a number of factors. According to the American Housing Survey data provided by the National Association of Home Builders, most buyers (77 percent) chose a new home in a particular age-restricted community because they liked the home’s look and overall design. Twenty-eight percent chose a community, so they could be close to friends and relatives. More than half of all new buyers in 55+ communities move within the same county as they currently live.
“Active adult buyers know what they want, and they want everything in their home,” Shakarjian said. “Even though they’re downsizing, it’s not like they really want to give anything up.”
Other well-liked features include a second bedroom on the first floor and a nice, large, open kitchen with an island, all of the amenities, and an eating area.
“They want a nice, big, family room or great room and they also want a study. A lot of them are still working and they still want an office,” Shakarjian said.
Community amenities are also an important consideration for many active adult homebuyers. Communities that include outside maintenance and snow removal, as well as a clubhouse with exercise equipment, are popular. At the Clayton condo community Massi lives in, there is no yard work. In addition, the school’s old gymnasium is in the process of being remodeled into a recreation center with a sauna, a pool
table, and exercise equipment.
With so many variables to consider in choosing an active adult community, be diligent and do your research. Review each potential community carefully. Massi advises others like herself to choose wisely. “Think about things like taxes and amenities. We got to pick everything that was inside. Know what your options are.
“I wish we had done some things differently. We picked out granite in the kitchen and two baths; we don’t need granite in the bath. We could have cut some expenses, but we made money on the house that we sold, so we had money to spend, so we upgraded a lot.”
community.
“They want to stay close to where they currently live or they’re moving here to be closer to their kids or to a brother – to be near family,” Shakarjian said. “It’s also interesting that a lot of our active adults are still working, so they’re still not moving too far from where they’re
working.”
Selecting that perfect location is the next big decision, and active adults base that choice on a number of factors. According to the American Housing Survey data provided by the National Association of Home Builders, most buyers (77 percent) chose a new home in a particular age-restricted community because they liked the home’s look and overall design. Twenty-eight percent chose a community, so they could be close to friends and relatives. More than half of all new buyers in 55+ communities move within the same county as they currently live.
“Active adult buyers know what they want, and they want everything in their home,” Shakarjian said. “Even though they’re downsizing, it’s not like they really want to give anything up.”
Other well-liked features include a second bedroom on the first floor and a nice, large, open kitchen with an island, all of the amenities, and an eating area.
“They want a nice, big, family room or great room and they also want a study. A lot of them are still working and they still want an office,” Shakarjian said.
Community amenities are also an important consideration for many active adult homebuyers. Communities that include outside maintenance and snow removal, as well as a clubhouse with exercise equipment, are popular. At the Clayton condo community Massi lives in, there is no yard work. In addition, the school’s old gymnasium is in the process of being remodeled into a recreation center with a sauna, a pool
table, and exercise equipment.
With so many variables to consider in choosing an active adult community, be diligent and do your research. Review each potential community carefully. Massi advises others like herself to choose wisely. “Think about things like taxes and amenities. We got to pick everything that was inside. Know what your options are.
“I wish we had done some things differently. We picked out granite in the kitchen and two baths; we don’t need granite in the bath. We could have cut some expenses, but we made money on the house that we sold, so we had money to spend, so we upgraded a lot.”
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