Today, seniors have more choices than ever before when it comes to retirement communities and senior living. Being a real estate agent, we’re often asked about different types of communities, what they’re like, which are most popular, what they cost and the questions continue.
A recent Kiplinger article quoted a lecturer at Georgetown University who sees niche senior communities as the “segment to watch.” It’s certainly growing fast.
There is literally something for everyone and even Disney has plans to get into the 55+ niche community game which already includes:
Latitude: In November 2017, when Buffett announced his first Latitude Margaritaville in Daytona Beach, Fla., an active-living property for people “55 and better,” more than 150 fans and other lovers of the flip-flop life camped out overnight at the sales-office for first dibs on 300 properties. Today, Latitude Daytona Beach is a planned community of 7,000 people and there is a waiting list for homes under construction. There is another Latitude in the Florida panhandle, one in North Carolina, and two or three planned for Texas.
Enso Village: In 2016, when the Delaware-based Kendal Corp. announced Enso Village, a life-plan community devoted to Zen tradition in Northern California’s wine country, 1,194 people put down $1,000 for a priority reservation; when the 275 units went on the market in 2020, they sold out in four months; Kendal is now developing a second Enso Village in Southern California.
Nalanda Estates: Near Sarasota, Fla., Nalanda describes itself as an Active Indian Retirement community of 83 homes, and states on its website that it is sold out.
The Villages: Florida’s The Villages–renown as a hotbed of conservative politics and libertine social lives–has sold some 70,000 houses.
If you’re interested in a niche community, Kiplinger suggests you:
Do a self inventory
Consider prices
Create a budget
Go on tours
Learn about its management
Georgia’s list of 55+ communities is growing fast and some niche communities that are open to everyone are even offering amenities designed for active adults. Contact Atlanta Seniors Real Estate to learn more about what’s available for you. We’re happy to answer any questions you may have.
Senior housing is always evolving. We’re seeing more and more active adult communities and comprehensive communities that offer a full range of care from independent to assisted living.
A recent article in Senior Housing News had an interesting comment on what seniors are looking for and how it’s spurring senior living companies to take a second look at what they offer residents — especially when it comes to wellness.
(From Senior Housing News) “People want to benefit from a wellness program that’s of their own choosing. They feel like they can succeed and their efforts involve engagement with others.” – Mather CEO Mary Leary, June 2, 2022.
Another defining trend in 2022 has been the new importance of wellness in senior living operations. Once a perk, wellness is becoming a must-have for new residents as they move into senior living, especially the baby boomers.
Whereas previous residents may have been happy with the so-called “three hots and a cot” and bingo, residents of tomorrow are likely to desire a way of living that addresses not only their physical needs, but also their mental, social and spiritual needs.
Last year, Mather sought to address those needs with the launch of a person-centered wellness framework where residents decide what is most important to achieving wellbeing.
Others, including Juniper Communities CEO Lynne Katzmann, have explored similar ways to foster wellness. Katzmann in particular is focused on a concept called “wellspan,” which prioritizes quality over quantity in older adults’ later years.
Earlier this year in August, Juniper launched a new membership-based program called Cataylist with the goal of creating an ecosystem of programs and services where residents can receive lifestyle concierge services.
These and other efforts show the senior living “wellness era” is only gaining momentum into the new year.
Known for its “Best” lists, US News & World Report is now out with its Best Senior Living list. You’re now able to search for what they’ve determined to be the “best” near you.
(From US News & World Report) For many older adults, there may come a time when living in their current home is no longer desirable or possible. Making a choice about what the right next steps are can depend a lot on their health and their preferences.
Someone who no longer wants the upkeep of a larger home and yardwork might choose an independent living or continuing care retirement community. If basic daily tasks are becoming a struggle or if they’re recovering from a hospitalization, an assisted living setting where there is some help available, either temporarily or longer term, is a good choice. Families concerned for a loved one with memory loss can consider a memory care community with staff to help with both daily activities and safety.
To help seniors and their families make these decisions, residents and families from over 3,000 independent, assisted and memory care communities were surveyed. They were asked to rate their experience with the things that matter most – the kindness of staff; variety of activities; quality of the food and dining experience; whether local transportation is provided to doctor’s appointments, grocery stores or other daily needs; the quality of on-site caregiving and more. The top-rated communities for each level of care have been rated Best Senior Living in their categories.
A great article in Forbes Health about how families can go about establishing a Healthy Aging Plan which includes exploring senior living communities which provide a safe environment with various levels of support which may be needed. Senior living facilities and communities are popping up everywhere and this article gives families are road map to planning a senior move.
(From Forbes Health) As we age, we can acquire health and physical issues that can impact our ability to live independently. In such situations, living at home—especially alone—might not be the safest option. Fortunately, planning ahead for a more suitable living environment can boost their overall quality of life. Read on to learn more about how various forms of senior living can fit positively into a balanced future and the importance of assisted living planning for a smart and healthy aging plan.
Senior housing is bouncing back after a struggle through the pandemic. So, what’s popular now when it comes to senior living?
Senior Housing News explores the latest senior living trends.
(From Senior Housing News) More senior living projects will be focused on the small-home trend, to create affordable environments that are easier to secure from an infection control standpoint. Such projects might involve campuses of modular or prefabricated tiny houses, or dwellings arranged in “pocket neighborhoods.” Dr. Bill Thomas is a proponent of such communities, with the Kallimos Communities and Minka initiatives. The trend also includes the growth of franchised residential assisted living, as exemplified by Majestic Residences.
Not only will communities become bigger and smaller than ever, but some will redefine the high end of the market, while senior living will also become more accessible than ever for less affluent consumers.
In terms of luxury, the urban offerings from Coterie, Inspir, Sunrise and Watermark already are setting the bar higher than ever, with designs, technology offerings, hospitality services, health care, prime locations and other components justifying monthly rates of $20,000 or more. Providers such as Balfour Senior Living, Solera Senior Living and Galerie Living are also pushing the envelope on luxury. In 2022, expect further innovations in luxury senior living, such as the recently announced plan from Hallmark Properties to create three “ultra luxury” residential assisted living communities of fewer than 20 rooms, with residents having access to a gourmet chef and a personal butler.
At the same time, more senior living providers will make good on their plans to serve middle-market consumers in 2022. On the leading edge of this trend, 2Life Communities just announced plans for its first middle-market Opus community, making progress on a concept that has been in the works. 2Life is just one of many senior living organizations that has been contemplating how to serve the middle market, given the incipient demand that was quantified in research released in 2019. The next 12 months will bring more concrete examples of how providers and investors believe they can meet this demand, with Transforming Age and Seasons Living being two such organizations to watch.
What you need to know about VA Aid and Attendance benefits.
As Seniors Real Estate Specialists, we come across many veterans who are preparing for alternative accommodation due to their health conditions and they are not always aware of some of the benefits that they may be eligible to receive. Our initial consultations often reveal details that allow us to offer support and or services that will assist them on their journey.
Veteran benefits are just one of the services we have shared with our clients that allow them more flexibility to afford their preferred senior living community. Such as in the case of Mr. & Mrs. B, who would have settled in a place not close enough to their adult children, if we didn’t help them find out about a veteran benefit that would help them. It provided them with more than $2,000 per month which would go directly toward their living expenses for a beautiful 2-bedroom cottage located in a Senior Living Community within 10 miles of their children (they were over 40 miles away before the move!).
In today’s economy, families are having to make tough financial choices, but some have relief available when it comes to long-term care for their loved ones. Veterans Aid and Attendance benefit (not widely known about), is a government program that can help families better manage the costs of caring for an elderly veteran or dependents.
So, what is Aid and Attendance?
VA Aid and Attendance is a monthly pension benefit that provides tax-free payments to Veterans who served during wartime. In addition to being available for Veterans, single surviving spouses and dependent children are also eligible for this benefit.
You may be eligible for this benefit if you get a VA pension, and you meet at least one of these requirements.
You need another person to help you perform daily activities, like bathing, feeding, and dressing, or
You have to stay in bed—or spend a large portion of the day in bed—because of illness, or
You are a patient in a nursing home due to the loss of mental or physical abilities related to a disability, or
Choosing the right long-term care option is an important decision many older adults face daily. If a late-life move is part of your healthy aging plan, the next step is choosing a new place and preparing for what’s next. The hardest part for many people is getting started on choosing the right residence and planning for the move.Understand Your Situation
If you are still undecided about your move that’s okay. Moving somewhere new can be a difficult decision at any age. If you are an older adult moving may have improve your quality of life, here are a few ways to tell it’s time:
You have health complications that are not suited for the current layout of your residence
The thought of caring for or paying for landscaping, cleaning multiple bedrooms, or other general upkeep tasks and costs seems stressful
Moving could save you money in retirement
Your home has lots of space that is never used
Understand Your Health
Before embarking on this journey, there are three important areas you will want to factor into any senior living decision with the support of your doctor or care team:
Medical Concerns
Cognitive Concerns
Assessment of functional abilities or “Activities of Daily Living”
Understand Your Options
After gathering all the information you need about you or a loved one’s medical condition, start the selection process by making sure everyone helping you make a decision understands the difference between each senior living option. Here are simple definitions to share for some of the senior living options you and your loved ones may be considering:
RetirementCommunities: A housing option where community residence is specifically for people in a retirement age range and may include single-family homes, condos, townhomes or apartments modified for older adults needs.
Continuing-Care Retirement Communities: A campus-like community that offers different levels of care like independent living housing, assisted living, and skilled nursing care in one location.
Skilled Nursing: A facility that provides a wide range of health and personal care services that typically includes medical and nursing care, social and mental health care, and rehabilitation services.
Respite Care: An assisted living or skilled nursing facility that caters to short-term medical care for older adults and others recovering from surgery or a serious illness.
AssistedLiving: A housing option that provides support for Activities of Daily Living that typically includes transportation, meals or meal preparation, housekeeping, laundry, recreational and exercise activities. In some cases, these communities will help with care tasks like bathing, washing hair, or dressing if they become harder for a resident to do on their own.
Memory Care Facilities: A skilled nursing or assisted living community with larger staff that offers more supervision and security features designed specifically for people living with memory impairment.
Compare Your Options
Once you have a firm understanding of your options, asking the right questions can help you make an informed thoughtful decision. Use the questions below to help pinpoint what senior living option will be a good fit.
Do I have health conditions that require extensive care or minimal care?
If you or your family member has health complications that require a specific care plan or accessibility accommodations, it is important to factor this into your senior living selection process. This could be something as simple as moving to a space with a simpler layout or a wheelchair friendly entrance. Remember it’s better to understand what you need to make a decision you will enjoy.
Do I still have the ability to drive or would I prefer transportation is provided?
Driving is often associated with independence for some seniors. If you have physical limitations or take medications that make it unsafe or uncomfortable to drive, you will want to consider how that makes an impact on where you decide to live. Depending on the option you choose you will want to know the proximity to the grocery store, family members and friends, a community’s walkability, and transportation options.
Which option is the best choice for my social life?
Social interaction has been associated with health benefits like a sharper memory, increased physical and emotional health, and longevity for older adults. An integral part of quality of life is maintaining connections to those you love as well as maintaining friendships. As we age, it is easy to feel disconnected or out of touch. Strong social connections and interactions with family, neighbors, or other people you see regularly can help you or a loved one maintain quality of life while aging.
Which option best fits into my financial plan and will accommodate future changes to my health?
Being realistic about your finances and creating a budget is a great step towards planning long-term care for your future. In many cases, budgets and savings have a limit for what is covered. It is important to include the possibility of being a resident in more than one senior living facility in your healthy aging plan. Making solid financial plans or creating a new financial plan could help you decide which move is the right decision for you now and how to prepare financially for health changes that may occur in the future. The National Institute on aging has detailed information on covering the costs of long-term care, you can read about here.
Consider Hiring a Move Manager
Moving can be both a physical and psychological process. From furniture pieces and photos that hold memories, to deciding what to purge, to the labor it takes to move each item, a plan can help simplify the moving process for anyone. Once you’ve decided on the right senior living option, it may be helpful to get expertise from an expert that specializes in late-life moves. Caring Transitions has Certified Relocation & Transition Specialist with specialty training in move management, senior relocation and senior transition services ready to help you.
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