Is a senior living community appealing to you?

Is a senior living community appealing to you?

Retirement or senior living communities are a small but important segment in the residential housing market. A senior living development may be one of your options depending on your lifestyle, desires, or necessities of what should be considered for your next home.

What is considered senior living classification and why is it allowed?

Various components of senior living classification may include 55+ community; 55+ active community; senior community; assisted living community, complex or facility. 

The Fair Housing Act protects all residents from discrimination based on race, color, national origin, religion, sex, handicap, or familial status. However, the obvious need for these communities was considered worthy of a federal exemption to anti-discrimination housing laws, which allows certain housing developments to be reserved for older generations. The Housing for Older Persons Act of 1995 creates an exception to Title VIII of the Civil Rights Act of 1968.

The United States Department of Housing and Urban Development has designed and operated to assist elderly persons: Intended for, and solely occupied by persons 62 years of age or older; or intended and operated for occupancy by persons 55 years of age or older.

Minimum standards and guidelines are issued by federal and state governments and senior living developments must comply and periodically submit proof of maintaining HUD standards. To qualify for the “55 or older” housing exemption, a facility or community must satisfy each of the following basic requirements: At least 80 percent of the units must have at least one occupant who is 55 years of age or older; and the facility or community must publish and adhere to policies and procedures that demonstrate the intent to operate as “55 or older” housing; and the facility or community must comply with HUD’s regulatory requirements for age verification of residents.

What are the strengths, expectations, and challenges of purchasing within a senior living community?

Strengths and Expectations

• Most floor plans offer wide hallways, wide door entries, main level living will include the owner’s suite, second level floor plans are usually a target for guests and storage.

• The comfort of living in a community with a minimum age requirement; a since of belonging, security, and social interactions.

• Whether small or large developments, the amenities may include clubhouses, group activities, periodic entertainment; while 55+ Active Communities will be enhanced with walking trails, tennis, pool, dog parks, and more.

• Usually low maintenance responsibilities.

• Assisted Living Communities will also include on-site medical assistance and/or 24-hour personal care.

Challenges

• For some the lack of diversity in age may become an issue.

• Budgetary concerns are due to association fees.

• Resale of a senior living home may extend the days on the market depending on the locale, economic conditions, and limited buyer-pool.

Parkhaven Community

55+ Active Community

My real estate office partner, Nancy King, and I explore new construction developments once a week to keep up to date on all inventory options in the Greater Nashville area. We visited the new construction development of Parkhaven Community a few weeks ago and were impressed by this addition to the senior living classification.

The gated Parkhaven Community is in the Hermitage area of Nashville and is conveniently positioned at the very end of Hickory Hill Lane and butts 1,000 acres of parkland acres and the Stones River Greenway. The specific address is 6015 Parkhaven Boulevard, Nashville, Tennessee 37076.

Parkhaven’s Rachel Owen gave us a tour of the community and we visited several floor plans (1,669 s.f. – 2,599 s.f.) ranging from the low $500K up to $700K price range. Rachel’s knowledge, and patience, answering all our questions, were greatly appreciated as we discussed the HND Realty, LLC development. A few of Parkhaven’s components that were impressive and/or unique were as follows:

• The developer has a rolling construction schedule as they have different floor plans always available to contract and nearing completion status.

• The standard package for all floor plans is a quality product and offers a few upgrades such as fireplaces, flooring, and fixtures.

• Wide hallways.

• Wide doorways.

• Raised countertops.

• Raised dishwasher level (option).

• Open common areas (living room, kitchen, dining room).

• Large bathrooms.

• Second level floor plans were mainly for guests, entertainment, or storage.

• Side inset for patios that usually do not face windows from a neighbor.

• Wide streets and convenient neighborhood layout to amenities.

• Large garage space.

• Common sence parking pads.

• Easy access to major thoroughfares.

• Additional feature of butting greenway to walk.

Nancy and I invite you to explore the hidden gem of Parkhaven Community, yet to gain mass exposure, as an option for your next move. Give Rachel Owen, or one of her team members, a call to inquire on more details and schedule a tour.

Rachel Owen | Parkhaven Community

(615) 800-5655 | www.parkhaven55plus.com

6015 Parkhaven Blvd, Hermitage, TN 37076

Support Information

Kenneth Bargers, REALTOR® | (615) 512-9836 mobile | kb@kennethsellsnashville.com email

Nancy L King, REALTOR® | (615) 516-3471 mobile | nancy@nancykingproperties.com email