|
Donald Trump Enters the 50+ Market: Here’s Why
|
|
 |
|
|
Oversized windows are a hallmark at Trump Park Residences in Westchester County, N.Y. |
Donald Trump has entered the active adult market with Trump Park Residences, a luxurious, 114-unit condominium community on 50 acres in Westchester County north of New York City.
Developed as a joint venture with New York’s Cappelli Enterprises, the one-, two- or three-bedroom units feature 9-foot ceilings, a host of high-end amenities and range in price from the mid-$500,000s to $1.2 million.
The Club at Trump Park features a library, private movie theater, stone fireplaces and indoor and outdoor pools. The community also overlooks Donald J. Trump State Park, 436 acres that Trump donated to the state.
Two weeks before sales started, the community reportedly had a waiting list of 200.
Barbara Kleger, president of 55+ Consulting, based in Philadelphia, and a member of NAHB’s 50+ Housing Council, talked with Marge Schneider, executive vice president of Cappelli Enterprises, about the development of Trump Park Residences.
|
|
 |
|
|
Louis Cappelli, left, Donald Trump, Michael Cappelli |
Barbara Kleger: What made Trump decide to venture into the 55+ market?
Marge Schneider: Besides the fact that both Donald Trump and Louis Cappelli are now “active adults?”
Seriously, both Trump and Cappelli realized three years ago that the baby boomer market, which represents the largest segment of the population, was “graying,” the first wave having tuned 60 in 2005.
Not only were there vast numbers of potential empty nester purchasers in this baby boom generation, in most cases, they lived in a single-family home that had significantly increased in value over the years. They were in a position to easily sell their existing homes and buy a luxury condo in an active adult community without having to take on an additional mortgage commitment.
Kleger: What research was done prior to entering the market?
Schneider: We conducted extensive market studies about what potential purchasers would be looking for in terms of amenities, features and finishes. We also looked at demographics from our own Westchester County area to determine sales potential and looked at existing “active adult” communities around the region and country.
We recognizined that to entice this market into leaving a home that they had lived in for 20 or 30 years, we would have to give them ample space, good storage, designer finishes, maintenance-free living and an amenities package that would be too good to pass up.
Kleger: What did you do differently in designing residences for the 55+ buyer?
|
|
 |
|
|
Critical personal space, the oversized master suite, is basically the same size in all the units. |
Schneider: We focused on open floor plans with great finishes, oversized windows that bring in incredible light and spacious, convenient storage.
One of the most appealing design features is our oversized master bedroom suite that the architect designed to be basically the same for every home. So regardless of whether you purchase a 1,150-square-foot one-bedroom home or a 2,000-plus-square-foot three-bedroom home, your critical personal space, the master bedroom suite, is the same.
The bedrooms are approximately 17x13 feet; the master closet is 6x9 feet and the marble master baths are 10x12 feet.
Also, we were able to provide every home with storage ranging in size from 45 square feet to 160 square feet, most of which is on the same floor as the home — so there is no digging around in a basement.
|
|
 |
|
|
The Club at Trump Park |
Kleger: What have you found different in marketing to the 55+ buyer versus the younger buyer?
Schneider: It’s a longer sale process. These are people who have “been there, done that,” so they are going to take their time.
With the exception of prospects who want to be close to their children, grandchildren, country club or otherwise stay in their neighborhood — this market can really live just about anywhere they would like, so they have more options than the typical buyer.
Also, we have found that many prospects want to wait to see the public spaces such as the lobby, clubroom and pool, before making a decision.
Kleger: How much time have you allotted to pre-sales/sales, and is this different than what you would have done if Trump Park Residences was not age-restricted?
Schneider: No, we haven’t approached this any differently than our typical residential development.
Kleger: What has surprised you most about the 55+ market?
Schneider: The most surprising thing about this market is their ability and willingness to live just about anywhere that suits their fancy.
Kleger: What advice do you have for builders and developers entering this age-restricted marketplace?
Schneider: Do your homework. Understand your market both from a geographic and economic standpoint.
Barbara Kleger has been serving the senior housing industry since 1978. She is currently president of Philadelphia-based, 55+ Consulting, a division of KD Partners, LLC, a national firm that specializes in strategic planning, consumer research and marketing for active adult and full service retirement communities. Kleger also serves on the board of many senior housing organizations and is a frequent speaker at national seminars. She has personally served more than 250 clients and surveyed more than one million adults. For more information, e-mail Kleger, or call her at 215-893-3635.
| |
 |
|
|
Game room |
|
