55-plus Alive and Kicking

The active adult housing market has taken off thanks to our friends, the baby boomers. As the housing market awakens, more boomers are getting a fair price for their home and looking to take the leap into lifestyle-appropriate homes and communities (not yet ready for afternoon bingo and early bird specials), says Bob Karen, chairman of NAHB's 50+ housing council (snapped at an NAHB event in Vegas last month). A Maryland-based homebuilder and grandparent to five, Bob is seeing more developers include 55-plus in their arsenal, adapting technology and design principals to help boomers age in place (think more single-story designs, easy access entries, and open floor plans). Recent NAHB forecasts a 22% increase in 55-plus housing starts this year followed by a 20% increase (to 89,071) in starts in 2014.

Del Webb, PulteGroup's active adult and retirement community parent company, has developed more than 8,000 homes across four sites in the Chicago area. Nationally, the company saw a 38% year-over-year increase in signups during Q4, citing local 765-home Shorewood Glen(opened in 2005 and pictured above) as a bestselling community in 2012 (fewer than 200 homes left), according to spokesperson Valerie Dolenga. She says the number of active adults (age 55-75) was at 50 million in 2005 and is expected to explode to 80 million by 2020, and places like Sun City Huntley (Del Webb's massive 5,700-plus home site in the NW suburb) give boomers a social but low-maintenance lifestyle. Looking at the golf courses, pools, and fitness centers, we wonder if they'll make age-restricted homes for those in the midst of a quarter-life crisis?

Continue reading this story with a free account

Log in or register
Related Topics: Del Webb
Sign up for more articles like this
Subscribe to Bisnow's Chicago Newsletters
Related Stories

Union Contracts Expire At 46 Chicago Hotels, With Potential Strike Looming

California Duo's Ponzi-Like Investment Scheme Unravels With Bankruptcy, SEC Charges

Prominent Philly Caterer Sues Town Officials Over Vineyard Plans In Bucks County

RJW Logistics Breaks Ground On 1.2M SF Facility: The Chicago Deal Sheet

Houston Firm Hires Former Floor & Decor Exec As President Of New Offering

Deutsche Finance Alleges BVK Is Responsible For CRE Portfolio Losing $1B In New Lawsuit

Chicago's Slow Apartment Pipeline Fueling Deals And Adaptive Reuse

'This Is A Big Change For Me': Leslie Cohen Launching New Company After Leaving Davis Cos.

Laramar Group Pays $166M For 43-Story South Loop Apartment Building

A $5.1T Corner Of CRE Is Struggling To Find Capital

Illinois' Data Center Backlash Puts Politicians In A No-Win Position

Chicago Apartment Manager Settles Housing Discrimination Lawsuit