Mature Market Experts Stat of The Day: Boomer Real Estate Preferences

CB067787 Mature Market Housing

Mature Market Experts: more mature market news and stats more often – Boomer Real Estate Preferences – “An National Association of Home Builders (NAHB) survey of consumer preferences shows that Boomers prefer single-level living with three bedrooms (compared to their younger cohorts who want four bedrooms in a two-story house). Ease of maintenance, energy efficiency and an emphasis on quality were other preferences expressed by Baby Boomers for their homes.

The National Association of Home Builders is sponsoring a conference in April in Philadelphia called the “Building for Boomers & Beyond: 50+ Housing Symposium.”

Source: Baby Boomer Examiner

Note: For a ton of great real estate stats and figures, click here. Also, I should point out that TR Mann Consulting has a team that specializes in developing and marketing communities for boomers and beyond.

Mature Market Experts Gem of The Day: New Housing Trend

CB100292 Mature market intergenerational family

Mature Market Experts: more mature market news and stats more often – New Housing Trend – It wasn’t too long ago that I blogged about the return to the intergenerational household. The number of parents moving in with their kids is jumping dramatically. In fact, the trend is playing out at the highest level. Did anyone else’s catch the none-too-subtle Inauguration Day mentions that Marian Robinson, the 71-year old mother of first lady Michelle Obama, would be moving to the White House to look after her grandchildren (I hope our client, GRAND magazine, covers this story)? This trend has huge implications.

To me the movement makes sense on multiple levels:

1.      Baby Boomers have a distain for institutional living that does not match their vision of where their parents should be living. They will continue to look for improvements in what most consider to be an unacceptable warehousing (assisted living and nursing care) of their parents . . . with an eye towards making improvements for their own future

2.      After taking their kids back into their homes, Boomers have grown comfortable with extended living. Now that the kids have moved out, the parents are moving in

3.      The economics of intergenerational living combined with today’s economy create a condition where this just makes sense. We are entering an age of frugality (from an economic and environmental standpoint)

In short, just as it is playing out at the White House, Americans are discovering there are benefits to this symbiotic relationship.

At TR Mann Consulting we’re coaching our clients to think about some of these important trends and how they might adopt their businesses. What are some of the implications you see to this trend? In your opinion, how will it effect real estate? Consumer products?

50+ New England Housing Council Annual Meeting

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Thursday, January 29, 2008

4:00-6:00 PM Doubletree Hotel, Waltham


Join the
50+ New England Housing Council for its annual meeting just before BAGB’s Economic Forecast dinner at the Doubletree Hotel in Waltham.

  • Review overall goals and mission of 50+ Council
  • Discuss the 2008 program year
  • Preview 2009 calendar of luncheons and fall symposium
  • Brainstorm content and ideas for the each of the 2009 events

RSVP today to: info@50plusne.com
(deadline for registration is 1/28/09)


No charge for this event


Location:
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Doubletree Hotel
550 Winter Street
Waltham, Massachusetts 02451
781-890-6767
Click here for directions.
Room location will be posted in the lobby

 

Mature Market Experts Gem of The Day: Martha Stewart and KB Homes Team Up For First Retirement Community

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Mature Market Experts: more mature market news and stats more often: KB Homes and Martha Stewart team up on active 55 retirement community – Martha Stewart and the mature market? KB Homes and Martha Stewart have teamed up for their first active 55 retirement community. According the KB website, the new retirement community is coming soon to La Quinta, CA, and is inspired by classic California Spanish style architecture. Martha has a huge fan base and heads up a powerful media company, so there are obvious opportunities to spread the word for KB Homes. If you visit the KB site, you’ll see one of Martha’s video cut-ins.

Martha seems to be taking a real interest in the Baby Boomer / mature market space . . . she opened the Martha Stewart Center for Living at Mount Sinai Medical Center in October 2007.

Martha Stewart and her mom at the Martha Stewart Center for Living Grand Opening.

Martha Stewart and her mom at the Martha Stewart Center for Living Grand Opening.

Martha Stewart also headlined a Senate Aging Subcommittee hearing in April of 2008 designed to push for the expansion of recruitment and training of Senate Aging Subcommittee to meet the needs of the 78 million mature market members about to join the Medicare ranks, as well as provide assistance to the 44 million Americans serving as caregivers.

 

As someone who has helped sell A LOT of retirement community real estate, I can tell you that peer to peer testimonials, unstaged and unscripted is one of the most powerful tools you can use. While I was at Erickson heading up the advertising, we never used models or stock photography. Why? Because I believe Boomers / the mature market have an incredibly refined  B.S. detector.

Mature Market Experts Stat of The Day: New Nursing Home Rating System

RLM097 Mature Market Experts nursing care

Mature Market Experts: more mature market news and stats more often: New Nursing Home Rating System –“About 22 percent of the nation’s nearly 16,000 nursing homes received the federal government’s lowest rating in a new 5-star system unveiled Thursday, while 12 percent received the highest ranking possible.”

Source: MSNBC.com

Mature Market Tip: Start Saving Now – Assisted Living Crunch Predicted

<MED2097 Mature Market Experts

The mature market . . .  boomers . . . seniors, we write about them every day. Why? Because Americans are getting older – in fact, way older. We are on our way to a profound shift in our population; one which will have costly impacts on our nation. The U.S. Census Bureau projects  that by 2030, when all of the nation’s 76 million surviving baby boomers will be 65 and older, nearly one in five U.S. residents will be 65 and older. This age group is projected to double by 2050, increasing to 88.5 million from the 38.7 million we currently have in 2008. The Census Bureau projects that the 85 and older population growth will be even bigger, tripling from 5.4 million in 2008 to 19 million in 2050.

On the one hand it is pretty clear that there will soon be a lot of older Americans. So the next question is, how many of them will require assistance, and what type? Lest you think the impact will be small, consider this comment from the Dartmouth geriatrician, Dr. Dennis McCullough: “…nine out of ten people who live into their 80’s will wind up unable to take care of themselves, either because of frailty or dementia.” According to Dr. McCullough, “Everyone thinks they will be the lucky one, but we can’t go along with that myth.”

The International Longevity Center’s Caregiving Project for Older Americans is very concerned that older Americans are not doing enough planning now. The Center estimates that about 1.4 million older Americans currently live in nursing homes, nearly 6 million receive care at home, and significant numbers go completely without needed help. They report that “…the growing disparity between the demand and supply of care giving services will only worsen with the aging of baby boomers in this country.”

The National Clearinghouse for Long-Term Care Information says that “…at least 70 percent of people over age 65 will require some long-term care services at some point in their lives, and over 40 percent will need care in a nursing home for some period of time.”The Clearinghouse cautions that contrary to most people’s opinions, “Medicare and private health insurance programs do not pay for the majority of long-term care services that most people need – help with personal care such as dressing or using the bathroom independently.”

It doesn’t take much imagination to figure out that the coming demographic tsunami will overwhelm our assisted living, independent living, home care, and nursing homes infrastructures. Currently most assisted living facilities in this country report occupancy rates at 90% or higher. The New York Times reported recently that after several years of overbuilding followed by soft markets, “The National Investment Center found fewer than 23,000 units under construction in the 100 biggest metropolitan areas.” If you take an arbitrary average about 1.5 persons per unit, our future residential shortfall looks to be severe.

In another New York Times article Kathryn A. Sweeney, a managing director for United States Senior Housing for GPT Group, an Australian real estate company, was quoted in a similar vein about the eventual housing shortage: “If you plan to be a resident, you need to be saving your pennies now,” she said.”

About the Author: John Brady is publisher of www.Topeldercares.com.  Visitors to that site will find a directory of eldercare facilities, a Forum, and helpful articles on dealing with eldercare.

Mature Market Experts Stat of The Day: Retirement Communities and Assisted Living Occupancy Rates

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How badly is the current housing market hurting the mature market’s opportunity to move into a retirement community, assisted living, or nursing care? According to a New York Times article, “Across the country, occupancy rates for independent and assisted-living facilities have fallen slightly in the last year, by about 2 percent through the middle of 2008, according to the National Investment Center for the Seniors Housing and Care Industry.

But the problem is playing out acutely in hard-hit areas like Florida, where the vacancy rate at some facilities is up 20 percent to 30 percent over last year, said Paul Williams, director of government relations for the Assisted Living Federation of America. At Luther Manor, a retiree community in Milwaukee, the number of residents moving into independent living has dropped 20 percent this year. In southern Ohio, 65 percent of the people who visited the Bristol Village retirement community this year said they could not buy a unit because their homes were still hanging around their necks.”

Source: NY Times

How are people responding? Boomers and mature market are looking at  products that can help them stay in their homes (video: The Today Show) . . . and for people in need of assisted living and nursing care, adult day care is rapidly becoming the stop gap answer. If only companies understood how to market these products . . . they would be selling the heck out of them.