Developments limited to buyers who are 55 and older are becoming a hard sell in many parts of the country because baby boomers and those who are older arenâ€™t able to sell their current homes and, therefore, arenâ€™t moving.
Many developers built over-55 housing in the Boston area, not only because the potential market was large, but also because municipalities were more likely to approve adults-only properties than they were housing for families, who bring with them a demand for costly public education.
Now Boston-area developers are going back to municipal governments seeking approval to market more broadly than just the over-55s. In some areas these requests have been vigorously opposed. In other areas, the fact that most of the units are only two bedrooms reassures governments that large families are unlikely to move in.
John Barbadoro, owner of Littleton, Mass.-based Apple Valley Homes Inc., says some communities are better places to sell senior housing than others. Developers who try to sell over-55 housing in areas with high tax rates really struggle.
Courtesy of Matt Gunderson of the Boston Globe