Fun in the Sun
In the last year, sales in the resort market increased by a record 57.4 percent. The National Association of Realtor’s Chief Economist Lawrence Yun attributes these new home building trends to “baby boomers moving closer to retirement and buying second homes to convert into their primary home.” Traditional warm weather locations still appeal. Pam Charron, an agent with Berkshire Hathaway Home Services in Sarasota, Fla., says baby boomers are back. “The market has gained so much strength and prices are up quite a bit over the last two years.” Even if retirement is a few years away, many plan to buy before prices go up further. Along the west coast of Florida, new demand is sparking construction in places such as once-sleepy Venice.
This Generation Wants Luxury
Boomers typically are savvy buyers with a good vision of what they want and need now and in the future. For some, this next purchase will be the home of their dreams. A newly built home offers floor plans and amenities aligned with anticipated lifestyles. Many will downsize square footage, but upsize everything else. “They are looking for the highest finishes and they know what those are,” says Marisela Cotilla with Boca Raton real estate company Douglas Elliman. Part of the appeal of newly built homes in Florida is superior construction to the latest standards.
Personalization and Low Maintenance
“The ability to customize has been tremendously popular with our buyers,” says Brian Hoffman, vice chairman of Red Seal Homes in Chicago. “I am consistently hearing from buyers that they are delighted to be able to finally get their home ‘my way’ after decades in a used home. Many are also drawn to the defect-free aspect of new construction after years of making costly repairs to their 1970s and 1980s (or older) vintage homes.”
Low maintenance and having a home that will accommodate long-term needs are goals. “Our buyers aren’t necessarily downsizing — or at least not significantly — because they want to bring their furniture, art and such along with them, but they are looking for a more efficient floor plan,” says Hoffman. “Open concept with large rooms and plenty of storage is important, as is either single-level living or adding an elevator for when stairs become more difficult for them.”
First-floor masters are only one way builders are reaching out to boomers. Many are also adding high-end features such as wood floors, granite countertops, stainless steel appliances, walk-in showers and upgraded trim. Homebuilder Del Webb is even more focused on multi-level countertops, raised dishwashers and lowered microwaves that make access easier for those with physical issues.
Resale value may not be a priority, but financial planners say it is an essential consideration. “Everybody thinks ‘this is the last place I am moving to.’ But, in reality they might be there for a few years and miss their family and support groups” or discover that their location might not be what they expected, says Howard Joe, a financial advisor with Merrill Lynch in Atlanta.
Nancy Anderson, a Salt Lake City financial planner who writes a retirement column for Forbes.com, advises boomers to keep resale in mind because there will be a time when they will want or need to sell or tap into the equity in that home: “Even building a home, they should think about what’s a forward-looking trend, especially regarding the layout and colors. Schools still matter too. If you are not looking at schools, you will be losing an entire class of potential buyers. You always want to think of that next buyer.” - New Home Source
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