Baby Boomers Reinvent Retirement With Luxury Resort Communities

Niche U.S. retirement communities aim to make baby boomers' golden years more luxurious, reports Fox Business . For example, singer-songwriter Jimmy Buffett drew public interest with his Latitude Margarita development for 55-and-older Americans in Daytona Beach, Fla. Retirees who relocate to Latitude Margarita have four different pastel-colored home collection options to choose from, including cottages, villas, and single-family units. Additional perks include a tiki swimming pool, private beach club, a tennis court and golf course, and a town square. Residences start in the mid-$200,000s on top of a monthly fee, yet Latitude Margarita plans to build 3,000 homes in Daytona Beach, with two other communities in Watersound, Fla., and Hilton Head, S.C., in the works. According to RE/MAX Excalibur real estate agent Thomesa Lydon, many retirees have realized that standard single-family homes are "too large, require a lot of maintenance, and in some instances aren't very safe." They are subsequently seeking a "lock-and-leave" arrangement where they can still be independent and social, without having to maintain a house. "It's ultimately saving you money because you're able to get out of a ton of maintenance expense," Lydon said. "Many retirees likely aren't using half the square footage they have but they're still heating and cool, paying landscapers, and any hired cleaning help."