Industry News

Seniors real estate market booms outside of ‘Sun Belt’

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Age-qualified condo developments in urban areas are catching on with the 50-plus crowd, according to members of the National Association of Home Builders' Seniors Housing Council. While seniors still prefer site-built single-family attached and detached homes, senior housing developments are a growing trend. "Many active adults want to be near a town center in a community with a diverse product mix of condominiums, villas and single-family detached homes," said Mark Stemen, president of K. Hovnanian Homes' active adult division in Chantilly, Va. "The idea of leaving the active adult community to walk to shops and be involved in the greater community appeals to many of them." The service-enriched side of the industry, which includes independent living and assisted living, has experienced major changes – among the hottest trends for the service-enriched industry was the demand for communities in mid- to high-rise buildings in dense urban settings, according to the NAHB announce...