➤➤ Join the GlobeSt.HEALTHCARE (formerly RealShare) conference December 3-4 in Scottsdale, AZ. The event will cover the industry's major issues as well as the prevailing and upcoming trends in regulations, space use, budgeting, and technology implementation. Through panel discussions and peer-to-peer networking opportunities, the attendees will gather expert insights on how these factors will affect the development, operation, investment and design of healthcare real estate. Also, be sure to get your nomination in for our healthcare influencer and senior housing influencer feature. Click here to register and view the agenda.
Most seniors aren't moving into senior living for the simple reason that they can't find a property that both meets their care needs and serve the amenities and lifestyle they want. While there is demand for senior living—and a growing demographic—the current supply isn't matching that demand.
"The old saying "know your audience" or target market takes on great weight, with many layers, when you're setting out to deliver living spaces and lifestyle communities to such a dynamic generation as this one," Francine Wallace, VP of 55-plus operations at Pardee Homes, tells GlobeSt.com. "According to research from John Burns Real Estate Consulting, 53% of buyers who are between 55 and 65 years of age cannot find the kind of compelling and vital community they desire."
This puts more pressure on seniors housing owners and operators to know the demographic and create communities that fulfill the current demand. "It's no secret that this generation of homebuyers is a lot more active than previous generations," Wallace. "They want to hike and bike, go to shows and have fun, not stay home and play bridge like their parents did when they retired. Boomers have also seen and experienced a lot in their adult years, so their tastes are refined. They don't want to be stuck with standard; they desire a community that raises the standards."
Meeting the demand isn't only about adding amenities. Rather, it is a combination of characteristics that create a quality lifestyle community. "Good design and lifestyle amenities are critical in building a successful active adult community," says Wallace. "Residents must feel connected to their physical spaces, the community, and the opportunity for new, enriching experiences."
Luckily, senior housing players are stepping up—and communities that hit the market are seeing big success, like Pardee Homes' Altis project. "As 2020 approaches, the outlook for Altis is very favorable," . We welcomed our first homeowners in June and by year-end more than 100 homeowners will call Altis home," says Wallace. "Not only do Altis' active adult homebuyers find attainable prices with quality design and world-class amenities as well as activities organized by a full-time, onsite lifestyle director, they can also benefit from the current low interest rates. And the Southern California location and weather are always good for business."
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Kelsi Maree Borland
