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Friday, January 16, 2009

Recession take its toll on senior living communities

Like all other parts of the housing industry the UK’s retirement villages must be feeling the heat. I am not sure if it just making them warm of about to catch fire. Kelly Kilpatrick writes about this industry in the US so I thought it would be interesting if she told us how retirement housing (senior communities) are faring in America. This is what Kelly had to say. If you have any questions you can contact Kelly at kellykilpatrick24 at gmail dot com


As the recession continues to affect people of all ages, seniors are being hit hard at the wrong time in life. Many people who had thought they were solidly vested in companies saw millions of dollars slip through their fingers in a few short months. Put that in with the constantly fluctuating gas prices, impending doom on various geopolitical fronts, and you have one scared group of consumers.

People who are still fortunate enough to have the resources to retire comfortably will have some serious decisions to make in the coming months.

Over the last couple of decades, senior communities have grown exponentially across the United States. Many are owned and managed by large, reputable firms that cater to the most discerning of seniors. Many facilities offer onsite golf courses, condos, homes, health care, workout facilities—you name it.

However, with budgets tight and the prospect of moving from the homestead into uncharted waters is likely to leave seniors holding out for evidence of some upcoming respite before getting rid of any more assets. Often, seniors simply sell their homes and move to a new area to enjoy their retirement years.

With the housing market diving way down and the uncertainty of the future becoming more evident as the days pass, it’s looking like senior communities may end up taking a big hit in the coming months. For those seniors who have been fortunate enough to come out fairly unscathed, checking into a community owned by a large corporation may also seem like a bad idea, if recent events are any indicator.

On the other hand, there are many who might think it is a wise move to by into one of these communities while it’s still a buyer’s market. After all, more and more Baby Boomers are retiring each year, so these communities to stand to see some explosive growth in the coming years if the economy can just get turned around.

As it stands, people seem to be staying in their safety zone—at least for the time being. With the changing of the guard coming up and new policies and procedures going into effect, we can really only wait with bated breath to see what comes next.

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