Homes for 55 and older

It seems that everywhere you look there is another "active adult community". It is not your imagination. Almost 50% of all new construction in recent yers has been in age restricted housing, according to the New Jersey Builders Associate estimate.

The reason for this is the large numbers of "baby boomers" in our general population. There are more then 2 million people in New Jersey over age 55, according to the U.S. census.

Although these adult communities seem to be everywhere you look, the trend is continuing with the peak expected in 2011. The housing slump has slowed down the growth of these communites, with the best deals to be found in those communities being built in 2008, as the funding for these communities is newly in place for developers and you can expect that the project is financially sound and has been closely evaluated and scrutinized by all involved.

Pre-construction and Introductory pricing is available on many projects allowing the would be buyer to secure the purchase price and unit with a nominal downpayment. Closing of Title may be 8 months to a year in the future, but you will have secured your purchase at a "down market" price.

It used to be that age restricted homes were usually modest with about 800 square feet of living space. Now most communities offer choices ranging from 1000 sq ft to over 2500 sq ft.

Rarely is the term "retirement" used in describing the 55 and older community as many "boomers" are still working. The Bureau of labor Statistics tells us that approximately 37% of those 55 and older are still working. People are working well into their 70's now. This is another reason for the "local" proliferation of such 55 and older communities. There is a need to stay close to their place of employment and close to their families, children and grandchildren, and large network of acquired friendships.

It is not unusual for a "group" of long time friends to investigate purchasing in the same community. It's another version of "community housing" that is being explored more and more.

People are more discriminating now and have expections of good building quality and materials, including choices with cabinetry and flooring. Granite or marble countertops, hardwood flooring, spacious walk-in-showers and closets top the most requested items list. An area for "social gathering" is also welcomed feature in these communities.

Several communities in the Northern New Jersey area are currently being planned and/or built that will add to the choice of this increasing demographic in housing. For more information on Valley View at Wanaque (114 condos and townhomes in Haskell Section); River View at Wallington (33 condominium units for 55+) and City View at West New York (a 60 unit condo building with 20 units reserved for 55 and older residents), contact Marie Episale, REALTOR, e-PRo, Senior Real Estate specialist at Century 21 Crest Real Estate in Pompton Plains, NJ 973-646-7423 or by e-mail mcepi@aol.com