Transcript Document

In this chapter
 Market geography
 Housing options
 Age-restricted communities
 Housing for Older Persons Act (HOPA)
 Second homes
 Promoting your market area
 Balancing community pros and cons
2-1
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
2-2
Market Geography
 Trend to stay close to home
 Future distribution of senior population will
be in proportion to where Baby Boomers
and their parents now live
2-3
Banker’s Life Co.
Top 10 Locations for Seniors
 Portland, OR
 Seattle, WA
 San Francisco, CA
 Pittsburgh, PA
 Milwaukee, WI
 Philadelphia, PA
 New York, NY
 Boston, MA
 Cincinnati, OH
 Chicago, IL
2-4
Terminology Is Local
 Terminology for types of housing can
differ from place to place
• House-o-minium?
• Condo-cabana?
2-5
Housing Options
 Active Lifestyles
 Independent Living
 Assisted Living
 Continuing Care
 Care Facilities
2-6
Active-Adult Communities
 Age restricted
 Range of services, social events,
amenities, and activities
2-7
Desired Amenities
 Top 3 of 10 amenities:
1. walking and jogging trails
2. outdoor spaces
3. public transportation
 Amenities enhance value even if
residents do not use them
2-8
Active-Adult Housing Options
 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
2-9
Elder Cohousing
 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
2 - 10
Are We Having Fun?
 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.
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Aging in Place
 Remaining in the current residence
 Staying in the community, but in a
different residence
 Relocating for the last time
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When and Where?
 Most lock in their housing choice for aging
in place by age 60
 Security, privacy, independence
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Certified Aging-in-Place Specialist (CAPS)
 Awarded by the National Association
ofHome Builders
 Specialists in adaptive modifications of
homes for aging in place
 www.nahb.org
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Seniors-Only Apartments
 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
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PACE
 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
2 - 16
ECHO
 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
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Shared Housing
 Sharing a home with a roommate
 Strategy for aging in place
 Organizations help with match up
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Congregate Living
 Private apartments
 Independent living with privacy,
supervision 24/7
 Common social areas and
communal meals
 No medical care
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Senior Day Care
 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
2 - 20
Short-Term Stays
 May be offered by congregate,
assisted living, and continuing care
retirement communities
 Can provide vacations and care giver
respite
 Try out as a possibility
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Assisted Living
 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
2 - 22
Continuing Care
 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
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Elder Care
 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
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RCFE
 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
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Board and Care
 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
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Nursing Homes
 Personal care and medical care around
the clock
 Short-term residents who are recovering
 Long-term residents who cannot care for
themselves
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Respite Care
 Allows caretakers occasional time off to
recoup emotionally, handle other family
responsibilities
 Alternative is short-term stay in an
assisted-living facility
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Alzheimer's Care Facilities
 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
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Facility Regulation
 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
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Why Age-Restricted Communities?
 Seniors can make friends with people of
the same age
 Use of facilities
 Peaceful atmosphere
2 - 31
Verifying Age
 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
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HOPA
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
2 - 33
HOPA Requirements
 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
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80/20
 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
2 - 35
Second Homes, Future Retirement?
 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
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Converting Rental to Retirement
 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
2 - 37
Typical Second Home Buyer
 What picture do the data present?
 How does it compare to the buyers you
encounter most frequently in your market?
2 - 38
Promoting Your Market Area
 Help buyers evaluate and balance the
pros and cons
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Checklist for Promoting Your Market Area
 Medical
 Market
 Transportation
 Community & Activities
 Fitness
 Climate
 Services
 Senior and Aging Services
 Property Features
2 - 40
Cost of Living
 Most important factor in choosing
retirement location
 Be prepared with information on cost of
living factors
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How Liveable Is Your Community?
 AARP 10-point quiz
 How would your grade your community?
 Go to www.aarp.org
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