55-and-over complexes boom on LI

Written By Kristin Taveira on April 14, 2016 As Seen On Newsday

The baby boom has become a senior boom — and you may have noticed a commensurate boom in housing just for them. In fact, Long Island’s 55-and-over population is growing at a rate more than six times that of the population overall, according to a 2015 report by the Long Island Index — a trend that has not gone unnoticed by real estate developers. The average housing index for 55-and-over multifamily condominiums in the U.S. rose 10 percent in 2015 compared to 2014, according to the National Association of Home Builders, and experts say Long Island has seen similar activity.

“The over-55 market is one of the largest parts of the Long Island real estate market, and has been for a number of years,” says Mitch Pally, chief executive of the Long Island Builders Institute.

Blue Point-based developer Alec Ornstein says that, in addition to the population shift, other forces have contributed to Long Island’s recent proliferation of active adult communities. For one thing, the 2008 housing crisis delayed the development of many planned communities, putting a growing list of would-be buyers on hold for several years.

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