‘Nothing is too good for my dad,’ says Craig Murphy, the president of Avicenne Ltd. in Boston. ‘I enjoy taking my father and stepmother on luxurious cruises for a long weekend. They get to relax and have fun, and we get to stay in luxury.’
Murphy’s father and stepmother, Jerry and Darlene, are typical luxury seniors. With 26 years of life between them, they entered old age in good health. They both enjoy travelling to many exotic places, but the cruises they have recently taken would not be possible without the support of Avicenne.
“Both of us live in this area, we are both active in our community and are members of their retirement association,” says Jerry Murphy.
Because Avicenne follows a rotational ownership model, members not only have access to amenities, but they also have the ability to live in the best homes and apartments in the local area. The number of properties varies with the seasons, with many apartments in the spring and fall for the temperatures to be warmer, and properties in the winter. Currently the company owns more than 40 properties in 15 states.
“We are more than a home-building company. We are a lifestyle company. We offer a quality of living that our older community members look forward to and they enjoy our services. We provide essential services as part of the vacation plan,” says Murphy.
A large portion of the company’s customers are low-to-middle income people, but more and more affluent seniors are also buying from Avicenne. This makes sense as a majority of families are ‘silver-aged’ today. Affluent baby boomers are filling a sizable portion of Luxury Senior Homes; 80% of the customers are over 65, says Murphy.
In the 2015 census, over nine million baby boomers, born between 1946 and 1964, would be 50 or older by 2018. It is estimated that in the US by 2017, there will be an additional two million individuals aged between 60 and 65, according to the Bipartisan Policy Center. This is a significant demographic increase that is expected to be powerful and influential in key housing indicators such as homeownership rates, rental rates, and spending on housing over the next five years.
Low-to-middle income consumers can enjoy the added benefits of Avicenne, says Murphy. But the market for luxury elder homes is broad. “We offer a choice to customers, different locations, different price points, and from different companies,” he says.
Now, over 30 years after he purchased a house on a lake in Maine, Murphys’ father enjoys a variety of cruises, many of which are inexpensive, but some of which are more special, for example, sailing around New England to learn about the area. The family doesn’t have a dedicated home to live in because they prefer to stay in the community. “We both know our physical limits and physical capabilities, so we don’t want to get into a nursing home,” Jerry Murphy says.
This has been good for his finances, Murphy says. “We don’t have mortgage and maintenance payments because we don’t need to. Other people have to stay in a nursing home because they live too far from them,” he explains. Murphy says that his father especially appreciates the help of good health care professionals, family members, and Avicenne.
“My parents have always lived comfortably. But now, they have an opportunity to continue to enjoy a carefree lifestyle and live with confidence that they are valued and cared for. The mortgage on their two home is no longer a burden,” Murphy says.