|
|
|
|
||
|
||
|
|
||
| SEARCH | SUBSCRIBE | ||
|
 |
Retirement savings
By
Larry Finley Chicago
Sun Times, May 30, 2003 It's official! Baby boomers and
empty nesters have better things to do with their time than mow the lawn
or wash the windows. A new survey by the National
Association of Home Builders found that three-quarters of home buyers 50
and over want someone else to do the yard work and exterior home
maintenance. "Baby boomers and older
home buyers want a maintenance-free lifestyle, freeing them up to travel,
socialize and pursue the active lifestyles they leave," according to
Kent Conine, NAHB president. "The study [also] dispels the common
perception that seniors prefer to move to traditional warm-weather
retirement destinations like their parents did." The survey also found that: * Three out of four
single-family homes for seniors started in 2002 were one story. * Two-thirds of builders
reported that empty-nesters were relocating in the same community or
state. * Three-quarters of builders
constructed their new 50-plus developments near shopping centers. Many of the residents in
"generational communities" aren't waiting to retire before they
move into a maintenance-free home. After 13 years in Crystal Lake,
Paul and Nancy Lerner decided to downsize. After a long search, they found
just the right place--in Crystal Lake. "We wanted a 'no mow-no
snow' lifestyle," Nancy said. "So, we hired a Realtor to take us
to maintenance-free communities with ranch-style homes in Algon-quin, Lake
in the Hills and the Crystal Lake area. "We spent months
searching, and while Paul commented that the places were 'doable,' nothing
really lit my fire," she said. Then they found the right place
at TerraVilla, a Crystal Lake development of maintenance-free ranches.
They were so impressed with one of the model homes that they built one
just like it, she added. "Our clients have all been
empty-nesters or singles in that same profile, agewise," said Peter
Bianchini, president of Premier Properties Group, the builder. "This
is not an age-restricted community, but we have targeted that
market." An age-restricted development
usually requires that the buyer, or at least one person in a couple, be 55
or older. An age-targeted development has housing built to appeal to much
the same market, but no strict rule on age. "Our homes are all
maintenance-free ranches," Bianchini said. "Empty-nesters prefer
to have all their living space on one floor. We are appealing to people
who are coming out of large custom homes. We have positioned ourselves as
the semi-custom builder to the empty-nesters." The Premier property has both
attached and detached home plans, ranging from about $314,400 to $358,400.
They all have 2 bedrooms and 2 baths. The Crystal Lake location lets
the Lerners keep their strong local ties with family and friends. Paul
Lerner still commutes to Chicago every day on Metra. About half to two-thirds of the
residents at TerraVilla are still working, and a third or more are
retired, according to Bianchini. Most of the buyers have
finished off at least some of their basements as a work room, office,
sewing room or media center. Or they have added another bedroom for
visiting children and grandchildren, he said. Many residents travel a good
deal, or have another home in a warmer climate or even farther north in a
colder climate, he said. "The major criteria for our buyers is proximity to their children and grandchildren," he said. Copyright
© 2002 Global Action on Aging |
