by KYW's Salil Gutt
Senior housing is still the shining light in this real estate market mess. This would be the baby boomer retiree looking at options other than that of their parents.
More interested in active living and life long learning, boomers are eyeing retirement around universities and university towns. In fact, university-based retirement communities are expected to be the fastest growing segment of the senior housing market. Some universities are the ones doing the development while others are working with private developers. The financial considerations change depending on who is doing the development. If it's the university then a lump sum payment purchases the housing unit. The university keeps the money as a charitable donation when the residents die. If a developer, then ownership is retained by heirs.
It is important to note that most of these facilities do not have an assisted living or skilled nursing component. The big lure for boomers is the ability to audit classes for free, use library and fitness facilities as well as attend cultural and sports events. It is also generally cheaper to live in small university towns than in the large cities. All in all, a great idea.
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