As the financial crisis worsens, the housing market stalled or sinking and the economy in a recession since December of 2007, many senior communities are lying vacant and struggling to get people to move into their communities and facilities. Some facilities are considering eliminating the age requirements that are associated with these facilities in order to keep the communities financial ability afloat. These communities are not only having issues with occupancy but with members failing to pay dues and a decreased desire to to participate in a la carte activities offered as part of the membership in the community.
The front page article of Monday’s Wall Street Journal addressed these issues and the fact that many operators and developers are looking to lower their age requirements to make ends meet. Some developers and homeowners’ associations say it’s becoming the strategy-of-last-resort the longer homes sit vacant. For the full WSJ article, click here.