It is no surprise Maine has one of the oldest population demographics in the country. It is also no surprise that Maine ranks 8th among condo buyers aged 55 and older. This generation of boomers has been downsizing after retirement from the big single-family house and moving to condominium communities to be closer to friends and family, accounting for more than 25% of the condo buyers’ market.
Lately I have been seeing a higher percentage of seniors (55 +) or retirement communities seeking reserve fund studies or other engineering services resulting in my taking more interest in this sector of Maine’s residential housing market. Of course I am not the only one. This retiring wave of boomers has fascinated actuaries, economists, housing planners for years.
Recently I attended a Portland seminar focusing on the greying of Maine sponsored by the Maine Real Estate and Development Association (MEREDA). What attracted me to this presentation was that the panel of experts assembled was not just a gathering of academic or social science professionals but rather it comprised a mix of Maine’s most successful condominium, retirement community, and assisted living facility developers.
This meant the audience would consist of principals and decisions makers of Maine’s real estate industry including developers, property managers, lawyers, architects, engineers, bankers, and other leaders in housing our future population. I expected the meeting to not only be informative but also have a lively question and answer session. I was not disappointed, and I wanted to share the issues discussed.
One of the speakers on the panel was a noted developer of both affordable and high-end condominium complexes including retirement communities and assisted living facilities. His most recent project has 400 units in Maine’s first active-seniors condominium community with a golf course and 230-acre nature preserve.
He spoke about the evolving needs of Maine condominium unit owners over the years. He also discussed the changing market conditions and the attractiveness of Maine as a retirement destination. Though Florida, Arizona, and North Carolina are still sought-after by folks planning on retiring, these states are losing their cultural luster as they have become over-built and are showing higher risks due to climate change factors and rising insurance rates.
Boomers remember their idyllic summers on Maine’s seacoast or on wooded trails near pristine lakes and ponds. They are coming back. Recent statistics suggest the current populations in Maine’s major retirement communities contain up to 50% out of state retirees and 50% of people that have lived less than 30 years in Maine.
But today’s aging boomers are not their parents’ retirees. Boomers have always been demanding and will not change in their golden years. They want their healthy and active lifestyle to continue. They expect not only complete maintenance free living but the amenities they have come to expect such as cafes, pubs, pools, exercise facilities, conservations areas, trails, golf, etc. They do not often fully express the need for a continuum of care, but they strongly value it.
Boomers do not want a cookie-cutter condo unit. The past triplex and even duplex design layouts are less desirable with more interest in stand-alone cottages or at least the sense of a single-family home. They want larger living areas with finished basements and even second floors with the ability to customize with high-end finishes and all the bells and whistles they take for granted. Units are to have tall ceilings with many windows yet still be very energy efficient. Boomers may have contributed to our energy woes, but they want to make up for it now as they are turning more green than grey.
Speaking of the assisted living elements of condominium complexes or stand-alone facilities, members of the panel discussed their collective experiences over the last 25 years in the long-term care industry. It was recognized the primary reluctance of boomers to occupy assisted living facilities was the desire of seniors to remain in their own home as long as possible.
Future retirement condominium communities will recognize this need of seniors to be as independent as possible. The community must provide soft support services in the home to do this. Once boomers settle into a community, they will want to avoid any future moves. They will want their spouse’s future care assured. They want to avoid a nursing home and are willing to assume the risks of their decisions.
Not all will be able to afford what they want. Future options will include higher-density independent living, multi-unit buildings designed to give a sense of single-family living and privacy.
Written by Jack Carr, P.E., R.S., LEED-AP, Senior Consultant Criterium Engineers
Published in Condo Media