Commercial Property News - November 2008 - (Page 8)

SENIORS HOUSING MARKET INTELLIGENCE Staying Home Drooping House Prices Slow Residents’ Transition to Seniors Housing By Eugene Gilligan acing constituents’ reluctance to sell their homes in the current market, seniors housing property owners are taking countersteps to entice new residents. “Many seniors housing operators are offering discounts (or) incentives or have simply reduced their prices to attract business,” reported Randal Richardson, president of Classic Residence by Hyatt. Senior Lifestyle Corp., which operates 9,000 units across 71 seniors housing communities, ranging from affordable to high end, tailors concessions to each market, according to CEO John Cobb.Offerings vary,from a free month or two of rent to complimentary small televisions, which suit the apartments better than the older, larger sets residents may bring with them. Many companies also offer guidance on selling their homes, or they enlist firms to do so, according to American Seniors Housing Association president David Schless. That effort is designed to combat an insecurity that is actually unfounded, according to seniors housing experts.“Many seniors are say- F ing, ‘Let’s not make a decision fast. We can wait a few months,’” Cobb said. He cited a dip in occupancy at the compa- Going Up (45,019 seniors housing units/beds under construction in the 100 largest metropolitan areas as of March 31, 2008) Memory Care Nursing Care 6% 11% Assisted Living Independent Living 37% Apartments 17% 29% Much of Belmont Village Senior Living’s portfolio, such as Sabre Springs in San Diego, sits in affluent infill locations that have not suffered declines in home values as deeply as have other markets. Source: American Seniors Housing Association & National Investment Center for the Seniors Housing & Care Industry ny’s two Arizona properties, though its five properties in Florida, another state where housing prices have fallen substantially, have held steady. Cobb theorized that many people move to Arizona from other states upon retirement, PRESENTED BY: Nov. 18, 2008 | The American Institute of Architects D.C.’s Destiny: National Issues, Local Impact 5Winning with the GSA 5Who’s Closing? Investing in Today’s Market Keynote Speakers: Stephen Fuller Dwight Schar Faculty Chair, University Professor & Director of the School of Public Policy’s Center for Regional Analysis, George Mason University Lawrence Yun Chief Economist & Senior Vice President of Research, National Association of Realtors 5Presidential Impact: Post-Election Opportunities 5Ripple Effect? Macro- vs. Microeconomic Impact EARLY-BIRD REGISTRATION: $195 (through Nov. 3) 5 ON-SITE REGISTRATION: $245 (after Nov. 3) DISCOUNTED RATE FOR THREE OR MORE: $165 per person 5 NAIOP Maryland/DC chapter members receive a rate of $145 per person For sponsorships, speaking opportunities, registration details, discount codes and more information on our conferences, Call 877-9ASK-CPN or visit GOLD SPONSOR: www.CPNOnline.com/conferences SILVER SPONSOR: BRONZE SPONSOR: INVALUABLE KNOWLEDGE, INSIGHT, ACCESS AND NETWORKING. 8 COMMERCIAL PROPERTY NEWs • November 2008 • www.cpnonline.com http://www.CPNOnline.com/conferences http://www.cpnonline.com

Table of Contents Feed for the Digital Edition of Commercial Property News - November 2008

CPN - November 2008 Contents Starting Line Seniors Housing Data/Analysis Conferences Through the Fog CPN’s Top Cities for Investment & Corporate Relocation Finance International Sustainability CPN-Nielsen Claritas Special Report

Commercial Property News - November 2008

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