Pros, Cons and Limitations
Is Moving to a 55+ Active Living Community Right for You?
If you’re thinking of downsizing and moving to a 55+ active living community in the Twin Cities, what are the benefits and limitations you should be aware of before you put your home on the market.
Like many of you, I’m a baby boomer and a prospective downsizer. I’ve lived in my current home for more than 20 years, but what with stairs, basement laundry, yardwork, shoveling and other maintenance, I find myself thinking a lot about what the next phase of my life might look like.
Today, I’m looking at 55+ active living communities here in the Twin Cities and what they offer and take a quick look at what other options there are in the Twin Cities for single-level, maintenance-free living.
Active senior living communities can offer real benefits, such as single-level living, a sense of community, opportunities to make new friends, a maintenance-free, more carefree lifestyle, and shared amenities like pickleball and tennis courts, swimming pools, and, fitness centers.
But, here in Twin Cities, buying a single-family home, townhome or condo in an active living 55+ community also comes with some real challenges, including limited inventory and location.
There Aren't That Many Choices
So the first challenge you’re going to encounter when looking at 55+ active living communities is there just aren’t many options. Unlike Arizona, Florida and other warm winter states, Minnesota just doesn’t have that many active-living 55+ communities. Downsizers are not flocking to Minnesota to enjoy our cold snowy winters. Why am I not surprised!
I took a look at the homes, townhomes and condos for sale in 55+ communities in the 7 county metro in late July, and there were only 74 listing total, about 10 of those of those were building lots and models in new developments.
Single-family and Townhome Options are Mainly in Third Ring Suburbs
The second challenge is location. If you want a single-family home or townhome in a 55+ community, you going to be moving to the second or third ring of the suburbs, or even farther out.
The vast majority of new 55+ single-family and townhomes construction is taking place in south metro in Farmington and Hasting, and in Forest Lake and Elk River to the north. The Vita Attiva at South Creek in Farmington has has the largest number of new single-family and townhomes for sale in a 55+ community. It offers resort-style amenities, including tennis and pickleball courts, an outdoor pool, fitness center, and clubhouse with a speakeasy. It’s located about 40 minutes south downtown Minneapolis, depending on traffic.
Most single-family and townhome options in 55+ communities are 2 bedroom 2 bathroom single-level patio home, although there are a few 3 and 4 bedroom homes available. HOA fees are between $200 and $300 per month.
Prices for new construction homes in these 55+ communities start at around $360,000 for smaller townhomes and go up to $1 million plus. Although the majority of these new home sell for between $400,000 and $700,000.
55+ Condominium Options Tend to be in Older Buildings
If you’re looking for a 55+ communities closer to the core cities, condos are going to be your best option. There are a few existing senior condo communities in Minneapolis and St. Paul, and more options in first-ring suburbs like Andover, Bloomington, Edina, St. Louis Park, Richfield, and Brooklyn Park. There are other 55+ condo communities spread out across the metro.
Prices start below $100,000 for small 1 bed, 1 bath units in older buildings with no or limited amenities and go up to $600,000 for 2 bed, 2 bath units. HOA fees are generally much higher in condominium buildings, from about $350 per month on the low end and above $1,000 per month at the top end.
One of the challenges with 55+ condominium living, vast majority of these buildings were built before 2007 and many of these buildings are somewhat dated. Kenwood Isles Condominiums in Uptown was built in 1983. Woodlake Point in Richfield was built in 1986. The Gramercy Club in Burnsville is a relative youngster, built in 2002
If you’re looking for something more modern, condos many not be your best choice. There have only about a dozen of new 55+ senior condominium buildings built in the 7-county metro in the past 15 years.
Options Outside of the 55+ Communities
If you’re looking for something closer into the core cities and you want something built within the past five years, you will find many more options outside of the senior communities.
This is especially true if you want to live in Minneapolis or St. Paul, or if you want more square footage, more bedrooms and bathrooms, or you’re looking for something in that over $800,000 luxury market.
You’ll still be able to enjoy single-level living, and many condo complexes have the same amenities you’d find in a 55+ community.
If you’re looking for single-level living in a home or townhome outside of a 55+ community, there are lots of new construction options, however, most of the new construction is still happening in the outer ring of the metro, in places like Elko New Market, Apple-Valley Rosemount, Cologne, Chaska, Andover, Blaine, Anoka, Lino Lakes, Hugo, and Woodbury, and Forest Lake, where developable land is available.
If you want to know more about the market in 55+ communities, call, text, or email me. I’d be happy to help.
J Trout Lowen is a Minneapolis REALTOR®. She helps home buyers and home sellers navigate the Twin Cities market.