Arguably the most well traveled generation in American history, Baby Boomers, used to the new and different weren’t content with the same old, same old. They helped propel the niche economy, facilitated by technology. We’ve seen everything from special interest cruises and tours to dating sites and ever more niche culinary sensations which we’ve written about over the years. It’s no surprise, then, that in their retirement, boomers are looking for senior-oriented communities to pursue their special interests with the like minded and to be more active in body, mind and soul. And their numbers and healthy assets are propelling a growth in this newest niche.
True, some sports oriented communities like golf and polo have been around for decades. The differences now are that interests are a function of everything from sexual orientation to a wide range of passions and hobbies. Think LGBT focused communities and university based enclaves where residents take classes and have access to skilled nursing care. Others are devoted to the arts such as the NoHo Senior artists Colony apartments in North Hollywood, California with classes in collage construction, creative dance and screenwriting. Probably one of the most unusual is Escapees Care Center in Livingston, Texas, for those with an interest in recreational vehicles and onsite medical treatment.
But don’t think these come cheap. At one multi generational community called NewBridge on the Charles entrance fee for independent living apartments range from $600,000 to $1.3 million besides monthly expenses. The fee is 90 percent refundable but it’s still a major outlay and isn’t risk free.
With the market potential in numbers and price tag, it’s a sure bet to conclude these kind of communities will grow. What’s the next niche?
In an article in the New York Times, Max Greenberg, a senior living adviser and senior real estate specialist in Palo Alto, California predicts we’ll see ones run by large national fraternities and sororities “allowing seniors to once again experience the partying, socialization and spirit of frat life they had in collage. I wouldn’t be surprised to see a Grateful Dead oriented community sprout up in the Bay Area, “he concluded.