Mary Warren received her sociology Ph.D. at Arizona State University in 1997—and enjoyed her time at the Tempe campus so much she has decided to go back and live there.
The 72-year-old recently paid around $500,000 for a two-bedroom apartment at Mirabella, a 252-unit high-rise project on ASU’s downtown campus aimed at seniors and developed by the university with a private real-estate firm. Ms. Warren said she’s looking forward to moving in and auditing courses at the university when the development opens at the start of the 2020 fall semester.
“There’s so much out there to learn, you might as well take advantage of it,” said Ms. Warren, an early-childhood-education professor.
With state government subsidies for higher education lagging behind prerecession levels after cuts, and with many traditional students struggling with college debt, some universities think they have found a promising new source of income in retired seniors.
More schools are building or planning senior-living facilities on or near campus to cater to baby boomers who view college as a stimulating alternative to bingo at an archetypal retirement home. Some savor the pursuit of academic and cultural interests. Others are lured by the promise of interaction with younger students, for whom many hope to act as mentors.
“There were a lot of things that I didn’t think I was good at in college that I know I am now,” said Elizabeth Ewing, 78, a retired fashion designer who recently put a deposit on a home with her husband at Broadview, a community planned for the State University of New York’s Purchase College. “Math, statistics, engineering. I’d kind of like to see what all that’s about.”
Peter Stringham, one of the student-residents at Lasell Village, who are required to take 450 hours of coursework or activities a year.
Simon Simard for The Wall Street Journal
It is the latest way for universities to profit from one of their greatest assets, land. Colleges have already taken advantage of this privilege by developing hotels and high-end student housing. Now, some see sales of upscale senior housing as the next step.
Lasell University, just west of Boston, built one of the first on-campus senior communities two decades ago. It requires members to take 450 hours of coursework or activities each year. Other programs have since sprouted up in places like the University of Michigan and Oberlin College in Ohio. Some communities are on campus; others are situated nearby and may have only a loose affiliation with the school. Many offer assisted living and nursing options.
Anne Doyle, president of Lasell Village, isn’t surprised that schools are catching on to the concept. While the number of baby boomers settling into retirement is expected to keep rising for several years, the number of high-school graduates heading to college is projected to start decreasing during the same period, because of birthrates.
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Wall Street Journal
“Thinking about how you combine these two decidedly separate industries…provides enormous opportunity,” Ms. Doyle said. “One is in a growth industry and the other is serving a demographic that’s declining.”
Legacy Pointe, a community in the planning stages with the University of Central Florida, will have 296 retirement homes. Although located off campus, it will stay connected to the university by offering transportation to campus for courses and by bringing in medical students for research and rotations.
SUNY Purchase hopes to begin construction next year on a 40-acre on-campus senior-living development with 220 homes priced at up to $1.9 million for a two-bedroom villa, plus monthly charges that run between $3,300 and $10,000. As with many other senior-living arrangements, most of the original sale price is refunded when residents leave. The university plans to set aside 20% of the apartment homes for affordable housing. After launching sales in May, 25% of the units are in contract; the university has to reach 70% before construction can begin.
Lasell Village is positioned to offer lifelong learning to retiring baby boomers, who are expected to increase in number for several years.
Simon Simard for The Wall Street Journal
The project, less than 20 miles north of New York City in Westchester County, will include walking trails, a pub and a swimming pool. Seniors can also audit classes and attend campus concerts.
The centerpiece is the learning commons, where Purchase plans to offer a variety of programming meant to bring traditional students into the senior-living residence for cross-generational interaction. That includes offering the community as a captive audience for students in the performing arts, and in the sciences, where working with an aging population can benefit research.
The swath of land represented a unique opportunity for the project’s developer, Life Care Services, because there are few sites in the area where such a senior-living community could be built. And while there is an emerging glut of senior housing as more retirees look to stay at home longer, specialized retirement communities are still in demand, said Todd Shaw, an executive at LCS.
“It’s really been overwhelming, the interest in lifelong learning. There’s something there that’s not just about living in a place that will take care of me for the rest of my life,” Mr. Shaw said.
In Tempe, Mirabella, with a minimum age requirement of 62, has sold most of its 252 units, at prices ranging from about $380,000 to $1 million. The high rise, nearing the end of construction, will have three penthouse-level dining and drinking options, workshops for art and woodworking, and a classroom and library for studies.
November new home sales rose 1.3% from October and 16.9% from a year ago, to 719,000 (SAAR), according to the U.S. Census Bureau.
The median sales price of new houses sold in November 2019 was $330,800, largely in the range of where it has been all year.
Inventory (seasonally adjusted) was flat from October, with 323,000 new homes available to buy — down considerably from a year ago.
In a year that's been choppy at times, new home sales more than pulled their weight in the back half of 2019. Even though some of the starch from prior months’ strong initial data has been washed out through downward revisions, 2019 will go down as the best year for new home sales since before the Great Recession. There are other signals that should inspire confidence in the state of the housing market as a new decade approaches. Homebuilder optimism is at a two-decade high, driven by a growing sense that strong demand for new homes will persist. And construction levels have accelerated in recent months, blowing past expectations and reaching 12-year highs in both starts and permits at different times in the last three months. Notable headwinds remain, but steady construction rates and new home sales volume should continue to boost the housing market into the New Year.
The holidays are a time of celebration and togetherness—but also of hectic planning, weird family hassles, high stress, and lousy weather in much of the U.S. Plus “Love Actually” and “Die Hard” are on basic cable around the clock! It all adds up to the very worst time of year to buy a home. Right?
Spoiler: Not necessarily! In some parts of the country, the holiday season can actually be a bonanza for buyers. You just need to know where to look. The realtor.com data team uncovered 10 markets where sales are particularly strong during the holidays. And you might be surprised by some of the entries on this list.
So what can make the holiday season such a great time to buy? From Thanksgiving through early January, fewer people are looking for properties, so there’s a lot less competition. Buyers are likely to get more undivided attention from sellers, and, because this is the time of year when people burn off vacation days, they may have more time on their hands to dedicate to home search.
“This time of the year is a traditional vacation period, so buyers have time to look at homes and not just on weekends, which gives them more flexibility,” says George Ratiu, senior economist at realtor.com®. “And sellers can spend time showing their houses in a less frantic environment.”
Bad weather bonus: In colder or rainier climes, viewing a property during the winter allows you to see how it holds up to the elements.
“You can get a much more realistic picture,” says Ratiu.
To figure out where the most homes are flying off the Christmas/Hanukkah/Kwanzaa/New Year’s/Festivus shelves, realtor.com looked at sales in the 100 largest metros from Nov. 19, 2018, through Dec. 31, 2018, and then compared the numbers with all of the sales in those metros in 2018. (Metros include the main cities, plus the surrounding towns, suburbs, and smaller cities.)
Median home list price: $669,050 Percentage of sales during the holidays: 16.61%
Honolulu, HI
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The same thing that makes Hawaii such a fab place for a dead-of-winter vacation escape also makes it the nation’s leading place for holiday home buying: gorgeous weather!
And plenty of holiday vacationers are so gobsmacked by the beauty of the place, they feel compelled to look for a vacation or second home on the same trip, according to George Krischke, principal broker at Hawaii Living. (Once they get finished watching Santa arrive by canoe on Waikiki Beach they’ll likely have some time to kill.) Meanwhile sellers don’t have to worry about blizzards hijacking their open house.
“It’s no coincidence that [a sales spike] often concurs with the peak holiday season,” Krischke says.
Resort neighborhoods such as Waikiki are some of the most popular among buyers who seek beachfront homes. Condos in high-rise buildings, especially those priced from $400,000 to $1 million that allow short-term renting, are a draw for buyers.
Looking for something a little more luxurious? This two-bedroom, two-bathroom, 1,240-square-foot corner unit boasts ocean, lagoon, and city views and is currently listed for $1,665,000.
Median home list price: $699,050 Percentage of sales during the holidays: 14.72%
Bridgeport, CT
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Buyers looking for a deal on a tony home in Connecticut’s Fairfield County—located within the Bridgeport metro—don’t let the holidays, cold weather, or relatively high real estate prices stand in their way. And those who can’t quite afford the white-knuckle prices of the famously wealthy enclaves of Greenwich or Westport have some cheaper options in the area, most notably the city of Bridgeport itself, where the median price is just $204,900 (as of Nov. 1).
The city, which struggled economically for years, has been going through a resurgence of late. The North End is a popular neighborhood for families and offers single-family homes, like this updated Colonial-style three-bedroom for $309,000.
Steven Lage, a real estate agent with Coldwell Banker in Trumbull, CT, says the metro, like many areas, sees lower inventory during the season.
“Buyers don’t have a lot of options so they need to be ready to make an offer when the right house comes up,” he says.
Median home list price: $385,050 Percentage of sales during the holidays: 13.38%
Portland, ME
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This is another place where Christmastime temps dipping well below freezing doesn’t deter home buyers.
“Demand still far exceeds supply in most segments of the housing inventory here, which means there is no need for sellers to wait for the traditional spring market,” says Kevin Coyne, a local real estate agent with Coldwell Banker.
Portland’s East End and West End neighborhoods, collectively referred to as The Peninsula, are particularly popular with buyers. The areas have great walkability and are home to shops, restaurants, and galleries—a draw for anyone from young professionals to boomers alike.
Local architecture is “eclectic,” Coyne says, and a variety of home styles are available “from nice Cape Cod–style homes to large Victorians to everything in between.” This three-bedroom home is listed at $524,900.
Median home list price: $194,525 Percentage of sales during the holidays: 12.96%
El Paso, TX
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The mild winters in El Paso make it a place where snowbirds and retirees can migrate when they’ve had enough of the cold—and get a good deal on a second home. Wintertime temperatures average around 60 degrees Fahrenheit, so there’s no cold to deter those on a quest for a new place.
Bear Ridge, High Ridge, and Thunderbird are some of El Paso’s hottest neighborhoods. Architecture in these areas often reflects the city’s desert scenes, with earth-tone stucco, adobe roof tiles, and yards landscaped with cacti and palm trees. This 2,500-square-foot, four-bedroom home with a pool in High Ridge is listed for $339,990.
Median home list price: $235,000 Percentage of sales during the holidays: 12.40%
Harrisburg, PA
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One of the most appealing aspects of living in Harrisburg, the state capital, is that you can own a home nearby in a bustling, small city for around $200,000. Uptown, a desirable neighborhood for families and young professionals, is full of Victorian-style homes and charming brick townhouses as well as plenty of dining and shopping options. You can find deals like this five-bed, 2.5-bath, 2,700-square-foot home priced at $195,000.
And about 30 minutes away from Harrisburg is the town of Hershey—yup, home of Reese’s Peanut Butter Cups, Kit Kats chocolate bars, and Hershey’s Kisses—which hosts the annual Christmas Sweet Lights, a 2-mile animated light display which is said to have approximately 2 million lights. Approximately.
Median home list price: $300,050 Percentage of sales during the holidays: 12.25%
Kansas City, MI
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Barbecue may not be traditional Christmas cuisine, but it comes pretty darn close in Kansas City, especially in and around the downtown area. Those looking to make a regular feast of it, set on owning near the city center (aka not escaping to the burbs just yet), look to the Midtown-Westport neighborhood, which offers plenty of restaurants, shops, and music venues. Here you’ll find a mix of well-priced homes (including this adorable 1,600-square-foot, three-bedroom for $229,000) and condos (such as this two-bed, two-bath with spectacular views of the Country Club Plaza shopping area).
But if you want to own a great home in a family-oriented, commutable area, look to one of the surrounding towns like Leawood, a popular suburb just 30 minutes from the center of Kansas City. There you can find a variety of home styles with ranch, farmhouse, and Craftsman architecture being most common. Check out this adorable three-bedroom Tudor-style home for $419,999.
Kansas City knows how to do the holidays right. It kicks off the season with the lighting of the Christmas Plaza, an event with horse-drawn sleigh rides, and caps it with a heart-pounding performance from the Trans-Siberian Orchestra, an annual city tradition.
Median home list price: $435,050 Percentage of sales during the holidays: 12.17%
Stockton, CA
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This isn’t the first time we’ve seen Stockton pop up on one of our top 10 lists. The city also made our ranking of the U.S. housing markets that will rule 2018. So it’s no surprise that it’s seeing a steady flow of buyers, even at a time of year when markets in other areas grind to a halt.
The main reason Stockton is seeing a lift, during the holidays and beyond: Its cost of living is far lower than that of other Northern California cities in proximity to the San Francisco Bay Area. (The median list price in the San Francisco metro area is more than double Stockton’s, at a jaw-dropping $933,000.) And Stockton’s mild winter weather guarantees house hunters won’t be snowed in, even during the holidays.
Stockton’s most popular neighborhoods for house hunting are Pacific, Brookside, and Lincoln Village West, and many single-family homes, condos, and townhouses are available in a variety of styles. Located in Pacific, this 2,100-square-foot home is listed at $488,000.
Median home list price: $360,000 Percentage of sales during the holidays: 11.98%
Raleigh, NC
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Over the holidays, Raleigh radiates festive energy. And it’s more than just the big downtown parade, a lighting of the city Christmas tree by the mayor, or even the staging of a musical comedy version of “A Christmas Carol.” It’s also the buzz from eager home searchers and buyers.
Because of its proximity to the Research Triangle—a major employment center made up of three research universities—Raleigh is a major hub for high-tech and biotech research. People relocate here for gigs year-round. And there are a number of family-friendly towns in the area they gravitate toward, including Brier Creek, Five Points, and Oakwood. A 2,600-square-foot home in this area will set you back about $525,000.
Median home list price: $189,950 Percentage of sales during the holidays: 11.98%
Buffalo, NY
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House hunting in Buffalo during the holidays requires a good parka, but locals are famously tough—hey, the Buffalo Bills play in an outdoor stadium, and they’re in the NFL playoffs this year! The frigid temps just seem to energize buyers here. Homes that hit the market in December and that are priced right tend to sell quickly, says Ryan Connolly, associate real estate broker with Re/Max Plus in Buffalo.
“There is a benefit to having little competition that time of year as a buyer—and homes can show quite nicely when decorated for the holidays,” he says.
Buffalo features many older homes with “wonderful character and one-of-a-kind homes rarely found in newer cities,” Connolly says. This home, built in 1925, features a retro kitchen and is listed at $184,900.
Median home list price: $274,950 Percentage of sales during the holidays: 11.90%
Springfield, MA
iStock/DenisTangneyJr
A local holiday favorite in Springfield is the annual Bright Nights at Forest Park, a large, drive-through light display that has been going strong for 25 years. Why get out of your car if you don’t need to?
Save the walking for holiday season home touring. The city in Western Massachusetts, about 90 minutes southwest of Boston, is an affordable and desirable place to live, and its residents tend to stay put, says Elizabeth Eisold, real estate agent with Coldwell Banker Residential Brokerage. This season is a good time to gain an edge.
“The holiday market here stays hot because this time of year is when we see the serious buyers come out,” she says.
East Forest Park and Sixteen Acres are popular neighborhoods, and Eisold says there’s a strong demand for multifamily and single-family homes of any style. New homes are also available, including this Colonial-style, four-bedroom built in 2017 listed at $345,000.
For many people, the new year represents a clean slate and brings a renewed sense of possibility and enthusiasm. It's a wonderful time to get your home organized in anticipation of the busy months ahead. Effective storage solutions and organization systems will enable you to enjoy your home to its fullest. Here are some tips to put you on track for an orderly and productive year.
Learn to let things go
The first step in any organization plan is purging. This can be the hardest part, but it is also the most rewarding.
Don’t keep things that aren’t functional or don’t bring you joy. Also remember that something you let go of might make someone else very happy.
If you're not sure you can part with an item, store it in a box and see if you miss it or need it. This is a great litmus test for what's truly necessary. If you don’t miss it after a set amount of time, donate it!
Don't let the perfect be the enemy of the good
Any organization effort is better than no organization effort. It’s best to approach a behemoth task like organizing your entire home in stages.
The house provides us with natural barriers. Think of each room as its own project and it will begin to feel more manageable.
And remember that it gets worse before it gets better, so don't feel discouraged early on. Organizing is not something that happens in one day - it’s a journey and a state of mind.
Think outside the box store
A trip to your local organization store can be fun, but unorthodox storage solutions make for a more interesting space.
Beautiful, one-of-a-kind pieces can be highly practical and help make your home more functional. Make use of available and affordable materials, when possible, to stretch your home organization budget. You can craft solutions yourself or revitalize secondhand pieces that fit with your style.
This bookcase was made out of old wine boxes and then stained a dark walnut color.
The three Bs: bins, buckets and baskets
Oh, and jars. (But that doesn’t start with a B.)
Once you’ve whittled down your belongings to favorites and essentials, you’re going to need somewhere to store them. Baskets and buckets have a wonderful visual impact in a room - filling nooks, resting against chairs and adding texture and color.
They are also highly functional for storing everything from toys and blankets to magazines and shoes. Keep an eye out for unexpected vessels, like this gigantic industrial mixing bowl that is now a great solution for avoiding entryway clutter.
Using jars in the kitchen to store dry goods can make open shelving a lot more appealing. Bonus: By keeping healthy ingredients in plain sight, you’ll probably end up using them more often.
If your home doesn’t have a huge footprint, vertical solutions are essential for staying organized. These can be implemented in a more practical manner - like stacking bins and boxes under your bed or in your closet - as well as through design decisions.
Capitalizing on vertical space draws the eye to different parts of the room and creates a sense of balance, in addition to saving important real estate on the floor.
This curio cabinet makes excellent use of a corner that might otherwise be neglected. A hanging light above has a nice visual impact and doesn’t take up any additional space.
The best reason to get and stay organized? You’ll save yourself valuable time - which means you can focus on doing things that really matter to you.
Thinking of buying a home this year? We compiled five New Year’s resolutions that can help you keep your financial resume in tiptop shape.
1. Avoid job hopping
Employment history and income are two of the biggest factors lenders look at when evaluating a mortgage application. A new job may be a good career move, but if you plan to buy a home in the new year, know that job hopping can be a red flag to some underwriters - especially if you’re moving to a different industry.
A steady job history and few or no gaps in employment over the past two years are ideal, as it helps lenders more easily forecast your future income.
If you do get a new job while home shopping, let your lender know as soon as possible. It doesn’t mean you won’t qualify for a mortgage - just be prepared to show extra documentation.
If you’re moving from a commissioned or hourly job to one that’s salaried with equal or more compensation, it may help your application. Lenders often prefer borrowers to have steady, predictable paychecks.
2. Limit monthly subscription services
Monthly subscription services are certainly convenient, but they can add up. Even if you pay off your credit card every month, you could be dinged for high credit utilization if your credit report is pulled midcycle.
If you’re thinking of buying a home this year, consider keeping your monthly subscription services to a minimum.
3. Build a solid credit history
One of the first things a lender will look at is your credit history. Lenders prefer borrowers who have a history of paying off credits cards and other debts on time - because it signals that you’re a responsible borrower and less of a risk.
If you don’t have credit, securing a home loan may be significantly more challenging and time-consuming, but not impossible. Records of paying rent and utilities on time, as well as student loan debt or cell phone bills, can help show a potential lender that you have a history of managing monthly payments.
4. Check your credit
Your credit score can have a significant impact on your ability to buy a home. A low credit score can negatively affect how much money a lender is willing to loan you, as well as your interest rate.
Just a few percentage point differences in an interest rate can cost you thousands over the life of a loan. Monitor your credit closely, especially for fraudulent activity, to prevent any surprises that could delay the loan application process.
If you’re unsure of your credit score, many financial websites offer credit score monitoring, or you can get a full credit report once a year.
5. Avoid large purchases
Avoid taking on large amounts of debt - whether it’s buying a car or planning a large vacation - before buying a house. This is advisable even if you’re already preapproved.
Your debt-to-income ratio, or how much money you make compared to how much debt you have, can significantly affect how much money a lender is willing to give you. Keeping debts to a minimum can help make the home-buying process go a lot more smoothly.
Just like proofreading your resume before you apply for a job, cleaning up your financial resume can help improve your chances of buying a home.
Take advantage of online tools and resources, like our affordability calculator, which can help you determine how much home you can afford. Our mortgage calculator can also provide custom down payment estimates based on home price and interest rates. And as you search for your future home, check out our extensive lender and agent reviews, which can help you find the best real estate partners for your needs.
The past year has been filled with plenty of highs and lows, no matter your perspective. And housing was no different, closing out 2019 with a mixed scorecard.
Home prices are still high, and a severe housing shortage still grips the nation. But the economy is strong and lower mortgage rates have made it easier for many would-be buyers to get into the market, according to a recent realtor.com® report. It just depends on which market.
“The big takeaway is, it was a somewhat disappointing year for housing,” says Javier Vivas, director of economic research at realtor.com. “The low mortgage rates should have propelled home sales much higher than we saw. [But] prices just got to levels that were just too high for buyers.”
So what are buyers to do? Well, they may want to head to one of the most affordable housing markets in the nation. The financially savvy probably want to get into places where their home’s value is sure to grow fast. Maybe they’re still figuring out whether it’s better to rent or buy. Or they may want to join their peers and buy in a millennial mecca, Gen X hot spot, or boomer boomtown.
Don’t worry. We’ve got you covered.
The 10 most affordable housing markets
With sky-high home prices just about everywhere buyers turn, the hottest property is a budget-friendly home. That’s why we found the 10 most affordable housing markets for local buyers in the 100 largest metropolitan areas. (Metros include the main city and surrounding town, suburbs, and smaller cities.) To come up with our list, we factored in the median household incomes for these metros.
Not surprisingly, these are far from the biggest, most expensive coastal cities. Many of these places are former manufacturing hubs that have struggled economically and with higher unemployment. And they tend to be in the Rust Belt and Midwest, where prices are the lowest.
“These are smaller, more remote areas, and they are the last affordable pockets in the country,” says Vivas. “They’re latecomers to the economic boom.”
In Youngstown, OH, the most affordable metro in the nation, about 67% of locals can afford a median-priced home there of $120,050 as of Nov. 1, according to realtor.com listing data. It was followed by Akron, OH, at 63%, with a median list price of $157,050; Dayton, OH, at 61% and $167,950; Toledo, OH, at 60% and $154,950; Allentown, PA, at 59% and $243,050; St. Louis, at 59% and $219,950; Scranton PA, at 59% and $160,050; Pittsburgh, at 56% and $195,050; Des Moines, IA, at 56% and $259,950; and Syracuse, NY, at 55% and $179,950.
Buyers in these markets will want to act fast—before they’re priced out. The metros with the highest appreciation are still relatively affordable (although not for long!) and are often alternatives to more expensive, biggest cities. They tend to have growing economies, luring new residents. In other words, they’re generally a good investment.
We identified these markets by looking at the year-over-year change in median sales prices.
One of our top metros, Boise, ID, is popular with young professionals and tech professionals fleeing the high cost of living in nearby California. The emerging tech hub is appealing due to its good-paying jobs as well as the many outdoorsy activities, cultural amenities, and innovative places to grab a cocktail and dinner.
“They’re lower-priced, and you’re buying into a place … [where] more people are moving into the area,” says Vivas. “This year we saw an expansion of [smaller, nearby] cities absorbing buyers who were priced out of the overheated, higher-cost markets.”
In Boise, prices rose 10.1%, to hit a median list price of $365,040 as of Nov. 1, according to realtor.com data. It was tied with Syracuse, NY, up 10.1%, to $179,950. They were followed by Youngstown, OH, up 9.5%, to $120,050; Indianapolis, up 9.3%, to $259,950; Greensboro, NC, up 9%, to $264,950; Minneapolis, up 8.9%, to $343,040; Cincinnati, up 8.8%, to $260,050; Knoxville, TN, up 8.5%, to $284,950; Louisville, KY, up 8.1%, to $244,950; and Spokane, WA, up 3.4%, to $349,950.
The big question on many folks’ minds is whether it’s financially better to continue renting—or take the plunge and buy a home. So we found the counties where it’s cheapest for locals making the median income to rent or purchase their abode. Not surprisingly, it makes the most sense to rent in priciest parts of the nation. And buying is best in the cheapest parts of the country, although there aren’t as many good-paying jobs.
The best places to rent are the overheated markets, says Vivas.
“Price points are out of reach. In most of them, you have to be in the top 10% of incomes to afford the typical house,” he says, adding that the best places to buy “have weaker economies compared to the rest of the country and demand for homes is lower.”
The top markets for the millennial set aren’t the more glamorous, trendy cities on the higher-priced coasts boasting the best music festivals and hottest restaurants and bars. Instead, they’re smaller, more affordable metros with lots of good jobs. A lot of them, such as Grand Rapids, MI, which topped our list, are also college towns boasting a popular beer brewing culture as well.
To find where millennials are heading, we looked at the metros where millennials took out the most purchase mortgages in the third quarter of 2018 and 2019.
Gen Xers are often (but certainly not always) less concerned with the local beer and music scene and more worried about good school districts. These folks are typically making more money than the millennials, so they can afford to spend more on a home. But they often need more space for their families, the kids, and/or their aging parents. And they’re looking more in the suburbs.
The top picks for Gen Xers are not necessarily cheap, as they have stronger economies, Vivas says. But they do have relatively good affordability when it comes to square footage.
Baby boomers are often less concerned with thriving job markets and living in huge houses (as hopefully their children have flown the coop). They often want to live in warmer climates with top-notch health care facilities where their dollars will stretch.
That’s why almost all the metros on this list offer good value, says Vivas.
A 226-acre ranch in Jackson, WY, that includes a recently completed “architectural masterpiece” is this week’s most expensive new listing on realtor.com®. The prestigious property hit the market with an asking price of $35 million.
Formerly known as Puzzleface Ranch, the property was purchased in 2010 for $7.8 million, which represented a huge price cut. The property originally landed on the market in 2006 for $25 million, according to local news reports.
The buyer was reported to be Fintan Ryan, who proceeded with plans to build a massive mansion on the Puzzleface plot.
However, Ryan ran up against local officials and county regulations with his grand plans. Teton County initially approved his project—but then objected to the elevation and size of the home. With its fully finished basement, the residence measured in at nearly double the size that is locally allowed for a single-family home.
Eventually, Ryan won permission to build, and now the enormous 18,321-square-foot home sits in the heart of Jackson Hole. “You can never build anything like this again, ever,” says listing agent Tom Evans of Sotheby’s International Realty.
Although the home was just finished and built exactly to his specifications, Ryan has moved out of state for work reasons and placed the property on the market.
The former Puzzleface Ranch covers 226 acres.
realtor.com
“Architectural masterpiece”
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Walls of windows
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Entry
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Deck
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Living room and open kitchen
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Lower level with wet bar
realtor.com
With seven bedrooms and 11 bathrooms, the huge layout features nine fireplaces, an elevator, a four-car garage, and multiple patios. Floor-to-ceiling windows allow for abundant light and bring the natural beauty of the outdoors inside.
With so much indoor and outdoor space, “It’s almost like a country club,” Evans says. “It’s a building where you can entertain many, many people.”
Other luxe features include a movie theater, wine cellar, gym, large kitchen, and living room centered around a glass wood-burning fireplace.
Each of the three bedroom suites includes two baths and a private living area. The finished basement boasts a wet bar. Smart home features allow for remote operation of heating, lights, and drapes.
The spread also includes a caretaker’s home, two barns, a workshop, and a toolshed.
Two additional adjoining parcels include a three-bedroom guesthouse and an “unimproved building site.” The grounds offer wide-open spaces with ponds, a variety of wildlife, and Grand Teton and Snake River Range views.
Not enough for you? Additional development rights are available to build two more homes of up to 8,000 square feet each, Evans says.
And it’s not the only impressive area mansion on the market. Earlier this fall, a similarly priced property in Jackson also topped our weekly look at pricey properties. That luxury home on 118 acres is still available for $33.9 million.
For wealthy clients in the search for the perfect place in Jackson, opportunities abound. Just make sure to pack your wallet.
