Best Bets for Boomers

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Today’s Washington Post Real Estate section had two articles inspired by The National Association of Homebuilders’ annual conference in Orlando. The first, Two Houses, Two Visions by Kirstin Downey and Ken Harney’s column The Nation’s Housing: Boomers’ Choices May Prove Surprising.

As a boomer with thoughts about downsizing, and as a real estate broker with downsizing clients, Harney’s column especially caught my eye. He sites a study by a consulting group, ProMatura Group, and as I read about their findings, I thought to myself, “Wow! They totally have my demographic down!”

They have a wish list that includes a great site plan with proximity to fresh water (lakes and rivers instead of oceans or gulfs), green space that doesn’t involve golf (give me bike paths any day) fitness centers, opportunities for easy social interaction, fine dining, and high end finishes.

There is one finding that the new construction guys may be misinterpreting. Yes, downsizers are willing to live in less space than the 5-bedroom house where they raised their children. But a lot of the options are 2-bedroom apartments crammed into 1000 or so square feet, and that is way too small for most people coming from houses, even if we’ve adopted a Zen minimalist approach to “stuff”.

But there is a biggie that is at the top of my list and that of every downsizing boomer I’ve worked with – proximity to a college or university. While I think we all want to keep ourselves physically fit, we also want to keep learning, and there are many universities that offer free or massively reduced tuition to retirees.

This study was conducted to give guidance to builders and developers who are working to create new housing to appeal to this market. But it occurs to me that, in Washington, the trusty old Watergate would be perfect! The units are spacious and many have been beautifully renovated, it overlooks the Potomac, it has a great gym and indoor pool, and it is steps to the campus of George Washington University. While the coop fees are high enough that they should include dog walking and groceries, the Watergate has historically offered wonderful opportunities for social interaction.

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