Richmond Diverse 50+ Market Drives Major Changes Richmond Virginia Real Estate

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Diverse 50+ Market Drives Major Changes in Richmond, VA


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Today’s diverse 50+ consumers are transforming the housing industry and changing the concept of active adult and traditional seniors housing communities. The newest architectural, design and marketing trends were highlighted at the National Association of Home Builders (NAHB) 2005 Best of Seniors Housing Awards ceremony, held Jan. 13 in conjunction with the International Builders’ Show in Orlando, Fla.

According to experts from the NAHB Seniors Housing Council, active adult communities have evolved greatly over the past decade. While site-built single-family attached and detached homes are still the preferred housing type, for-sale, age-qualified multifamily condominiums have emerged as a favorite among active adults. “Builders also seem to be building small or midsize communities and more of them in close-to-home locations,” said Bill Parks, a Scottsdale, Ariz.-based market researcher and a juror for the Best of Seniors Housing Awards Committee. “Almost three-quarters of the active adult communities built in 2004 were in states outside the Sun Belt. This is a trend that will continue to gain momentum.”

A growing number of consumers also want to live in communities closer to urban centers or that are connected to the surrounding community. “Many active adults want to be near a town center in a community with a diverse product mix of condominiums, villas and single-family detached homes,” said Mark Stemen, president of K. Hovnanian Homes’ Washington, D.C. active adult division in Chantilly, Va. “The idea of leaving the active adult community to walk to shops and be involved in the greater community appeals to many of them.”

The service-enriched side of the industry, which includes independent living and assisted living, has experienced major changes. Among the hottest trends for the service-enriched industry was the demand for communities in mid- to high-rise buildings in dense urban settings.

“In the past, builders created communities that were far from the urban core,” said Richard Rosen, a Silver Spring, Md.-based architect and chairman of the 2005 Best of Seniors Housing Awards Committee. “Placing seniors in greenfield sites away from the city or even their former suburban neighborhoods doesn’t meet the needs of today’s buyers. They want to take advantage of the city’s offerings as well as maintain contact with family and friends, attend their places of worship and continue to work.”

Other trends include communities that embrace regional and ethnic traditions, capitalize on natural surroundings and incorporate sustainable design. “Perhaps the most encouraging trend is the prevalence of universal design,” Rosen said. “Builders are including features like stepless entries, wider doorways and other features, not to mention providing more space in the kitchen and bath along with universal designed cabinets and fixtures. It appears that universal design is becoming part of the mainstream.”

Published by: The National Association of Home Builders

January 14, 2005 Senior


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