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Market geography
Housing options
Age-restricted communities
Housing for Older Persons Act (HOPA)
Second homes
Promoting your market area
Balancing community pros and cons
In this chapter
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Market Geography
More than half 65+ population lives in nine states
California, Florida, New York, Texas, Pennsylvania, Ohio, Illinois, Michigan, New Jersey
California, Florida, and Texas = 29% total increase in senior populations
Most live in metro areas
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Trend to stay close to home
Future distribution of senior population will be in proportion to where Baby Boomers and their parents now live
Market Geography
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Portland, OR Seattle, WA San Francisco, CA Pittsburgh, PA Milwaukee, WI Philadelphia, PA New York, NY Boston, MA Cincinnati, OH Chicago, IL
Banker’s Life Co.Top 10 Locations for Seniors
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Terminology for types of housing can differ from place to place
•House-o-minium?
•Condo-cabana?
Terminology Is Local
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Active Lifestyles Independent Living Assisted Living Continuing Care Care Facilities
Housing Options
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Age restricted
Range of services, social events, amenities, and activities
Active-Adult Communities
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Top 3 of 10 amenities: 1. walking and jogging trails2. outdoor spaces3. public transportation
Amenities enhance value even if residents do not use them
Desired Amenities
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Single-family homes
Attached homes, duplexes, townhomes
Condominiums, house-o-miniums
Manufactured and mobile homes
Cluster housing
Subdivisions
Cruise-ship condominiums
“Try-before-you-buy” option
Active-Adult Housing Options
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Residents design the community
Design encourages a sense of community
Common facilities designed for daily use
Residents manage the community
Decision-making by consensus
Community & services not a source of income
Elder Cohousing
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Men• Age 55-64 are least-fun years
• Age 65 most say they about same
• Less likely to pretend enjoyment
Women• Having more fun until age 65
• Less inclined to pretend fun
What would men and women rather be doing? Good deeds.
Are We Having Fun?
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Remaining in the current residence
Staying in the community, but in a different residence
Relocating for the last time
Aging in Place
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Most lock in their housing choice for aging in place by age 60
Security, privacy, independence
When and Where?
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Awarded by the National Association ofHome Builders
Specialists in adaptive modifications of homes for aging in place
www.nahb.org
Certified Aging-in-Place Specialist (CAPS)
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20% of seniors are renters
Apartments are small and easy to maintain
Seniors can socialize with comfort, safety, and security
No medial or custodial care provided
Long waiting list for low-income housing
Seniors-Only Apartments
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Program of All-Inclusive Care for the Elderly
Coordinated care and services
Better for seniors to be served in the community
Nursing home needs certified, but few seniors live in nursing home
www.npaonline.org
PACE
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Elder Cottage Housing Opportunity
Granny flat, mother-in-law flat, or accessory unit
Site-built and attached to the main home
Separate entrance
Enhances the value of the main home
ECHO
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Sharing a home with a roommate
Strategy for aging in place
Organizations help with match up
Shared Housing
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Private apartments
Independent living with privacy, supervision 24/7
Common social areas and communal meals
No medical care
Congregate Living
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Fills in the gap when the caregiver must work during the day or needs a respite
Offers supervision, often a noon meal, social and education activities, and support groups
Senior Day Care
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May be offered by congregate,
assisted living, and continuing care
retirement communities
Can provide vacations and care giver
respite
Try out as a possibility
Short-Term Stays
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Intermediate step between independent living and care facilities
Assistance with daily activities
For those who cannot live on their own, are ambulatory, but do not need nursing care
Medicare does not cover cost
Assisted Living
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Increasing levels of care at one location as residents’ needs change
Provides security of being taken care of through stages of aging
Residents can maintain friendships
Large buy-in fee, annuity purchase, monthly fees
Not for the budget conscious
Continuing Care
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Caring for the frail elderly who have chronic functional impairment
Assistance in one or more of the activities of daily living (ADL): bathing, toileting, dressing, grooming, eating, and transferring, such as moving from bed to chair
Elder Care
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Residential care facilities for the elderly
More independence than a nursing home
Assistance with ADL, but no medical care
One basic price for a package of services with added fees for additional services, or deductions for services not used
RCFE
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Simple small assisted living facilities
Personal and custodial care
Converted private homes, unofficial
4 to 10 residents
Also known as foster care, group homes, and domiciliary homes
Board and Care
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Personal care and medical care around the clock
Short-term residents who are recovering
Long-term residents who cannot care for themselves
Nursing Homes
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Allows caretakers occasional time off to recoup emotionally, handle other family responsibilities
Alternative is short-term stay in an assisted-living facility
Respite Care
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Specialize in care of patients with dementia
Caring for patient at home means families need to think about:
•Security and safety of environment
•Day care facility availability
•Interaction and recreation opportunities
Alzheimer's Care Facilities
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Different state agencies regulate different types of facilities
No standard definitions
Two different “retirement centers” or “assisted-living” facilities within the same state may not be licensed by the same agency
Facility Regulation
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Seniors can make friends with people of the same age
Use of facilities
Peaceful atmosphere
Why Age-Restricted Communities?
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Not the responsibility of the REALTOR to verify age or eligibility
Clients must be informed that they will be expected to meet the age restrictions
Verifying Age
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Two Levels of age restriction:
1. 80% of the units occupied by at least one person age 55 or older per unit
2. 100% of the units occupied by person age 62 or older
HOPA
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Must publish and adhere to policies and procedures that show intent to provide housing for these age groups
Must verify resident age through reliable surveys or affidavits
HOPA Requirements
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Prevent loss of exemption when surviving spouse or heir occupies the unit
Occupants are counted, not the owners
Occupant may be absent for a time
Healthcare workers or family caregivers are not counted
80/20
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Use of the property may change as owners progress through life stages
One in four vacation-home owners intend to use the property as a primary residence after retirement
Second Homes, Future Retirement?
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Use rental income to offset as much of mortgage and expense
Sell primary home and refurbish rental home
Sell both homes and purchase new home
Converting Rental to Retirement
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What picture do the data present?
How does it compare to the buyers you encounter most frequently in your market?
Typical Second Home Buyer
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Help buyers evaluate and balance the pros and cons
Promoting Your Market Area
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Medical
Market
Transportation
Community & Activities
Fitness
Climate
Services
Senior and Aging Services
Property Features
Checklist for Promoting Your Market Area
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Most important factor in choosing retirement location
Be prepared with information on cost of living factors
Cost of Living
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AARP 10-point quiz
How would your grade your community?
Go to www.aarp.org
How Liveable Is Your Community?