4 Ways Baby Boomers are leading the Pasadena luxury real estate market
Baby boomers aren’t just one demographic making moves in the Pasadena luxury real estate market. They are a veritable force, making their own rules, showing their might, and forcing builders and developers to take notice.
Moving to new, and perhaps unexpected areas
The days of Florida migration among the retirement crowd aren’t exactly over, but other areas have risen up as popular options. Think urban areas, close to family and offering easy access to amenities. Areas like Old Town Pasadena.
“The population of persons 60 years old and older is one of the fastest growing demographics in the state and city,” said Colorado Boulevard in their look at Pasadena retirement. “According to the City of Pasadena’s 2014 release of their ‘Status of Seniors’ report, between 1950 and the year 2000, the number of older adults in California grew from 1.6 million to 4.7 million. By 2050, it is projected that the population of adults over 60 will grow to 13.9 million,” with many of those baby boomers looking to move to Pasadena or move down from their large estate to a high-end townhome in the city.
Builders developing product to meet buyer demand
Baby boomers are increasingly looking to downsize—but that “move down” refers only to square footage and acreage. This buyer group wants to maintain a luxury profile; many current Pasadena, La Canada, and San Marino residents are looking to trade in their large estates for more low-maintenance—yet high-style—Pasadena luxury real estate. This has prompted builders like etco HOMES to create luxury townhomes like Villas at The Ambassador Gardens that perfectly suit these buyers.
“We’ve actually known for a while that older adults in general want walkable neighborhoods,” said A Place for Mom. “Portland State University and the National Association of Realtors showed that 30% of baby boomers find a car-optional community very important. The AARP found that 60% of Americans 50 and older want to live within a mile of daily goods and services.”
Villas at The Ambassador Gardens puts owners in Pasadena’s sweet spot, walkable to all of the city’s best restaurants, shops, events, and cultural outlets. And with four-car garages in each unit, there’s no need to get rid of your car collection—even if you don’t need to drive on a daily basis—when buying this Pasadena luxury real estate.
Remodeling is another huge trend among baby boomers; many are looking to do extensive renovations and make aging-in-place modifications to their home to better prepare it for retirement; this desire is pushing remodeling spends across the country.
“Increasing home equity and confidence in the U.S. housing market helped lift remodeling spend significantly over the past year, with another boost expected in the coming year,” said Pacific Union. The “average home-renovation spending increased to $5,157 in the past 12 months, a 60 percent gain from the previous 12 months, they reported using data from HomeAdvisor’s annual True Cost Survey. “Baby boomers are completing the most home-improvement projects of any generation and are also spending the most money. Many baby boomers are making home improvements so that they can age in place, according to a separate poll from the National Association of Home Builders.”
But, many baby boomers are also eschewing this trend, opting to put their money into Pasadena luxury real estate in the way of a brand new home instead of spending hundreds of thousands of dollars trying to force fit their existing residence to suit their future needs. Communities like Villas are perfectly suited for retirees and pre-retirees because they offer turnkey luxury residences with every spectacular high-end feature baby boomers are seeking.
Villas offers grand three and four-bedroom, 2,904- to 3,717-square-foot-townhomes brimming with designer style and sumptuous finishes, including gourmet kitchens, plush great rooms, formal dining rooms, private outdoor space accessed via bi-fold doors, and private, in-unit elevators. Villas’ location makes the offering even more idyllic, with the noted convenience and walkability juxtaposed against Ambassador Gardens’ historic, century-old grounds, comprised of acres of rolling lawns, meandering walkways, towering trees, lush gardens, and bubbling fountains and streams.