Empty nesters seek new, functional, custom homes

When baby boomers’ nests empty, they look for a dramatically different kind of nest – a shift noted by home builders and developers.

Some baby boomers are being pragmatic – looking for a home that will serve their needs until the golden years – while others opting for dazzle, a high-style dwelling with cutting-edge architecture.

All varieties of need are being filled by developers. Whether it is a town house in cohousing development or a dream home – developers are reaping revenue from this large and often affluent segment of the population.

Larry Parrish, owner of Parrish Construction in Boulder, has seen the baby boomers go in several directions with one thought in mind – the future. Consumers are buying both larger and smaller homes and are doing so with an eye on practicality.

“One trend has been for people to think about what amenities they want if this is going to be their last home,” Parrish said. “For example, if they want an addition, they make the plans now. Some are adding elevators to their plans, not that they need it now, but they’re looking ahead.”

With their children out of the house and retirement on the not-so-distant horizon, many baby boomers have more financial flexibility then they’ve had in the past.

Consumers are embracing design features once perhaps out of their price range and are coming to home builders with precise ideas of what they want.

“They really want quality and they are really up on all the new fixtures and flooring materials that are cutting edge,´ said Nancy Haney, the subdivision sales manager of the Dakota Ridge Village, a Markel Homes Inc. project in North Boulder. “It makes my job harder, but it makes my job more interesting and challenging, rather than doing the same stuff.”

Haney has been with Markel Homes for 23 years and has noticed that this generation is one of the most affluent she has seen.

“They are buying more now than ever. When they are buying is dependant upon their lifestyle,” Haney said. “If they are going to be traveling extensively, they’ll buy a town house that could actually cost more than a single family home.”

Many baby boomers are approaching the home building market with an “I’m due” attitude. After a lifetime of working and providing for their families, many consumers are spending money on themselves.

Richard Sands, owner of Boulder-based Hammerwell Inc., has seen a definite increase in business from baby boomers. Many sell their traditional family homes and look for something different and modern.

“I think they are willing to be more adventuresome. They come in with very specific ideas and quite often they come up with homes that are quite different from the ones they’ve lived in for years,” Sands said.
He notes this age group is not looking for a financial investment as are younger consumers buying single-family homes. Baby boomers are, “getting the things they’ve always wanted.”

One of the newest trends is the emergence of cohousing developments geared to senior citizens. One of the few such projects in the U.S. is Silver Sage Community, in Boulder, a Wonderland Homes Inc. project.

Cohousing is an idea brought over from Denmark that offers an alternative to the typical senior development. In theory, it is a development that lets the resident build the kind of community he or she wants to live in.

Annie Russell, marketer and community builder for the Silver Sage Community, said more baby boomers are interested in this housing because it offers an alternative to the traditional neighborhood.

“The people we are dealing with are the ones who want something different. I’m sure there are people out there that are making more traditional choices, but our company is more nontraditional to start with,” Russell said. “We run into the people that want something different than some of the institutional options like assisted living.”

As with other developments, cohousing communities allow consumers to plan for the future with proper amenities. Russell’s company offers safety features such as one-level living and wider doorways.

“What we’re finding is that people in their 50s and 60s are thinking about what they want to do,” Russell said. “We build the physical container that holds that idea, and we also provide some of the resources that they are looking for.”

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