Boomers are making a difference. While this notion surely comes as no surprise to members of the boomer generation themselves, understanding the desires and motivations of this diverse and dynamic group is the key to understanding the growing demand for lifestyle housing in an otherwise sluggish market.
|Real Estate Industry Expert Panel on Main Line Lifestyle Housing Market|
The Pohlig organization, whose extensive survey of the local 50+ market first uncovered the need for an upscale lifestyle community on the Main Line, recently hosted a real estate trends seminar for 180 Prudential Fox & Roach real estate agents at Athertyn at Haverford Reserve, where a panel of experts discussed the profile of a lifestyle buyer and the motivations of the housing market’s fastest-growing segment.
Todd Pohlig greeted attendees and summarized the results of research conducted for the Pohlig organization by Philadelphia consulting firm 55+ Consulting. Among the key insights he shared were the top three reasons buyers consider moving to a lifestyle community. First was relief of home maintenance tasks, followed closely by the ability to “pick up and go,” with the desire to simplify life and travel more coming in a strong third.
Barbara Kleger, president of 55+ Consulting, provided context for these findings in her discussion of the characteristics of the boomer generation. More than any generation before, boomers strive to continue learning and growing in everything they do, pursuing new beginnings, new adventures, and new chances to define themselves. According to Kleger, boomers include lifestyle, work, and a desire to simplify life among their primary reasons for a move. Unlike previous generations, today’s 50+ homebuyers want to “rightsize” rather than merely downsize, selecting luxurious finishes, open floor plans, and flexible living spaces.
|Pohlig hosts Real Estate Trends Seminar at Athertyn Clubhouse|
Lifestyle Housing market's fastest growing real estate segment on the Main Line
Lisa Price, principal of New Home Marketing Services, and Larry Flick, Chairman and CEO of Prudential Fox & Roach, gave attendees additional reasons to feel optimistic about the lifestyle housing market, pointing toward growing opportunities for new 50+ housing developments. Price presented statistics demonstrating the need for additional lifestyle housing, predicting a 4% annual growth of households age 55-74 in the Philadelphia metro region between 2009 and 2014.
Flick discussed the bright outlook for lifestyle housing in the midst of the “new normal” market on the Main Line. With demand on the rise and supply limited by the cost and scarcity of land in desirable metropolitan areas, lifestyle housing promises to be a good investment.
“Demand for lifestyle housing will continue to grow as the boomer generation grows older and the number of lifestyle buyers increases,” Flick said. “These buyers want a lifestyle product that offers simplified, maintenance-free living in a close-in location convenient to retail, restaurants, and cultural attractions.”