Trendy Baby Boomers Continue to Influence the New Jersey Real Estate Market
If you were sitting in the back of the station wagon while dad took the family for a Sunday stroll; grooved to the sounds of the British invasion, Woodstock and Saturday night fever; and you’ve been called a hippie or a yuppie, then there’s a good chance you’re a baby boomer.
This forward-thinking generation, born between 1946 and 1964, ruled for decades as the largest bubble of the American population until it was supplanted by its children, also known as Generation “Y”. Census Bureau figures put baby boomers at a population of around 73 million. By 2030, all baby boomers will be 65 or older.
From the dawn of post-war developments like Levittown in Long Island, New York, to the resort-style active adult communities of today, baby boomers have been on the rise. the driving force behind housing trends for over 75 years.
According to Craig Cherry, president of the New Jersey division of Toll Brothers, working adults 55 and older look for social connections.
âThe only trend we’ve noticed is that people are buying their retirement homes earlier than usual while still being employed full time,â Cherry said. âSince they now have the ability to work remotely, they can purchase their dream home in an active adult community and start enjoying the on-site recreation facilities and low-maintenance lifestyle even sooner than. planned.”
Greg Lentine, senior vice president of PRC Group at Red Bank, also noted a trend towards young, active adult buyers who continue to work. The PRC Group recently closed sales to Regents Wharf, an active adult community of coastal apartments and luxury villas in Sayreville.
âOur buyers at Regent’s Wharf wanted to downsize without giving up the luxury items they value,â Lentine explained. âMany of our buyers aged 55 and over are empty nesters who have sold their larger homes very well. They want high-end appointments and finishes that match or exceed the level of features they had in their previous homes. “
Lentine also noted that the sense of community in active adult enclaves is popular with people who want to be surrounded by neighbors of their own generation. The prospect of meeting new friends and sharing experiences is appealing to many mature buyers.
Perhaps the most important word in the active adult housing equation is âactiveâ. Intricately styled amenities are a key part of the working life of adults. Fitness centers, tennis, pickleball and pÃ©tanque courts, aquatic centers and convenient locations are all in demand.
Baby boomers are social. Communities that offer planned activities and comfortable spaces for mingling and mingling are favored. Rooftop decks, outdoor gas grills and fireside seating areas, libraries, workstations, and pet runs are all frequently found in baby boomer-centric communities.
While today’s active adult communities tend to be more vibrant than some of their predecessors, not all baby boomers like an environment with age restrictions.
Fort Lee resident Steve Gjolanga recently purchased a three-bedroom home at 365 Ocean, a collection of 57 luxury oceanfront condos in Long Branch by Mark Built Homes. Gjolanga, along with his wife Tania and young son Sergio, enjoy the thrill of living by the sea on the Jersey Shore.
The 63-year-old president of the clothing company divides his time between his residence in Fort Lee and 365 Ocean. While still commuting to his New York office, Gjolanga also has the option of working remotely from his quaint beachfront condo.
âWe bought our condo in Long Branch just before the pandemic hit in 2020,â Gjolanga said. âPier Village is a wonderful place to live. We can walk to the shops, restaurants and nightlife. We are also far enough from the center of Pier Village to have peace and quiet when we want it.
Gjolangas also enjoy exploring the nearby towns of Sea Bright, Red Bank, and Asbury Park.
âWe’ve found some great restaurants and nightclubs since we’ve been here,â he added. âAnjelica’s at Sea Bright has become one of our favorites. It’s as good as any restaurant in New York’s Little Italy.
While 365 Ocean does not have an age limit, the community has many of the most popular amenities for baby boomers. Amenities and services include an infinity pool, terrace, club room with bar, Wi-Fi, charging stations, lounge seating, theater TV corner, outdoor covered walkway, fireplace Gas fired overlooking the ocean, an electric car recharge, storage for shed, outdoor showers and a seasonal concierge.
Likewise, The Lofts Pier Village, which is open to shoppers of all ages, also epitomizes the resort lifestyle favored by baby boomers. The luxury condominium community of Extell Development Co. offers a long list of recreational facilities and owner services as well as direct access to the beach, boardwalk and shopping district of Pier Village.
âThe response to Lofts has been impressive. We’re now about 85% sold, âsaid Moshe Botnick, vice president of development at Extell. âPeople of all ages who love the Shore vibe buy here. We’re only a short ferry or train ride from Manhattan, making it easy for those still commuting to work. “
The Lofts’ beautifully landscaped pool deck offers magnificent views of the Atlantic Ocean. The community’s stylish condominiums, priced under $ 600,000, also come with a 30-year tax break that can save buyers hundreds of thousands of dollars in property taxes.
âBaby boomers buy and rent from the shore,â Botnick added. âOur 55-plus rental community, Barnegat 67, is renting fast.â
The new rental community offers on-site retail stores and restaurants, in addition to rooftop lounges, a Planet Fitness Center, and easy access to Barnegat and Long Beach Island beaches.
âRenting is a great option for baby boomers who have sold their homes quickly and need a place to live right away,â Botnick said. âRenters can invest the money from the sale of their home to earn additional income and use it to pursue their interestsâ¦ plus they don’t worry about maintenance, property taxes and other property costs. .
Whether buying, renting, living in an active adult community or in a neighborhood open to people of all ages, baby boomers will continue to influence housing trends for many years to come. .