Archive for Baby Boomers

Dec
18

Where will Baby Boomers live?

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Roughly 10,000 baby boomers turn 65 each day.  Born between 1946 and 1964, there are an estimated 72 Million American baby boomers, all considering how to age and where. 

In a new book “Unassisted Living:  Ageless Homes for Later Life” (Monacelli Press; $45) Wid Chapman, Architect, and Jeffrey P. Rosenfeld, a gerontologist specializing in the relationship between aging and the built environment collected 33 examples of residences that have been designed to bridge the distance between ‘one’s vital and declining years’.

Design features such as lack of thresholds at doors, surfaces that diffuse sunlight and accessible bathrooms and showers all contribute to a house suitable for aging.  Almost minimalist by design, the less-cluttered, more open pathways and fewer places to slip or bump into furniture are key.   By removing tripping hazards and streamlining the design, accessibility is achieved.

Today’s baby boomers want to remain independent as long as possible.  The whole idea of retirement is changing.  Technology allows people to combine leisure and work from a remote setting.  Gone is the idea of going south at a specified age.  Connection to family, grandchildren, parents are keeping people in one area rather than becoming snow birds and migrating south.

 

From New York Times article on November 24, 2011 by Julie Lasky

Categories : Baby Boomers
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Fed housing credit?

Fed housing credit?

Local media has been commenting since last August that New Yorkers seem to be blasé about the Recovery Package offer of $8,000 toward a new home. However, it was so popular nationally that Congress has extended that, and added a $6,500 offer for current owners who move.

Well, I wouldn’t pass it up if I were in the home market right now, and put my team to work finding out what you might buy with that free cash. Some new furniture and décor are obvious choices, and almost everyone needs something for their new home.

Or you could use it for other kinds of fun. Given my favorite pastimes, I might figure out how many lovely restaurant meals I could savor, including cuisine hot spots my wife and I usually reserve for special occasions.

But you have many other options. For about $600 to $1,600 you could score a pair of trendy Christian Louboutin shoes or boots at Saks, which offers 96 choices at your fingertips. Or there’s the current Prada event with hot items coming up, now available for pre-orders. While at Sak’s you could also pick up a steal on men’s watches, such as Breil Milano’s stainless steel chronograph strap watch at $1,250.

Or how about a Hermes bag? For classic Hermes, you can’t go wrong with the Birkin bag, starting at $6,000. Here’s a entire blog dedicated to the Birkin.

Here’s a tidbit from a local fashion blog: “Katie Holmes & Suri: Spotted on Madison Avenue of New York, little Suri had her own pint-sized version of Mom’s orange Hermes shopping bag. Later on, Katie was seen with a rare burgundy Garden Party Handbag that looked more like a boarding bag. The Hermes handbag offset her black pencil skirt and red heels. With all the goodies that could be stuffed into that spacious bag, Holmes was ready for anything.” The Evelyne, starting a bit under $2,500, is très chic now.

You can toast your new home with a rare champagne.  Dom Perignon Oenotheque 1993 is just $399.00 per 750 ml. bottle, limited to one per customer at Astor Wines.  Salon Blanc de Blanc, Le Mesnil – 1997 is more expensive at $459.99, but in greater supply.  You can buy a case of 6 for $2621.94.

Does your new co-op or condo allow pooches?  How about using your savings for today’s most expensive, pure bred, a Samoyed, starting at $3,000 or an English Bulldog at around $2,500.  On the other hand, if you adopt a nice homeless puppy from a shelter approved by the Humane Society, you’ll have lots of money to buy dog food and a really fancy collar, $18 and up from wwww.muttropolis.com.

And let’s not forget the sports fans.  How about season tickets to the Yankees next year?  Despite the World Series victory, top prices will actually decline, with field level seats at $250 per game for season ticket holders, down from $325 this year.

How much more stimulated could you get?  Check out my November 2 post  for housing stimulus dates and details. Go, Feds!

1 -The Numbers

  • Manhattan residential real estate has performed better than the broader U.S. real estate market.
  • Compared with losses of more than 40% for Los Angeles and San Francisco over the past few years, Miller Samuel reports in the third quarter 2009 Manhattan Residential Market Overview that the average price per square foot in Manhattan was $996 vs. $1289 as reported in the first quarter of 2008 , a price reduction of 23% from the peak.
  • Third-quarter 2009 data show prices declined at a lower rate while transaction volume surged 46%, a sign that the Manhattan market is starting to find its bottom.
  • As Donald Trump once said “It’s a water thing”. Manhattan is a landlocked island. While developers in most cities keep expanding outward, developers in Manhattan do not have this alternative.
  • Wall Street firms are expected to pay a record $140 billion in bonuses this year according to The Wall Street Journal. Regardless of whether these bankers deserve their lavish bonuses, their payday will boost Manhattan real estate prices.

2 -Capital of the World

  • Manhattan is a global must-see destination. Emerging markets like Brazil and China are creating wealth at a very high rate and churning out millionaires.
  • New York is often the first international destination new millionaires from emerging countries want to visit. It’s also one of the first places where they want to buy investment property or a pied-a-terre.

3- Diversity of Industry

  • Besides finance, New York has media, hospitality, advertising and professional services like law and accounting firms. These industries will be serving emerging-market economies and will benefit the local New York economy in terms of job creation and housing demand.
  • If not for the diversity of the current New York City economy, the unemployment rate would be even higher than 10.3% that was reported in August.
  • Sectors like education, health, leisure and hospitality have gained jobs, which partly offset the negative impact of the financial job losses.

4 -Quality of Life

  • New York City is one of the safest cities in the US.
  • The legal system is established and there is a better work-life balance compared with countries like China.
  • Transportation in Manhattan via the Subway system is efficient and reduces commuting time for those living in Manhattan.
  • The air in Manhattan is pristine compared to air in other global metropolises like Hong Kong.

Portions excerpted from NuWireInvestor reporting on a story written by Wei Min Tan of TheStreet.com

NYC Median Age 2There’s no grass-mowing or snow-shoveling.  No need to endure the aggravation and expense of maintaining a couple of cars (unless you want to).  Mediocre restaurant chains are few and far between, and commutes that run an hour or more are unheard-of.  What could be better?

One of the city’s fastest-growing groups of residents is Baby Boomers (their clout is evidenced by the fact that their descriptor is usually capitalized, contrary to the basic rules of the English language).  Often empty nesters and retirees, many of these folks have been languishing in suburbia after raising their lovely children, missing the City’s vibrant culture.

Manhattan, of course, is arguably the biggest and best cultural center in America.  In fact, maybe, the world.  We have it all – whatever kind of entertainment you prefer, some of the world’s best museums, great opera, symphonies, jazz clubs, theater and more great restaurants than most of us will ever have the chance to dine in.

People 55 and older make up more than 20% of the borough’s population and they’re on the verge of a major growth spurt. While the elderly population increases across the city, Manhattan’s share is projected to increase 57.9 percent over 2000 to 2030, to 295,000 people 65 and older in 2030 according to the New York City Department For The Aging which published this report.

The figures are great news for anyone who’s a Boomer, empty nester or retiree.  It means Manhattan will continue to develop a fabulous array of the amenities you love the most.  You also have a great choice of homes, from beautifully-detailed pre-war apartments to new condos and lofts with in-house fitness and business centers.

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Oct
23

Boomers and Empty Nesters Cry Foul on New York Daily News

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In an otherwise interesting article about the trendy set born between 1946 and 1964 flocking back to Manhattan in record numbers, the NY Daily News could have aroused the ire of many members of the Baby Boom generation.

The problem?  A casual opening sentence that said those Boomers bring “plenty of gray hairs and wrinkles” to the trendy and sophisticated borough.  Even the title is somewhat unfortunate: “Oldie but goodie: Retirees, empty-nesters flock to Manhattan – and thrive.”

Here’s some tongue-in cheek advice I’d give to the NY Daily News which is cluelessly unhip regarding Boomers and the empty nest crowd:

  • Don’t even try referring to Boomers as old until you’re sure most of them are at least 80 – that will occur in about 2045. Boomers are Boomers, not oldsters!  Being ahead of your time is often good, but not when describing Boomers.”
  • 80 may be the new old.  Until then, the Boomers may consent to being referred to as middle-aged.
  • Female Boomers very rarely have gray hair, and Grecian Formula hasn’t been around since 1961 because nobody uses it.
  • Be prepared for the Botox and cosmetic industries to rain scorn upon you.  Wrinkles are not the in thing, and a multi-billion dollar industry is not going to take this sitting down.  Spending on anti-aging cosmetic products has passed $75 million a year, and has been growing at about $8 million per year since 2004.
  • Be careful – plastic surgeons and other specialists involved in anti-aging services will be launching random scalpels your way.  Dermatologists and others will do heaven-knows-what – inject you with acne, perhaps? About 60,000 U.S. docs now profit from aging services, and anti-aging medical procedures are on track to surpass $15 billion per year by 2012.

Having assured my readers that I hear you, I’m off to start on an upcoming post about why Manhattan is a Mecca for the forever young. .

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