Thursday, December 13, 2018

Baby boomers buy high-end CCRC condos with large entry fees not considered as part of the "real estate"



Scott James has a “Square Feet” article on p B6 of the New York Times on Wednesday, December 12, 2018, “Retirement Enclaves with 5-Star Amenities”, and the tag-line “Aging baby boomers create a surge in luxury communities that offer a range of heath care”.  Online the title is “Boomers create a surge in luxury care communities”. 

The article starts out by describing a property in the Napa Valley area (maybe exposed to wildfires?) before going to north Dallas.  What struck me as odd was that these were condominiums with entry fees on top (not part of the valuation of the apartment) which provided a deposit on future assisted living needs.

And some of them, even in Dallas, were outrageously expensive.  But the apartments tended to have large square-footages, compared to typical assisted living apartments for rental, as owned by chains. 
  
In the DC area (northern Virginia) a similar property in Goodwin House (two properties) which I have covered here before as CCRC’s.  But I believe those are rentals. 
  
A few of these properties, especially in New York and in California, have an outreach to LGBTQ persons. 
    
Picture: Near Lemon Ave and US 175 in Dallas. 

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