From the Record:
Does senior housing cater to seniors or developers?
Housing developments targeting empty nesters and senior citizens are sprouting up in large numbers throughout North Jersey, where the region’s graying baby boomer population is fueling a demand for age-restricted housing.
From Bergenfield to Clifton to River Edge, these senior housing units are the darlings of developers, who are acutely aware that their proposals may be more likely to receive the municipal stamp of approval if they are designed for adults 55 and older, a group coveted by municipalities for their tax dollars and relatively minor impact on services.
But some observers and critics question whether local leaders are too eager to give such projects the green light, minimizing the potential impacts of age-restricted housing. And they wonder whether some of the luxurious senior housing projects, which start at upward of $300,000 and feature upscale amenities, actually meet the needs of the region’s seniors who want to downsize from large homes and high tax bills.
“We have to keep the big picture of planning intact,” said Donna Schiavone, a councilwoman in Hillsdale, where a zoning ordinance allowing senior housing is likely to be approved this month. “What might be good today may not be good 15 years from now, and then you are stuck with it.”
…
Though it is unclear how many building projects specifically targeting empty nesters are under way or in the planning stages, the New Jersey Builders Association estimated that nearly 50 percent of all housing built in 2005 was of the age-restricted variety. Still, demand often far outstrips the supply, observers and industry experts say.“There’s a shortage of housing for seniors in New Jersey,” said Marilyn Askin, chief legislative advocate of the New Jersey office of AARP. “If [seniors] sell their houses, they might be able to afford the new apartment, but they might not be able to afford the property tax. Seniors want to stay in the community but it’s become impossible because of taxes and the high cost of living.”
“There’s a shortage of housing for seniors in New Jersey,” said Marilyn Askin, chief legislative advocate of the New Jersey office of AARP. “If [seniors] sell their houses, they might be able to afford the new apartment, but they might not be able to afford the property tax. Seniors want to stay in the community but it’s become impossible because of taxes and the high cost of living.”
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There is a shortage of housing period. Seniors are more likely to have a house with some equity. SO they have more opportunities in housing than I do.
Even though national law allows for age restricted housing, I still think it is discriminatory and bad policy for long term growth. Current zoning policy is making housing expensive and is chasing the young and talented away. This is part of the undoing of NJ. As one of the previous threads discussed transferring into NJ causes sticker shock and thus makes NJ a “bad” place to get transferred.
There is a shortage of housing period.
If this is true, then that explains the high prices.
Ocean County has more senior housing than anyplace I know so they won’t be happy about other people horning in on their turf.
I actually noticed this trend a couple of years ago when I was still in the newspaper business and I never got around to trying to figure out what it means, but I do predict that “age restricted” becomes a category in MLS listings before 2010.
Sorry I know this isn’t the prediction thread. ;)
Interesting anecdote I picked up from my father-in-law over the holidays. He’s on the local township planning commision board in the Bucks County area in Pennsylvania where they are now attempting to, essentially, ban all senior-related housing projects from this moment on.
The way things are shaping up would indicate a LOT of baby-boomers are going to want to downsize now that the kids have been gone for a while, bills are manageable, no need for the large house, etc.
The problem is that in 20 years when these baby boomers all die, what’s left is a TON of relatively young families with kids just getting ready to go away to college.
Suddenly, all those retirement communities with the horrendous layouts can’t be disguised as anything other than “former retirement communities.” There won’t be enough old people around to support the community, so they’ll get closed down, abandoned, what have you, and thus, a blight on the community.
I think it’s smart. Of course all the local old people come out of the woodwork because they don’t care what happens to the community in 20 years.
Shapes up for an interesting fight.
Lindsey,
Isn’t “Adult Community” on MOMLS essentially a more diplomatic way of saying “age restricted”?
Or is it like a ~bowa-chicka-bow-wow~ adult community? ;-)
Most of these over 55 joints are a scam to
get the folks to fork over the equity they
have already buildt up in the home they
are selling. Anybody been through the
Hov complex, in Clifton.
Man are they packing them in.
And the taxes, well