Less than ten years ago, the housing market was rising high. This is known now as the "housing bubble," and in the midst of the frenzy, many homebuyers 55+ were purchasing houses with price tags of 250,000 plus with straight cash. The prices were high but times were heady, and the older generations were buying sprawling luxury homes in the balmy climes nearly as fast as builders could throw them up.
Fast-forward to today, and times have changed. With the economic downturn and the future looking a little more uncertain than it did previously, the needs of the Baby Boomers when it comes to property are leaving many contractors scratching their heads.
Most people in the 55+ demographic now are shying away from the mansions overlooking the Everglades. Many Baby Boomers are even unsure of when they'll be able to retire or where, given the crash of 2008. Some are looking to downsize, others are looking to move out to the country, and yet others are turning their gaze toward a more urban existence after so many years in the suburbs.
What is on the rise are high-density-urban units - given the expenses of keeping an automobile around, lots of people are looking for live-work-play areas where people can get around either by walking or public transportation. This is quite a turnaround from the sprawling mansions of the housing bubble years, but changing wants are reflecting today's economic realities and how they're affecting the lives and lifestyles of seniors.
Interestingly enough, certain communities that were originally built for seniors instead attracted members of the Generation Y market, or those buyers who are around the age of 30. This has led to a shock to the housing market insofar as marketing is concerned: many contractors are trying to figure out the perfect alchemy of attracting both younger and older buyers and are finding it a difficult task to undertake.
However, the market is still in flux, and many contractors are taking time to carefully study the market before making definite moves in any direction insofar as building senior housing - and housing for all generations - is concerned.
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