Real Sage Advice

Senior Housing Wish List-What do Boomers Want?

Open a paper, turn on the TV, or while you're surfing the internet you'll see an article about real estate. Everyone has a prediction about when the real estate market will turn around and no one seems to agree. Let me introduce you to my simple math: In areas of Minneapolis and St. Paul we have about 11 months of inventory on the market. I suspect it will take at least 8 months before we start to see home prices begin normal appreciation (3-7% per year) again.

This conversation bores me. It's like hearing the same song on the radio over and over again. It's much more interesting to talk about what will happen to the housing inventory with the demand baby boomers will place on the market. Perhaps I think this conversation is so much more interesting because there isn't really anyone talking about it. It's a good thing I don't mind talking to myself!

The real estate market today is the result of a number of historical events that developed into the perfect storm. I'm starting to wonder if there is something parallel happening with the senior housing industry. There is a widening gap between what my baby boomer clients say they want, and what is available on the market.

Disclaimer: My observations about baby boomers are in no way meant to apply to the entire baby boomer cohort. These are my observations of working with elder clients and their adult children with their housing needs. Perhaps the clients I work with are the exception (they are exceptional) to the large scale, expensive market research studies the senior housing industry has conducted. Whether my clients are the exception or representative of a larger segment of boomers there is a segment of boomers clamering for something "different" than what the senior housing builders are providing.

Nursing Homes-We don't want you, but we need you
We all dream of a day nursing homes disappear. The paradoxical truth will remain that as medicine advances and keeps us alive longer, we will outlive the capabilities of our bodies, and many of us will need 24 hour nursing care. While it may look much less institutional than today, they will still exist in one form or another.

I don't want to live with old people
Baby boomers are saying they aren't too keen on age-segregated housing. Yet, I look around at the new construction of the large senior housing companies and they are flooding the market with 55+ housing and assisted living communities with more amenities that a gold crown resort.

I don't want to be put out to pasture
Baby boomers want to stay viable and active in their communities. They have a second half of life filled with new opportunities that won't center around shuffle-board. If baby boomers continue to live full active busy lives, will they have time to use the indoor putting green, wave pool and party room in the age segregated housing they don't want to live in?

I want to live in "MY" community
If builders can figure out a way to package and sell a community instead of a brick and mortar senior housing structure bloated with amentities boomers won't use, they'll make a mint!

We are already seeing the first grass-root efforts to define age friendly communities. In Minnesota, St. Louis Park has the Naturally Occurring Retirement Communities (NORCs), and Monterey is the first co-housing community in the Twin Cities and there are others underway.

I'm just a real estate agent who specializes in helping elders with senior housing options. I'm not an economist. But I'd like to know...what will happen with all of the new assisted living structures that are being built, if boomers don't want to live in them?

Other Articles:

Real Estate Investors, Give Those Baby Boomers What They Want

5 Pitfalls of Looking for Elder Care and Senior Housing on the Internet

Senior Condominium vs. Senior Cooperative, What's the Difference?

Seniors Stay at Home with NORCs

Inspiration from a rich guy

I'm a senior real estate specialist who works with seniors and their families when it's time to make a move. This means I am also a real estate agent. My real estate license is held by a Minnesota broker who belongs to one of the largest real estate companies in America- Home Services. Home Services is owned by Warren Buffet.   

About one time per quarter we are able to see some of the memos circulated by Warren himself, and it seems, he is quite a quotable character. His quotes can be applied to business as much as they can be attributed to life.  Here are some of my favorites:

Chains of habit are too light to be felt until they are too heavy to be broken.

In the business world, the rear-view mirror is always clearer than the windshield.

There seems to be some perverse human characteristic that likes to make easy things difficult.

You only have to do a very few things right in your life so long as you don't do too many things wrong.

Life's Rules

1. Give people more than they expect and do it cheerfully.
2. Memorize your favorite poem.
3. Don't believe all you hear, spend all you have or sleep all you want.
4. When you say "I love you," mean it.
5. When you say "I'm sorry," look the person in the eye.
6. Be engaged at least six months before you get married.
7. Believe in love at first sight.
8. Never laugh at anyone's dreams.
9. Love deeply and passionately. You might get hurt but it's the only way to live life completely.
10. In disagreements, fight fairly. No name calling.
11. Don't judge people by their relatives.
12. Talk slow but think quick.
13. When someone asks you a question you don't want to answer, smile and ask, "Why do you want to know?"
14. Remember that great love and great achievements involve great risk.
15. Call your mom.
16. Say "Bless you," when you hear someone sneeze.
17. When you lose, don't lose the lesson.
18. Remember the three R's: Respect for self, Respect for others, Responsibility for all your actions.
19. Don't let a little dispute injure a great friendship.
20. When you realize you've made a mistake, take immediate steps to correct it.
21. Smile when picking up the phone, the caller will hear it in your voice.
22. Marry a man/woman you love to talk to. As you get older, his/her conversational skills will e as important as any other.
23. Spend some time alone.
24. Open your arms to change, but don't let go of your values.
25. Remember that silence is sometimes the best answer.
26. Read more books and watch less TV.
27. Live a good, honorable life. Then when you get older and think back, you'll get to enjoy it a second time.
28. Trust in God, but lock your car.
29. A loving atmosphere in your home is so important. Do all you can to create a tranquil harmonious home.
30. In disagreements with loved ones, deal with the current situation. Don't bring up the past.
31. Read between the lines.
32. Share you knowledge, it's a way to achieve immortality.
33. Be gentle with the earth.
34. Pray--there's immeasurable power in it.
35. Never interrupt when you're being flattered.
36. Mind your own business.
37. Don't trust a man/woman who doesn't close his/her eyes when you kiss him/her.
38. Once a year, go someplace you've never been before.
39. If you make a lot of money, put it to use helping others while you're living. That is wealth's greatest satisfaction.
40. Remember that not getting what you want is sometimes a stroke of luck.
41. Learn the rules then break some.
42. Remember that the best relationship is one where your love for each other is greater than your need for each other.
43. Judge your success by what you had to give up in order to get it.
44. Remember that your character is your destiny.
45. Approach love and cooking with reckless abandon.

Source: Dalai Lama Thoughts

What would you add?

Saturday Word Search

What kinds of pets do you have? Here's a word search dedicated to you pet owners!

Life After Retirement

Take a look around the internet and you'll see article after countless article about baby boomers and retirement. What will our generation decide to do with the "second half of life" that many of our parents didn't have? What kinds of things will we do to stay vital?

Second Journey's newsletter Itineraries offers some compelling thoughts on the topic of baby boomers and retirement. Jan Hively, founder of the Vital Aging Network in Minnesota is the guest editor.

My Favorite Blog Articles From the Weekend

Sometimes when I sit down to create a post for this blog I have "blank page syndrome."  I sit and stare at the "Create a new post window" and wonder what else I'd like to say about seniors, aging issues and senior housing. This morning is one of those mornings. I've been out in the bone chilling 30 below cold showing homes all weekend. I believe my brain is suffering from frost-bite. So after sitting here staring at the blank screen for what seems like hours, I turned to the blogs in my blog feeder for inspiration. There are over 100 blogs I read about baby boomers, aging, caretaking, senior housing, real estate, and technology. This morning I found some really good articles that were posted over the weekend. My favorite articles are almost always the ones geared toward the consumer:

• Exposed! How to beat these companies at their own game.-Rhea at The Boomer Chronicles
• The Sharks Have Found Reverse Mortgages-Larry Cragun Real Estate Undressed
• A Lesson in Reading Carefully - Maria The Silver Fox Whispers

Make the Most of your Monday, and stay warm!

An angel wrote...

Time out for a little Sunday poem. A big thank you to Karen for sending it in.

An angel wrote:

Many people will walk in and out of your life, but only true friends will leave footprints in your heart.

To handle yourself, use your head;
To handle others, use your heart.

Anger is only one letter short of danger.

If someone betrays you once, it's his fault;
if he betrays you twice, it's your fault.

Great minds discuss ideas;
Average minds discuss events;
Small minds discuss people.

God gives every bird it's food,
But He does not throw it into it's nest.

He who loses money, loses much;
He who loses a friend, loses more;
He who loses faith, loses all.

Beautiful young people are acts of nature,
But beautiful old people are works of art.

Learn from the mistakes of others.
You can't live long enough to make them all yourself.

The tongue weighs practically nothing,
But so few people can hold it.

Author unknown

Kitchen Cross Word Puzzle

Compared to the warmer months, I spend a lot of time in the kitchen during the winter. Here's a crossword puzzle with kitchen words.

Enjoy, and stay warm!

5 Pitfalls of Looking for Elder Care and Senior Housing on the Internet

There is a ton of really great information on the Internet about senior housing and senior services. There's also a lot of questionable advice. Be a savvy senior services consumer and avoid these pitfalls:

1. Beware the 1-800 number on Senior Housing Guide websites - If there are 1 or 2 listings and a 1-800 number for you to call be cautious. Ask yourself why someone would go to the trouble to post a website with only a small amount of information and offer a phone number for you to call.  They are likely going to take your information and try to sell you beach front property in Arizona, or it's a lead generation company.

2. Don't "register" on Senior Housing Directory websites - The beauty of the Internet is being able to shop and gather information anonymously without the unpleasant babbling of some smarmy salesperson. You should expect to be able to search senior housing without giving out your name and email. You should not have to "register" to be able to search senior housing, only to be contacted by someone before you're ready.  You should also expect to find contact information for a human. If you would like some help, and want to talk with a human instead of fish around on the Internet for specific information.

3.  Don't believe it just because it's in writing - Because it's on the Internet, doesn't mean it's so. Is there an "about us" page where you can get some background on who is providing the information? Are you getting the information from an expert or a ghost writer?

4. Don't assume all the rules about senior housing apply to the state you live in - You've heard that real estate is all about location location location. The same is true about the senior housing industry and the continuum of services available. Have an understanding of "where" the information you're looking at originated from.

5. Don't go it alone. Enlist the assistance of a local professional. We navigate the senior services maze everyday and can provide you with a compass for your own journey.

Related Blog Posts

• 10 Things Your Assisted Living Facility Won't Tell You
• There's Something Wrong With the Senior Housing Industry
• Develop Your Move Plan...Even if You're Not Moving Yet

Use caution if you're searching for senior resources on the internet

For Baby Boomers, Google and Yahoo have- for the most part- replaced the yellow pages. When looking for information, adult children are very likely to turn to the Internet for information. I've written about the dangers of getting your information from the wrong source on the Internet. Well there's another consumer awareness tidbit I thought you should know about. There are lead generation companies trolling for your information to sell, and you would likely never know it.

In the real estate industry, those are companies like Home Gain and Lending Tree (I just know I'm going to get some email for naming names). They gather information about consumers who are buying or selling houses, and sell those names to REALTORS. I appreciate that these enterprising companies are simply taking advantage of the free market. After all they wouldn't exist if REALTORs didn't pay them. This REALTOR has never paid for names of people. I'll fold up shop before I ever do.

With baby boomers getting older, the lead generation companies are seeing green and getting into the act of capturing your information to sell to senior housing communities. The senior housing communities are not to blame. The tough real estate market has made it difficult for them, and with economic pressures pushing prices up and rents down, they're in a tough spot. So when they get the phone call saying "I have the name of someone who wants to move in," they jump at the chance.

Though this might seem like a simple harmless transaction, the consumer gets the short end of the stick.

First, your information is bought and sold like a commodity. What about privacy, or at least perceived privacy? Shouldn't you have the opportunity to decide who gets your information?

Second, your name was given to a senior community because they paid for it. That doesn't mean it's the best fit for you or your parents. I know this can be a stressful time, but I promise-your stress is only going to increase if you don't do your homework. Just like I suggest interviewing three real estate agents, visit at least three senior housing communities.

The best way to protect yourself and your aging parents? Ask questions.

Related Blog Posts

• 50 Questions for Seniors to Ask Before They Move
• Types of Senior Housing in Minnesota
• Shop for the Right Senior Housing