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Adult Communities – on the Rise
By Senitra Horbrook
Communities 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.”
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.”
At J.S. Hovnanian & Sons, three active adult communities which
include Siena, a condo community in Cinnaminson Township;
Montebello, a single-family-home community in Berlin Township;
and Villages at Aberdeen, a community of single-family ranches
and townhomes in Clayton, one of the most popular features
is a first-floor master bedroom. “A lot of (active adults) do
want that because they just don’t want to have to go up and down
steps if they don’t need to,” Shakarjian said. “To that end you
would think they might not want a basement. About 50 percent of
them do want basements
as it turns out. And they want them finished. ”
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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