Monthly fees are $1500 for the new luxury retirement enclave in McLean

[Anonymous]

I think it's an interesting concept. The hard part will be when they have people who can't live independently but refuse additional services. I wonder what the fine print is on that.

[Anonymous]

I know I cant afford this, but even if I could, why? if I have that much money, i'd have my kids and their families come live with me for free and given them whats left and the house when i'm gone.

or buy another home in another country and spend half the time in the US and half their. buying into some overpriced mature, or assisted living seems silly.

making some developer rich on your way out, seems contrary to however you amassed so much.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It says only $1400. That includes central security, fitness center with spa, pool, concierge, parking garage. Given the home price, that doesn’t seem crazy to me. Buyers are wealthy older people who want to live in McLean, still have a large place, want new construction, elevators, and want high end community amenities. I bet they sell quickly.

I can afford 3M cash but the expected monthly charges on top of property taxes are hard to swallow. I wo t have anything left to help my offspring in this hostile economic environment

You are not their target market. They are marketing to people with NW of $10m +.

That’s interesting. I visited a friend in leesburg recently who lives in planned estate similar to this. With various prices from 1.5M townhouses to 5M single family homes overlooking the Potomac. Who do you think their target market is? Most of the community are retired government. The only surprising thing is that it’s in leesburg.

Do you mean River Creek? If so, it's a very nice gated community, but's not 55+ and the monthly fees are not nearly as high as $1400.

[Anonymous]

Anonymous wrote:I think it's an interesting concept. The hard part will be when they have people who can't live independently but refuse additional services. I wonder what the fine print is on that.

Not as big of an issue because if you can afford a $3 million home you can afford to bring the right care in.

And if people refuse additional care services they need, well, that already happens in all types of homes and communities. This isn’t a full service nursing home, so they are not responsible for ensuring care levels of residents. What residents choose to do or not to do is up to each resident.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you ever looked at condos in DC, you'd know that $1500 is typical, even over $2000, for a 2-bed in nicer buildings.

A PP commented about wealthy boomers. But people are overlooking that gen X and millennials, at least the top 20%, are going to be even richer due to fat 401ks and inheritances and I expect costs for premium independent living communities to only soar. I'm still 20 years from retirement but market gains and investments and likely share of parents' estate has me realizing I'm going to have a lot more in retirement than I ever expected.

You are being optimistic. One big market crash can wipe out a lot of this. Not like this never happened. Also COL is rising, it only takes COL rising higher than appreciation of your assets to make you feel poor when you aren't earning any income or generating wealth.

Plus, there are many opportunities for "independent" living that's not a master planned anything where you have to pay more fees. You can just buy a condo literally anywhere in any walkable city, including DC and live well in the middle of the city without the need for special services that are only important maybe in car dependent places.

It's funny how they show the photos of Tysons when this community is not anywhere near Tysons and isn't accessible by metro. Whole foods, really? You have to drive there, this community is walkable only to the Mclean downtown area, and requires a bus to get to Tysons if using public transit.

You are being pessimistic. Boomers endured plenty of recessions, wild swings in housing markets and stock markets, inflation, mortgages with double digit interest rates, corporate layoffs. I am sure markets will go up and down in the next 20 years but the long term trajectory is always upwards. People in their 30s and 40s with good investments and 401ks today will be in a very good place 20 years from now. Unless, of course, an asteroid hits the planet.

Yes, and a lot of boomers are broke and don't have anything to their name

And your point is? There are a lot of wealthy boomers. And there will be a lot of wealthy gen x and millennial retirees. A lot. A huge amount.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you ever looked at condos in DC, you'd know that $1500 is typical, even over $2000, for a 2-bed in nicer buildings.

A PP commented about wealthy boomers. But people are overlooking that gen X and millennials, at least the top 20%, are going to be even richer due to fat 401ks and inheritances and I expect costs for premium independent living communities to only soar. I'm still 20 years from retirement but market gains and investments and likely share of parents' estate has me realizing I'm going to have a lot more in retirement than I ever expected.

You are being optimistic. One big market crash can wipe out a lot of this. Not like this never happened. Also COL is rising, it only takes COL rising higher than appreciation of your assets to make you feel poor when you aren't earning any income or generating wealth.

Plus, there are many opportunities for "independent" living that's not a master planned anything where you have to pay more fees. You can just buy a condo literally anywhere in any walkable city, including DC and live well in the middle of the city without the need for special services that are only important maybe in car dependent places.

It's funny how they show the photos of Tysons when this community is not anywhere near Tysons and isn't accessible by metro. Whole foods, really? You have to drive there, this community is walkable only to the Mclean downtown area, and requires a bus to get to Tysons if using public transit.

You are being pessimistic. Boomers endured plenty of recessions, wild swings in housing markets and stock markets, inflation, mortgages with double digit interest rates, corporate layoffs. I am sure markets will go up and down in the next 20 years but the long term trajectory is always upwards. People in their 30s and 40s with good investments and 401ks today will be in a very good place 20 years from now. Unless, of course, an asteroid hits the planet.

Yes, and a lot of boomers are broke and don't have anything to their name

And your point is? There are a lot of wealthy boomers. And there will be a lot of wealthy gen x and millennial retirees. A lot. A huge amount.

You are in a bubble. Clearly. Yes, there is a lot of wealth here, but it's not how it is outside of your little affluent suburban enclave, like the one where these homes are built. And at some point you run out of people with money, which is evident by the amount of time it takes now to sell homes over a certain amount.

This community is an example of business capitalizing on squeezing the existing wealth from the retirees in the area. But they got competition, because there is a lot more available for sale for the people with $$$ and they got choices, more than ever before. We'll see how popular this style of housing becomes. I don't see value in it because in this price range there are a lot of options, especially if one is willing to share walls with others.

[Anonymous]

Anonymous wrote:You're kidding, right? That's absurdly low, but then again the purchase price (i.e. the buy-in cost) of nearly $3MM is crazy high. My Dad's place in NoVA was $10k a month and it was super popular. But it had only a $1MM buy-in.

Agree. OP has no idea of McLean and costs.

[Anonymous]

Anonymous wrote:I know I cant afford this, but even if I could, why? if I have that much money, i'd have my kids and their families come live with me for free and given them whats left and the house when i'm gone.

or buy another home in another country and spend half the time in the US and half their. buying into some overpriced mature, or assisted living seems silly.

making some developer rich on your way out, seems contrary to however you amassed so much.

I think this concept is appealing because of the built in social system. I visited a place like this is leesburg a few weeks ago, they very popular. This idea can help mitigate the loneliness epidemic and social isolation that’s being talked about in the news these days. Buying someplace and living in a foreign is not a fix all as building a community and adapting culturally can be challenging. As people get older they tend to want familiarity.

[Anonymous]

The social aspect is great but not when a majority of the community has another home. We looked here and rejected it outright upon learning that. The fees are low because there is no built in support..no restaurants, social planning, cleaning, higher healthcare if needed, etc
I also heard the developer posed as a potential buyer at the Mather before undertaking the project.

[Anonymous]

There are many plenty of crappy condos with fees that high or higher. Sounds like a nice place to me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It says only $1400. That includes central security, fitness center with spa, pool, concierge, parking garage. Given the home price, that doesn’t seem crazy to me. Buyers are wealthy older people who want to live in McLean, still have a large place, want new construction, elevators, and want high end community amenities. I bet they sell quickly.

I can afford 3M cash but the expected monthly charges on top of property taxes are hard to swallow. I wo t have anything left to help my offspring in this hostile economic environment

You are not their target market. They are marketing to people with NW of $10m +.

That’s interesting. I visited a friend in leesburg recently who lives in planned estate similar to this. With various prices from 1.5M townhouses to 5M single family homes overlooking the Potomac. Who do you think their target market is? Most of the community are retired government. The only surprising thing is that it’s in leesburg.

Do you mean River Creek? If so, it's a very nice gated community, but's not 55+ and the monthly fees are not nearly as high as $1400.

I think so.

[Anonymous]

Anonymous wrote:The social aspect is great but not when a majority of the community has another home. We looked here and rejected it outright upon learning that. The fees are low because there is no built in support..no restaurants, social planning, cleaning, higher healthcare if needed, etc
I also heard the developer posed as a potential buyer at the Mather before undertaking the project.

That’s interesting as that would the main factor for buying there for me. I was going to suggested it to a friend who wants to buy from abroad. Without a firm social structure there’s no point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you ever looked at condos in DC, you'd know that $1500 is typical, even over $2000, for a 2-bed in nicer buildings.

A PP commented about wealthy boomers. But people are overlooking that gen X and millennials, at least the top 20%, are going to be even richer due to fat 401ks and inheritances and I expect costs for premium independent living communities to only soar. I'm still 20 years from retirement but market gains and investments and likely share of parents' estate has me realizing I'm going to have a lot more in retirement than I ever expected.

You are being optimistic. One big market crash can wipe out a lot of this. Not like this never happened. Also COL is rising, it only takes COL rising higher than appreciation of your assets to make you feel poor when you aren't earning any income or generating wealth.

Plus, there are many opportunities for "independent" living that's not a master planned anything where you have to pay more fees. You can just buy a condo literally anywhere in any walkable city, including DC and live well in the middle of the city without the need for special services that are only important maybe in car dependent places.

It's funny how they show the photos of Tysons when this community is not anywhere near Tysons and isn't accessible by metro. Whole foods, really? You have to drive there, this community is walkable only to the Mclean downtown area, and requires a bus to get to Tysons if using public transit.

You are being pessimistic. Boomers endured plenty of recessions, wild swings in housing markets and stock markets, inflation, mortgages with double digit interest rates, corporate layoffs. I am sure markets will go up and down in the next 20 years but the long term trajectory is always upwards. People in their 30s and 40s with good investments and 401ks today will be in a very good place 20 years from now. Unless, of course, an asteroid hits the planet.

Yes, and a lot of boomers are broke and don't have anything to their name

And your point is? There are a lot of wealthy boomers. And there will be a lot of wealthy gen x and millennial retirees. A lot. A huge amount.

You are in a bubble. Clearly. Yes, there is a lot of wealth here, but it's not how it is outside of your little affluent suburban enclave, like the one where these homes are built. And at some point you run out of people with money, which is evident by the amount of time it takes now to sell homes over a certain amount.

This community is an example of business capitalizing on squeezing the existing wealth from the retirees in the area. But they got competition, because there is a lot more available for sale for the people with $$$ and they got choices, more than ever before. We'll see how popular this style of housing becomes. I don't see value in it because in this price range there are a lot of options, especially if one is willing to share walls with others.

What a silly post. People are buying these units. Just like they buy million dollar rowhouses in DC. There's a lot of households sitting on millions and millions. And when you get old something like a serviced community ticks many boxes. It minimizes friction in your life.

It doesn't matter what the bottom 20% or 50% is experiencing. The K shaped economy means a lot of people at the top too. And when that top 10% retires, they have a lot of wealth. And this is what this community is targeting.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you ever looked at condos in DC, you'd know that $1500 is typical, even over $2000, for a 2-bed in nicer buildings.

A PP commented about wealthy boomers. But people are overlooking that gen X and millennials, at least the top 20%, are going to be even richer due to fat 401ks and inheritances and I expect costs for premium independent living communities to only soar. I'm still 20 years from retirement but market gains and investments and likely share of parents' estate has me realizing I'm going to have a lot more in retirement than I ever expected.

You are being optimistic. One big market crash can wipe out a lot of this. Not like this never happened. Also COL is rising, it only takes COL rising higher than appreciation of your assets to make you feel poor when you aren't earning any income or generating wealth.

Plus, there are many opportunities for "independent" living that's not a master planned anything where you have to pay more fees. You can just buy a condo literally anywhere in any walkable city, including DC and live well in the middle of the city without the need for special services that are only important maybe in car dependent places.

It's funny how they show the photos of Tysons when this community is not anywhere near Tysons and isn't accessible by metro. Whole foods, really? You have to drive there, this community is walkable only to the Mclean downtown area, and requires a bus to get to Tysons if using public transit.

You are being pessimistic. Boomers endured plenty of recessions, wild swings in housing markets and stock markets, inflation, mortgages with double digit interest rates, corporate layoffs. I am sure markets will go up and down in the next 20 years but the long term trajectory is always upwards. People in their 30s and 40s with good investments and 401ks today will be in a very good place 20 years from now. Unless, of course, an asteroid hits the planet.

Yes, and a lot of boomers are broke and don't have anything to their name

And your point is? There are a lot of wealthy boomers. And there will be a lot of wealthy gen x and millennial retirees. A lot. A huge amount.

You are in a bubble. Clearly. Yes, there is a lot of wealth here, but it's not how it is outside of your little affluent suburban enclave, like the one where these homes are built. And at some point you run out of people with money, which is evident by the amount of time it takes now to sell homes over a certain amount.

This community is an example of business capitalizing on squeezing the existing wealth from the retirees in the area. But they got competition, because there is a lot more available for sale for the people with $$$ and they got choices, more than ever before. We'll see how popular this style of housing becomes. I don't see value in it because in this price range there are a lot of options, especially if one is willing to share walls with others.

What a silly post. People are buying these units. Just like they buy million dollar rowhouses in DC. There's a lot of households sitting on millions and millions. And when you get old something like a serviced community ticks many boxes. It minimizes friction in your life.

It doesn't matter what the bottom 20% or 50% is experiencing. The K shaped economy means a lot of people at the top too. And when that top 10% retires, they have a lot of wealth. And this is what this community is targeting.

LOL, it takes just one terrible market crash to make that K shaped upper part of the curve very thin.. Only the mega rich make out. The rest will be joining the lower part of that K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you ever looked at condos in DC, you'd know that $1500 is typical, even over $2000, for a 2-bed in nicer buildings.

A PP commented about wealthy boomers. But people are overlooking that gen X and millennials, at least the top 20%, are going to be even richer due to fat 401ks and inheritances and I expect costs for premium independent living communities to only soar. I'm still 20 years from retirement but market gains and investments and likely share of parents' estate has me realizing I'm going to have a lot more in retirement than I ever expected.

You are being optimistic. One big market crash can wipe out a lot of this. Not like this never happened. Also COL is rising, it only takes COL rising higher than appreciation of your assets to make you feel poor when you aren't earning any income or generating wealth.

Plus, there are many opportunities for "independent" living that's not a master planned anything where you have to pay more fees. You can just buy a condo literally anywhere in any walkable city, including DC and live well in the middle of the city without the need for special services that are only important maybe in car dependent places.

It's funny how they show the photos of Tysons when this community is not anywhere near Tysons and isn't accessible by metro. Whole foods, really? You have to drive there, this community is walkable only to the Mclean downtown area, and requires a bus to get to Tysons if using public transit.

You are being pessimistic. Boomers endured plenty of recessions, wild swings in housing markets and stock markets, inflation, mortgages with double digit interest rates, corporate layoffs. I am sure markets will go up and down in the next 20 years but the long term trajectory is always upwards. People in their 30s and 40s with good investments and 401ks today will be in a very good place 20 years from now. Unless, of course, an asteroid hits the planet.

Yes, and a lot of boomers are broke and don't have anything to their name

And your point is? There are a lot of wealthy boomers. And there will be a lot of wealthy gen x and millennial retirees. A lot. A huge amount.

You are in a bubble. Clearly. Yes, there is a lot of wealth here, but it's not how it is outside of your little affluent suburban enclave, like the one where these homes are built. And at some point you run out of people with money, which is evident by the amount of time it takes now to sell homes over a certain amount.

This community is an example of business capitalizing on squeezing the existing wealth from the retirees in the area. But they got competition, because there is a lot more available for sale for the people with $$$ and they got choices, more than ever before. We'll see how popular this style of housing becomes. I don't see value in it because in this price range there are a lot of options, especially if one is willing to share walls with others.

What a silly post. People are buying these units. Just like they buy million dollar rowhouses in DC. There's a lot of households sitting on millions and millions. And when you get old something like a serviced community ticks many boxes. It minimizes friction in your life.

It doesn't matter what the bottom 20% or 50% is experiencing. The K shaped economy means a lot of people at the top too. And when that top 10% retires, they have a lot of wealth. And this is what this community is targeting.

LOL, it takes just one terrible market crash to make that K shaped upper part of the curve very thin.. Only the mega rich make out. The rest will be joining the lower part of that K.

Keep dreaming. All market crashes rebounded and went past their previous highs. We are surely due for a correction but like all past corrections, it will recover.

The difference between you and the top 10% is understanding. Living your life anticipating dystopia is a surefire way to remain poor.