Senior Living with Vintage Housing

If you are 62 or older and looking for comfortable, carefree, and affordable housing, Vintage Housing apartment communities could be your answer. Designed especially for older adults with limited resources, Vintage Housing communities foster independence, socialization and the ability to age in place.

Senior Citizen Housing: A Growing Trend in the Society

Everyone approaches aging differently. For senior citizens, emotions differ from individual to individual. Some consider the retirement days as the best days of their lives whereas some feel insecure about their future. At this age, senior citizen housing is an ideal residential care option for the elderly who feel alone and insecure about their future life. As revealed by the recent study, senior independent living is the top choice of most seniors as it allows them to be independent and at the same time relieve the burden of staying alone and managing the daily chores. It has been found that many seniors are technology freaks and want it to be part of their old age. This new need has resulted in the formation of unique senior living facilities which offer state-of-the-art systems for the computer savvy senior people.

Some who have just left the job would like to spend the rest of their lives around computers because they are accustomed to such a lifestyle. Senior citizen housing is provides an environment where elderly people can live with their peers and can take part in a variety of activities. This kind of housing facility ranges from single family homes to large apartment-style living facilities. The senior housing facility can be categorized into three basic types including independent living, assisted living and nursing home care. The choice can be highly personal depending upon the lifestyle and the health condition of the senior citizen. For healthy seniors who want their own space and freedom, senior independent living is an ideal residential option.

In the last 2 decades, the arena of senior housing has expanded, with multiple options available for the senior citizens. While selecting senior living facilities, it is essential to ask several questions to yourself including those pertaining to personal care, medical care, privacy, temporary or long term care and the cost. In case of senior independent living, the houses or apartments are well equipped with kitchens and a central dining area. However, the laundry services are available on a special request. Some of the activities which can be enjoyed in senior citizen housing include recreational, educational and social events, along with health and exercise programs, religious services, golf courses and clubhouses.

Certain complexities are attached to some types of senior citizen housing. Therefore, in some instances it is better to seek a professional advisor so the right kind of facility is chosen for the rest of the life. If the elderly person is unhealthy it may be wise to seek the advice of a doctor. According to a recent survey, certain trends have been found that reveals that independence, technology, health, environment and education will keep the members of senior independent living communities occupied, challenged and productive for years to come. In the case of independent living, no assistance is provided to the senior citizens as it offers maximum freedom to the elderly people. The senior living facilities are known by several names like senior apartments, senior housing, retirement homes, retirement communities and independent living communities. Regardless of the type of independent living you choose, it is important to keep certain considerations in mind.

Affordable and happy housing for aging population

Growing old is a natural phenomenon. However, the problems associated with it are inevitable. It is at this stage of life when one needs healthcare, housing and financial care of the best kind. These issues, as well as additional factors involving family resources and ability to provide proper care, have precipitated the concept of senior citizen apartments. With an increasing aging population, the need for affordable and specially designed homes is felt. Diseases are common with old age and one such disease is Alzheimer’s, which can strike anyone. For all those suffering from a problem of memory loss, specialized Alzheimer’s living caters to the needs of people with memory impairments.

While choosing the best Alzheimer’s living for your loved ones, you should take care of certain things including a structured routine for the Alzheimer’s residents, compassionate staff, comfortable and safe surroundings, outdoor activities like walks and methods to control wandering. Apart from diseases, another phase that comes in every individual’s life is the retirement phase. This is considered as the most difficult time especially when you are all alone. An active retirement life is what today’s senior citizens want and for that it is essential to look for the best retirement communities which offer access to various facilities like swimming pools, boating, club houses, art and craft and golf courses. These retirement communities also provide proper healthcare facilities to the residents as long as they live.

Finding the right senior citizen apartments is important for anyone who plans to shift to these facilities. Make sure that the apartment is based on the unique requirements of the individuals which may include the location, physical limitations, quality of life and activities. For those suffering from Alzheimer’s, it is important to conduct a careful research for the best home before selecting any Alzheimer’s living community. The best retirement communities offer various interesting activities like billiards, tennis, fishing, horse riding and others. Even in old age, people deserve to live with dignity, and for those who do not have families a senior citizen community is like a home away from home.

Quality of life is the most important aspect of selecting a home. People above the age of 60 should go and live in these special apartments because the lifestyle here is easily adaptable. The loving and caring family environment can result in good health for the senior citizens. For those who want to be independent, there are senior citizen apartments where they are allowed to cook their own food and do other daily chores. Since these apartments are affordable more and more senior citizens love to spend the remaining years of their lives here. Choosing a retirement community is a great option for the people who are already retired and want to spend rest of their life in happiness and peace. While staying in these apartments or the communities, senior citizens or retired people can retain their independence while relieving the burden of having to fend for themselves.

Difficulties Facing the Senior Housing Market

The Industry Today

 

 

The seniors’ housing market has become soft, the gap between buyer and seller expectations has grown wider making it hard to get deals done, valuations have contracted and will be driven by fundamentals instead of by cheap capital, cap rates are rising, the debt markets have become very conservative, and some lenders have been changing their terms or just getting cold feet. These factors combined or separately, are impacting participants on both sides of the table.

 

 

Proceed with Caution

 

The troubles in the subprime mortgage sector have sparked concerns about credit quality. However, some industry professionals are saying that the changing climate is not necessarily a bad thing. The seniors’ housing market was getting far too overheated, with easy money spiking up the price of assets and lenders going higher and higher up the risk spectrum in order to put their dollars into play. A fast adjustment was needed. This meant that on the debt side, borrowers could forget about high loan to values and lengthy interest-only periods. The capital has become more expensive and harder to come by. As a result, an increasing number of deals are being re-priced or scrapped altogether. So what does it all mean? According to Real Estate Forum, it really depends on who you talk to. Some in the business are holding on tight in hopes of weathering the storm while others are looking closely at the potential for profit. But there is one thing that everyone seems to agree on – it won’t be a smooth ride. The economy is showing signs of weakness, oil is approaching $100 a barrel, the housing market is in a slump, Wall Street bonuses were lower this year, job growth is tapering off and consumer confidence continues to decline. It means that it’s too early to tell just how wide and deep the impact will be.

Financing – A Return to Normal Conditions

 

Spillover from the sub prime mess has pushed conduit lenders to the sidelines, causing a temporary slowdown in velocity. Commercial banks, credit unions, life insurance companies and agencies have stepped in, and senior’s housing investment activity is holding its own as a result. Tighter lending standards, particularly lower loan-to-value ratios, higher debt-service coverage ratios and focus on actual financials are here to stay, but should be characterized as a return to normal conditions rather than a credit crisis. More lender scrutiny and capital discipline bode well for the long-term health of the sector by limiting speculative investment and development.

New Ways are In, Old Ways are Out

As medicine and health sciences advance, seniors are, on average, healthier and more active than ever before, and their demands have evolved accordingly, according to Commercial Property News. While the implications are far reach ing, the major effect has been an overarching shift away from sterile, institutional-feeling facilities toward a more independent, amenity-rich and home-like environment. Seniors are demanding internet access, larger units, full-size kitchens are becoming standard, and apartments are starting to contain additional bedrooms, half-bathrooms and dens.

 

The Flood Begins

 

In October, the nation’s first baby boomer filed for Social Security benefits, with an estimated 78 million to follow. The number of beneficiaries will nearly double by 2040, while the work force that supports Social Security will grow by only about 16 percent.

 

New Development

 

There has been a 28% increase since last year in the total number of units under construction in the top 75 metro markets. The NIC/ASHA report indicated that Seattle (with 2,347 units) had the greatest amount of new construction started in the survey year (April ’06 through March ’07). The next four metros, in order, were Dallas, New York, Houston and Chicago.

 

Alzheimer’s

 

With more and more people living into their 80s and 90s, Alzheimer’s disease is more common today than it was 100 years ago. Estimates of its frequency vary, but it strikes one out of every 5 people between ages 75 and 84, and 42% of those over age 85, according to the Alzheimer’s Association. More than 26 million people worldwide have the disease, and a forecast says the number will more than quadruple by 2050. The biggest jump is projected for Asia, home of almost half of the current Alzheimer’s cases, or 12.6 million cases. By 2050, Asia will have 62.8 million of the world’s 106 million Alzheimer’s patients. A new study suggests that America’s Alzheimer’s toll will rise to 8.8 million by 2050 from 3.1 million today. Among estimates for other regions are: Africa, 1.3 million cases today and 6.3 million in 2050; Europe, 7.2 million and 16.5 million; Latin America and the Caribbean, 2 million and 10.8 million; and Oceania, 200,000 and 800,000.

 

What Other Experts are Saying

 

“The seniors housing and care market is going through what we believe will be a much-needed market correction. While this may be mildly painful to some in the short term, in the long term it will benefit the industry and bring more stability.” – Steve Monroe, SeniorCare Investor

“When real estate finance finally settles down after this year’s subprime turbulence, underwriting for seniors housing will seem downright bland compared with the recent past. Seniors housing cap rates are going up for now. The availability of capital has been curtailed – there’s still some debt financing available, but the extra-high leverage available through CMBS and CDO products for all types of real estate classes is over, so we’ve seen a peak in prices for a while.” – Craig S. Jones, Sr. Managing Director of RED Capital

“Today’s sellers are living in yesterday’s world and today’s buyers are afraid of overpaying if they no longer have to. When determining value in the acquisition market, 65% of the respondents to a survey said they will use trailing net operating income while 35% will use projected net operating income. Nine months ago, these percentages were probably reversed.” – Steve Monroe, SeniorCare Investor

“There are fears about the economy, but there’s not a whole lot of fear about health care demand.” – Louis W. Taylor, Managing Director at Deutsche Bank Securities

“The seniors housing industry is changing from a need-driven model to a more choice-driven model. Today’s seniors are more active and independent. They expect a lot more choices. They’re going to demand the best of all worlds.” – Steve Gilleland, Director for CapitalSource’s Healthcare Real Estate Finance Group

Average entrance age is 82, up from 78 just 10 years ago. – Larry Cohen, CEO of Capital Senior Living Corp.

“Capital is more expensive and the terms of the loans are stricter, but investors have adjusted to the new lending environment pretty quickly.” – Robert Kramer, President of NIC

“Rather than focusing on the long-term baby boomer demographics which are still many years away, the focus needs to be on customer outreach and penetration of the existing demographics. The perception of senior housing is still generally negative, viewed by many as institutional buildings where senior go to die. The challenge for the industry is to explain the product and change that perception. A strong advocate for the industry is needed.” – Dr. Peter Linneman, a keynote speaker at this year’s NIC Conference

Senior Housing – Your Ultimate Guide

Many people hold the belief that taking care of their parents, right in their own homes, is the way to go. There are circumstances, though, when even the ideal must give way to practical considerations. When your aging parents become ill and require constant medical care and supervision, or when they are recuperating from an injury/disorder but can no longer be left on their own, obtaining paid professional help can ease tremendous pressure off you (especially if you’re dealing with unceasing work demands).

Senior housing facilities operated by individuals committed to the care of the elderly have sprouted in recent years. Many of these are run by competent individuals who value their main clients – elderly who depend on them to make life as easy as possible while grappling with age-related disorders, or memory loss, or simply bouts of loneliness.

Some of the most popular senior housing options are  residential care or assisted living, which is characterized by a homelike environment and is geared towards helping residents in their daily routines; and nursing homes, which are generally replete with specialized care facilities & supplies and staffed with medical experts, nutritionists and other professionals to provide care for injured or sick seniors.

Another type of senior housing is the continuing care retirement community (CCRC), which may run the gamut from independent living facilities to assisted living or special nursing homes. When opting for a CCRC, clients will be paying for long-term care, upfront “rent” & housekeeping and meals.  A CCRC is pricey. There are payment schemes like pay-as-you-go or modified. Some seniors move in at a relatively early age to get to enjoy activities like informative lectures, bike paths, and fitness classe

Safety as Well as Style Should be Considered When Looking for Housing for Your Elderly Loved Ones. it Used to be That Senior Housing Use to be a One-s

Safety as well as style should be considered when looking for housing for your elderly loved ones. It used to be that senior housing use to be a one-size-fits-all type of housing. Now there are several types of senior housing to consider.

More About Senior Apartments
Unlike a lot of nursing homes and senior living housing, most senior apartments are privately owned. Some of them are subject to federal housing guidelines and accept only low income seniors, but most senior apartments offer apartment living and services designed specifically for independent, active seniors 55 and older. Since many of these residences are designed for active seniors, it is likely that meal service, housekeeping or medical assistance is not offered.  Since many seniors are independent, they are looking for more than just sleeping quarters in a new apartment.

Features of Modern Senior Apartments
Safety hand rails, wheel chair accessible ramps and pathways and security personnel are just some of the safeguards that are included in modern senior housing today.
Of course, safety is always the main concern when moving your parents into a new senior housing situation, but that doesn’t mean that style needs to take a backseat to efficient lighting and safety handrails.

What New Senior Apartments Offer Today
•    Modern carpet, designs and fixtures
•    Modern furniture and paint colors
•    Upscale kitchen amenities
•    Planned apartment settings, like manicured grounds, gardens, golf courses or ponds
•    Swimming pools
•    Sport courts
•    Athletic facilities

New senior apartments today shouldn’t be a place to regress; they should be a place to encourage living and embracing all that life has to offer. Depending on where the senior apartment is located, the apartments blend in well with the scenery and can be quite attractive accommodations. Often times, seniors can have their own gardens, social planners and transportation to take them wherever they wish to go.

If it is time for you to look into senior housing for your parents or perhaps you are looking for more than just an apartment yourself, look around at the wide array of modern choices that now available. After all, these are the golden years!

Consider all the Seniors Housing Options for Your Eldery Loved One

There are many different seniors housing options that you may consider if an elderly loved one has reached a point in their life where they can no longer live on their own without any assistance.  There is home healthcare if you just need someone to help with the medical needs and everyday activities of a parent or other relative, so they can stay in their home safely and comfortably.  If your elderly loved one has very specific medical needs that must be met every day, you may also consider a skilled nursing facility.  There are also senior residential communities that allow the senior to live independently, but still provide the care that they may need from time to time.

If you think that seniors housing might be the right choice for you and your loved one, you will need to think long and hard about their unique needs before making a decision.  If your loved one needs custodial care or rehabilitative care, the skilled nursing facility is probably the right way to go.  These facilities are licensed to provide physical, occupational or speech therapy, as well as specialized care for Alzheimer’s patients.  Many of the modern facilities also provide social, recreational and spiritual activities, though, so it isn’t just like living in a hospital like many people might fear.

Home healthcare might also be a good option if your budget allows.  This will allow your loved one to stay in your home or their own home even though they have medical needs that must be met every day.  Once their needs for assistance become too great to manage, however, you might have to consider moving them into a facility where they can get the help they need.  It might also be better for them to be surrounded by other seniors, especially if they live alone.   

If your loved one is in fairly good health, there are many types of seniors housing that might be more appropriate for them.  There are adult family homes, independent living communities, and continued living facilities that provide many different levels of care so they can remain there even if their medical condition changes and they need more daily assistance.  There is also subsidized senior housing where little to no services may be provided, but there is a community of people surrounding the residents who are all going through the same stages in life.

Making the Transition to Senior Housing

The moving process always causes a great deal of stress which, for seniors and their families, can be compounded by a number of complicating factors. The following are a few tips for those who are getting ready to move.

Downsize early

Often, seniors are moving into a smaller space when transitioning into a senior housing community, which means many of belongings they may have accumulated over the years won’t fit in their new home. This can create a very difficult situation when it comes time to move, as it often comes down to throwing away many items which hold sentimental value.

 Try to go through this process as early and as gradually as possible. Get the family together and go through the basement, attic or garage well before the time comes to move. Doing so will ensure that the move to senior housing goes much more smoothly.

 Check to make sure it’s a good fit

Often families overlook seemingly-smaller issues when selecting a senior housing community which can prove to be deal breakers down the road. After finding a community that is in the desired area and provides the basic care needs, continue to ask questions. Do they allow pets? Does the community offer kosher or vegetarian meals? Is smoking allowed? What are most of the other residents like? These are often-overlooked issues that should be considered before a decision is made.

 Look into getting help

Moving into senior housing poses many potential complications that one simply doesn’t have to worry about in any other situation. Seeking the help of a professional senior move manager can save mounds of time, effort and frustration in the long run.

 The National Association of Senior Move Managers is the largest senior move manager professional organization in the nation. Its members have experience helping seniors make the transition into senior housing, and their expertise extends beyond the moving process. NASMM members can even help you find an appropriate senior housing community, as the organization has partnered with snapforseniors.com which maintains the most current and comprehensive senior housing resource in the nation.

For further details about senior housing, retirement homes, assisted living and senior care services visit snapforseniors.com

Senior Housing Options to Explore and Understand

As America ages, more and more elderly people every year are faced with the need to make a lifestyle change. However, many are reluctant to face this change because they are operating on an out-of-date paradigm, typically envisioning a musty, run-down “old-folks home” as the only option.

And 50 years ago they might have been right. But retirement communities are much different now… and they aren’t the only alternative either. While the senior housing market is vast and ever changing, below is a brief summary of the most common options for people to understand and explore as they thinking about making a lifestyle change.

==Make no changes, stay in home==

This is a viable option and needs to be carefully evaluated. Some people will put a qualifier to the decision, e.g. until I need assisted living, until I can’t drive, until my spouse dies. Even if you or your parents decide this option is best, re-evaluate it periodically as changes occur in life to be sure it is still the best and safest option.

==Downsize to smaller home==

Another option to explore may be to simply unload the larger home and downsize to a smaller home, apartment, condominium or townhouse. Carefully consider age and how many more times you or your parents want move.

==Move in with family==

My experience has been that most people in this day and age would prefer not to do this, yet it is an option that many families embrace. It may need to be seriously considered for financial reasons. Others accept this as part of their cultural or family traditions. Today’s hectic pace of family life can present challenges for both young and old, especially if both spouses are working and there are young children in the household.

==Move to an Active Adult Community==

Active Adult Communities for ages 55+ are popping up all over the country. As the first wave of baby-boomers turn 60, they hope to capture this massive wave of aging America. An Active Adult Community will be the same as traditional real estate, but with access to senior-oriented activities and without teenagers or toddlers living next door.

==Move to a Retirement Community==

The differences in retirement communities will be around how they are paid for and what, if any, future long-term care services may be included. The setting will be designed with the aging process in mind—grab rails in the tub/shower areas, no stairs, wider doorways for walkers, wheelchairs or scooters, etc. The community may include apartment homes, townhouses with all living and laundry on one floor or variations of the lifestyle called villas, cottage homes, duplexes or the like. The verbiage may change but the concept remains the same. The most common types of Retirement Communities are:

~~~The Rental Retirement Community: The resident pays for the cost of living in the community on a month-to-month rental basis. The community may have just independent living or it may also have assisted living and/or long-term care. The defining factor here is that the resident pays rent.

~~~The Continuing Care Retirement Community (CCRC): “Continuing Care” means there is Independent Living, Assisted Living, and Skilled Nursing care all on the same campus or in the same building. Most frequently the consumer will find the CCRC requires an up-front investment, often referred to as an Entrance Fee, and a recurring Monthly Fee that includes services and amenities. This option involves various types of contracts referred to as “Residency Agreements” and is usually the most complex for the consumer to grasp.

~~~The Retirement Community with limited services: There continue to be many new versions of the retirement community lifestyle springing up in the market with variations on the how the resident pays and what they get for what they pay. Many times they will look and feel similar to the models mentioned above, but simply have fewer services. This may include some enhanced common areas but perhaps no 24-hour security, no staff or transportation on weekends, no health care components, etc.

Whichever option seems right to you, be sure to evaluate your own risk and value judgments, and discuss the change with those you love and who will most likely be your support network as time goes on.

The Senior Housing Industry Today

The Industry Today

The U.S. is in fear of a deep recession, the stock market is tanking, home prices are plummeting, unemployment is rising, retail sales are tumbling, demand for commodities is sinking, bank earnings keep falling, and consumer confidence is shaky at best. The disconnect between the seniors housing buyer and seller in today’s market continues to be fairly wide and there is apprehension on both sides of the table that didn’t exist a year or two ago. Is all lost in the seniors housing industry?

NO.  The demographics are still strong and are getting stronger. Also, there will be fewer new entrants to the industry, new construction will be scaled back and therefore there will be less competition in the coming years. As a result, good operators will go forth and prosper. The industry will periodically experience significant challenges just as it always has, including financial bubbles much like the one whose collapse is plaguing us now. In this slow acquisitions market, the few transactions that are getting done are either small, at a low price, or both.  However, the increasing size of the senior population will intensify demand for senior housing opportunities in the future, making current senior living communities even more valuable.

Construction of new seniors housing units has slowed by 12% over the last year, largely due to the frozen credit markets, and building activity is likely to decline even further in the months ahead according to the “Seniors Housing Construction Trends Report – 2008.” Bob Kramer, President of NIC, says new product will become scarce after 2011. The building data shows that independent living units represent about 37% of the total units under construction, followed by apartments (29%), assisted living (17%), nursing care units (11%) and memory care (6%).

However, the seniors housing market is not on life support. Leasing velocity may have trended down, but units are being absorbed. Shovels may not be cracking through the earth as before, but projects are going up. Facilities are not flipping at rapid-fire pace, but investors are buying. And while financing is no longer easily obtained, borrowers are sourcing capital. The bottom line is: deals are still getting done.

Future Residents

According to Mr. Kramer, the average age of new residents in assisted living is now 84. The big wave of baby boomers won’t be ready for seniors housing until about 20 years from now, so the industry will have time to find out what boomers want. And they will want something different from their parents. The focus will be on lifestyle and experience. The whole notion of successful aging will be important, and buildings will have to focus on fitness, nutrition, active learning and socialization. It will be up to the industry to draw the contrast and show what it will be like to live in a vital community versus living alone at home. Boomers will want to maximize the retirement experience, not avoid it.

As Costs Rise, Assisted Living Remains the More Affordable Care Choice

The average daily cost for assisted living is still less than half the average daily cost for a private room in a nursing home –which helps fuel support for allowing seniors to age in place once they move into assisted living communities. According to the 2008 Long-Term Care Cost of Care research report from Prudential Financial, the average daily cost for assisted living is about $100, or $3,241 per month. The average daily cost for a nursing home private room is $217, or $6,600 per month.

Independent Living is Not Discretionary

Independent living facilities and CCRC’s have been hit hardest by the mortgage crisis, losing prospective residents due to a rising number of seniors’ inability to sell their homes. However, the transition from a single-family home is not purely discretionary. This is not simply a matter of what the consumer wants – seniors are moving because of healthrelated lifestyle reasons.

What Other Experts Are Saying

“It is always important to remember that capital is a commodity, it moves quickly and has no boundaries. As such, it will always go where the returns are the highest for the relative amount of risk. Despite the gyrations in the seniors housing publicly traded equities over the last few months, with much of that volatility based on fear, uncertainty and a lack of knowledge of the facts, the seniors housing and care industry not only remains a relatively safe investment vehicle, the returns will be favorable for many years and should beat other “real estate” oriented investments as well as other health care investments.

The impact on the industry from the crisis of confidence on Wall Street may be severe in the short term, but it will also result in a more inward-looking industry focusing on operations, staffing, quality of care innovations and, perhaps, cooperation, and that will benefit everyone in the long term. For now, however, the strongest credits will still have access to capital, albeit at a higher price, while the weaker credits will either be locked out of the market or the price will be too high. For everyone in the industry there will be a renewed lender focus on track record, and it better be a good one.” – Steve Monroe, Editor – The SeniorCare Investor

“We see growth in all forms of seniors housing except for nursing care. We will reach a point in the next 10 years where skilled nursing will no longer be the primary [seniors housing] segment.” – Robert Kramer, Pres. of the National Investment Center for the Seniors Housing & Care Industry (NIC)

“Senior living’s strong fundamentals are characterized by its dual health-care and real estate role and by the strong demographic trends that typify the senior living industry, and these fundamentals make its outlook positive despite the current credit crisis.” – Adam Heavenrich, Pres. of Heavenrich & Co.

“Right now everybody is looking at cash flow and saying, ‘What’s the trailing 12-month net operating income?” – Chris Sonne, Managing Director, Cushman & Wakefield

“All business cycles divide companies into three I’s: innovators, imitators and idiots.” – Warren Buffet

“I skate to where the puck is going to be, not to where it has been.” – Wayne Gretzky –  Hockey Great

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