Afew years ago, John LoRe was living in New Jersey and working in corporate America. LoRe and his wife were empty-nesters - their daughter had gone off to college - with a 4,800-square-foot five-bedroom home. LoRe, who is over 50 and now a Realtor for Long & Foster Realtors at Stony Point, found it costly and sometimes frustrating to maintain his large home.

"It had gotten to the point that we were having trouble with the contractors we had gotten to do things around the house," LoRe said.

After some deliberation, LoRe and his wife sold their house and moved to a town house.

"We found a private community of 107 town-house units," he explained. "Our town-house had about 2,200 square feet of space."

Keeping what you need

The couple had to make a lot of decisions as they were downsizing their belongings even though the town-house had a basement that offered some storage space. "We got rid of things we didn't need," LoRe said.

Albeit smaller than their previous home, the town-house provided adequate living space. "We never felt cramped," LoRe said. "We had two bedrooms for guests and a loft area upstairs, as well as a large master suite downstairs. We were able to live on one floor."

Life in a town-house community was exactly as LoRe had imagined. There were no maintenance worries. "It's nice to hear someone else shovel the walk or driveway at 5 a.m. after a snowfall," LoRe said. "It was nice to know I could just drive out."

When the LoRes relocated to Richmond to be closer to their family, they purchased another town house in a similar community.

A niche market

LoRe and his wife are no different than other buyers who fall in the 50+ age category.

Whether it's the baby boomers who are passing the 50-year mark or seniors who are turning 65, the graying of America is creating a niche market in the housing industry. Seniors represent a powerful buying sector.

The numbers speak for themselves. Last year more people turned 50 than in any other year in history and that number continues to increase every seven seconds. According to the National Association of Realtors, every day from now until 2013, 6,000 Americans will turn 65. By 2035, 70 million people in the United States will be 65 or older.

Selections are growing

"The senior housing market is growing rapidly," said Bruce Pfeiffer, Realtor and senior real estate specialist for Century 21 Signature. "Seniors have a tremendous selection of products to choose from - single family dwellings, condominiums, town homes, age-restricted communities, retirement homes."

Several factors play into the decision-making process as to which form of housing is preferable. One is socialization. "People get lonely," Pfeiffer said. "Socialization is a tremendous value. Many [age-restricted] communities have community activities."

Friendships are important, and many older adults choose to own two properties - a river or beach home and a smaller condo or town house in their old neighborhood. "They want to visit friends," said LoRe. "They want to keep their doctors, etc. They want to continue their associations and friendships."

Safety, comfort

Active adult communities offer a feeling of safety for many, especially single or widowed seniors. "It gives them more comfort because they are living next to others in the community," said Lisa Kirk, Realtor, ReMax Commonwealth.

Some seniors simply don't want the hassle of second-floor living. They are looking for convenience and comfort.

"Many want a first-floor master bedroom," said Barbara A. Morison, Realtor and senior real estate specialist for Prudential Slater James River Realtors. "They also want closet space and space for their treasures."

Recognized by builders

Morison believes that builders are beginning to gear their efforts toward active retirees.

"They are starting to build more homes with first-floor master bedrooms," she said, noting that active adult communities for people over 55 are on the increase.

Vickie Kempton, senior real estate specialist and Realtor with Prudential Slater James River Realtors, acknowledges that seniors lead an active lifestyle and don't want to spend time working in the yard.

"They enjoy traveling, playing golf, etc.," she said. Living in active adult communities, town houses or condominiums allow them extra time for activities.

Grass, but not under feet

Tony Villani, broker for Villani Real Estate, works with many active retirees. "They like being active," Villani said. "They don't want any grass growing under their feet."

Villani represents a waterfront condominium community in Hopewell. While it's not an age-restricted community, Villani is finding that many older adults are opting to move to the community. "They like being on the water but they want to be close to Richmond and medical care," Villani said.

By the time they decide to downsize, many older adults have paid off their mortgages, allowing them to purchase a less expensive home and plop the rest of their money into a retirement account. "Many come in and pay for their condominium with cash," Villani said. "Others will finance the purchase."

As they get older, people don't want to extend themselves financially. "They are concerned with the price, value and location," LoRe said. "They want something that is very affordable for them."

Even though a decision has been made to downsize, leaving a home that you've lived in for 30 years or more is difficult.

"Sometimes it takes a couple of years for seniors to put their house on the market," Morison said. "It's an emotional situation. Their stress level is very high. That's why we do a lot of hand-holding."