ADVANCES IN SENIOR HOUSING MEET DEMOGRAPHIC SHIFT
As the demand for age-restricted senior housing continues to grow nationwide, it’s certain to influence more than just the new home builders whose bread and butter depends on paying attention to such trends. It’s also likely to influence the character of neighborhoods as a whole, Las Vegas ’s included. The numbers tell a story that’s been written about for years. As Las Vegas ’s baby boom generation joins their cohort’s arrival into retirement age over the coming decades, they will become part of the wealthiest generation of senior home buyers in history. Senior housing developers are very well aware of that fact, but its full impact has only begun to be felt recent. One evidence: the National Association of Homebuilders reports that starts of age-restricted homes nearly doubled between 2012 and 2013. Part of the reason may be cultural—but it’s also possible that improvements in health and longevity could be involved. Today’s older generation views senior housing through a different lens than did their forebears, which means that new senior housing communities are taking on a look that’s considerably different from retirement neighborhoods of the past. There are multiple influences that are shaping the new senior housing mold. Among them— • Many senior citizens continue to hold jobs. Earlier forecasts of dire results from predicted shortfalls in retirement savings don’t seem to be working out that way, since a great number of seniors are showing marked determination to put off full retirement indefinitely—regardless of financial need. Delaware’s Benchmark Builders reports that more than half of the residents in their age-restricted communities still work at least part-time, a trend being echoed throughout the nation. Developers are moving senior housing out of the Sun Belt and closer to urban areas to facilitate easy commuting (some are even incorporating office facilities as part of resident amenities!). • A number of housing projects are being designed to provide a patchwork of age-specific sections. While grandparents may enjoy living on a street or block devoted to neighbors in their age bracket, in the best of all worlds, they also would choose to be close to children and grandchildren. Some new housing developments are setting aside sections for young families close to senior housing blocks. • Options for active older home buyers are crucial. In 1960, activity choices in many retirement communities began and ended with shuffleboard. Increasingly, senior housing projects are aimed at buyers who have no intention of pursuing a sedentary lifestyle. They look for active environments, with walking trails and easy access to amenities beyond the community. Indoor walking tracks, lap pools, hiking and biking trails and exercise equipment are becoming must-have features. Today’s typical senior as part of a financially powerful demographic is changing the look of retirement neighborhoods. But independent thinking has long been a notable characteristic of the boomer generation—so it also follows that not every Las Vegas senior will make that lifestyle choice. Senior or not, I’m always standing by to further your next residential move!
ARE LAS VEGAS HOME VALUES CONNECTED TO STARBUCKS REALLY
Will Starbucks boost your home’s value? This was the “hot home-buying tip” splashed all over the airwaves at the end of last month—one that Las Vegasreal estate watchers probably assumed had to be one of those weird, crazy coincidence feature stories that crop up from time to time. I was a little surprising that Zillow, the big national real estate firm, was said to be the source. It was all over the TV and radio newscasts, usually providing the cutesy end-of-broadcast segment. It hit dozens of news blogs, led by headlines like “Starbucks will boost your home’s value” (Fortune) and “Starbucks increases neighborhood, home values” (cnbc.com). Yeah. Sure thing—just like the one about a rock on Mars that looks just like a monkey. Here in Las Vegas, we’ve seen Internet stories like this come and go before… But then, after delving into the actual source, it turns out that this tall tale does have an unchallengeable basis, in fact. Zillow research shows that in the 17 years leading up to 2015, homes within a quarter mile of a Starbucks location grew in value by 96%. That’s more than 30% greater than the average increase! It was enough to puzzle even the most skeptical Las Vegas homeowner. But there is a logical reason that explains it—one that’s a little different from what the headlines might lead us to believe. It’s one that won’t make some fast food execs very happy… First of all, Zillow did come up with the research. Why is not exactly clear (other than to grab a bunch of headlines), but their blogger Melissa Allison is the author of the ‘hot home-buying tip:’ “Buying near a Starbucks has benefits beyond easy access to your double-tall, non-fat, bone-dry cappuccino,” she wrote, followed by the head-scratching statistics. She also clarified that the effect was not common to all coffee vending shops. Homes near Dunkin’ Donuts locations appreciated only 80% during the same period. And there was a U.S. map pointing out the cities with the most pronounced ‘Starbucks effect’ (Boston and Philadelphia). Here in town, though, regardless of how relevant it is (or isn’t) to Las Vegas home values, it was one statistic worth investigating further. You just had to—in case there was some obscure nugget of home value wisdom to be had. In fact, after reading through a half dozen commentaries, there does seem to be at least one logical explanation, and with it, as Ms. Allison promised, a home value tip: a) The real estate executives at Starbucks are very good at picking their locations. They find areas where home values are going to rise a lot faster than elsewhere. b) The real estate executives at Dunkin’ Donuts—not so much. c) Don’t take headlines literally. “Markets Where Starbucks Boosts Home Values the Most” is very misleading. Where an area as a whole is hot, home values rise. Starbucks is just good at slipstreaming behind them. Las Vegas home values rise when their owners improve the property, or when the neighborhood grows in popularity, or when the trend has all Las Vegas home values on the rise. The best ‘hot home-buying tip’ to come out of this? Don’t start looking for a Starbucks sign; just give me a call!
SKELETONS IN YOUR LAS VEGAS HOUSE FOR SALES CLOSET FEAR NOT
Would you buy a house where someone died? Would it make a difference if the death were peaceful or…otherwise? You might never have considered such questions, but the answers can become a serious issue for a Las Vegashouse for sale—especially if it has a history that could be right out of a CSI episode. And what if you are the owner of a Las Vegas house for sale with this kind of issue? It may be labeled as stigmatized—the unpleasant term that can attach to a house for sale which buyers or tenants may shun for reasons unrelated to its physical condition. It’s a good thing that the list of potentially disturbing events isn’t a long one: death; murder; suicide; scary illness; being haunted (rather, the belief that it’s haunted—let’s not get into that discussion!). An owner might have known of a sketchy history when he or she purchased the property, or perhaps found out later on. The information may not have made a difference before, but it could impact the number of prospects who will make offers on a house for sale—in Las Vegas (or anywhere, for that matter). What to do? Selling for the Right Price What of happenings that are simply gruesome? Another property in California’s Bay Area had a grisly past involving drugs, murder, and other heinous activities. This was a stylish home in an affluent neighborhood which sat empty while other comparable homes for sale came and went. Then one day a young businesswoman made an offer well below the asking price. The bank that owned the property had a list price of $335,000, already below values in the area. After negotiation, the buyer bought the home for $261,000. She saw past the horrific story to the potential that it offered to someone not affected by the drama of days gone by. And probably counted on the fact that her remodeling efforts—plus the many years she planned on living there—would make future buyers much less likely to worry about what would gradually turn into a distant past. Telling the Right Story One otherwise quaint home in a western small town was widely reputed to host paranormal activity. The stories of what previous owners had faced from ghosts of the past were widespread enough that even non-believers might think twice about taking it on. For some properties, it is just a matter of putting the right spin on the story. Events that took place decades ago often bring allure to a property—while more recent activities may cause buyers to hesitate. The REALTOR® took the ‘problem’ head-on by making the most of it, figuring that a good ghost story could add to the appeal if it were marketed correctly. It sold at a premium. The takeaway: if you have a Las Vegas house for sale that’s connected to a sad, tragic or paranormal history, don’t assume the worst. Some ‘stigmas’ may mean a sale takes more careful handling (but that’s just one more reason a call to my office is a good first step). With the right story and the right price, you’re pretty certain to find the right buyer—one who either overlooks the past or is fascinated by it!
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