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DMB, builders look to 55 and older set for housing salvation

Posted by   /  February 2, 2015  /  No Comments

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Byactive-adult-communities Mike Sunnucks | Phoenix Business Journal

One of the only bright spots in the lackluster Arizona housing market is active adult communities, which cater to baby boomers and other retirees. Members of that age group tend to be looking for homes and able to qualify for mortgages.

It’s a focus for DMB Associates as it tries to chart the postrecession path for its Verrado development in Buckeye. DMB Senior Vice President Nick Taratsas said the Scottsdale-based company had 3,000 potential buyers registered for private sneak peaks at the new active adult subdivision.

Taratsas said the idea is to have a 55-and-older community that does not feel overtly like senior communities such as Sun City or some Florida retirement meccas. One key to that is to have a variety of builders, styles and color schemes.

Four builders — Lennar, Maracay Homes, Standard Pacific and TW Lewis by David Weekly — are part of Victory, the first phase of Verrado. Home sizes range from 1,400 to 3,400 square feet, and prices from $240,000 to $550,000.

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