In 2015, for those boomers who up-sized their living space, 33% did so in order to have a home large and comfortable enough for children and grandchildren to visit, and some 20% up-sized so that family members would even be comfortable enough to live with them. Click here to view the 2016 NAR Generational Trends Report.
To better service our 51-69 population clients (whether buying or selling) we wanted to know more about boomers up-sizing for family in Monmouth County. Nationally boomers between the ages of 51-69 make up 31% of the buying population and in Monmouth County it’s 28%. So what are these 28% of retiring buyers in Monmouth County doing – downsizing or up-sizing? Local reports confirm they are doing both. And those that do up-size in Monmouth County typically do so for family, most especially having room for grandchildren to visit, stay and play.
We decided to take the survey one step further and ask one of our retired clients what motivated them. We asked the question: “Why did you buy a larger home in retirement?” It was to our delight that we were told the story of “On Golden Pond.” We share this story with you because it is special and because as Realtors it is our responsibility to tell the story of every property we market; whether it be verbally, in a property brochure, in a marketing piece, through video or with extraordinary photography. A home’s story may guide the decision for the next family that is looking for a similar motivation – no matter the age group.
Our “On Golden Pond” clients are now selling their home and moving on to another lifestyle, also motivated by family. The story of 97 Davis Lane, Middletown, NJ.
“When I was young, five or six years old, my grandparents bought a Victorian home near the water in Island Heights, NJ. I spent all my summers either in the water or on the dock crabbing. For safety, the Red Cross showed up every week to teach us to swim and we learned to dive watching the more accomplished divers who sometimes visited on weekends. It was nothing but summer bliss.
The memories of my generous grandparents and the wonderful summers on the water never left me. Grown up and married, I wanted to share this with my grown children. The house in Island Heights was not in the family, so we improvised with renting summer homes on Long Beach Island for a week or two every summer.
As our grandchildren came, it became even more important to have a place near water and do what I believed grandparents should do for their grandchildren – make lasting memories. When it came time to retire I knew I wanted to retire on the water and have the living space for my grandchildren to spend summers and create memories like I did as a young child.
I had “On Golden Pond” in my head – we looked for about a year and a half. I could see it, but we were having no luck finding it when someone told us about homes along Shadow Lake in Middletown, NJ – one of Monmouth County’s best keep secrets. We viewed 97 Davis and bought it on the spot. Two days later, the current owner and I stood on the deck overlooking the lake, crying in each other’s arms. I was crying because I found “On Golden Pond” and she was crying because she was leaving it. It has been everything I had imagined for us as grandparents and for my grandchildren. They now have their own glorious summer memories.” Click here to see “On Golden Pond.”
Heritage House Sotheby’s International Realty is an independently owned and operated full-service brokerage serving Monmouth, Middlesex and Ocean counties, New Jersey with four sales offices in Holmdel, Middletown, Rumson and Shrewsbury. The firm’s Corporate Headquarters is located at 834 Broad Street, Shrewsbury, New Jersey. For additional information on the property in this article, as well as office locations and phone numbers, please visit the firm’s website at www.HeritageHouseSothebysRealty.com.
The Sotheby’s International Realty® network currently has more than 18,800 independent sales associates located in approximately 835 offices in 63 countries and territories worldwide. Each office is independently owned and operated.
posted by Julia Miller