Ryan, Darrin and Paul were three friends from the same Ivy League school who found themselves financially struggling after their college graduation. The three came together at Paul’s behest to create a solution to their needs. Paul initially considered starting a luxury concierge service, but was unsure how to find and recruit great candidates. Paul and Ryan decided to look for concierge services on Facebook.
With Paul’s connections in Silicon Valley, he was able to connect Ryan and Darrin with experts in that space. That’s when the duo turned to Petsworth, a luxury senior home developer and provider of hospitality, who learned of Ryan and Darrin’s project after receiving an email about their concierge service.
Devin Patterson, Director of New Construction, and Lesley O’Keefe, Director of Marketing, helped propel the concept into becoming a reality. Now, Ryan, Darrin and Paul are in the process of leasing a nine-bedroom home in Crested Butte, Colorado.
“We just identified specific areas in Crested Butte where we think we’ll be successful in getting people moving into our spaces, and we’re definitely looking at other types of communities as well,” said O’Keefe. “They’re in talks with luxury development companies, and there’s also a couple that they might partner with.”
When it comes to how much these pads cost, the price range varies based on location and amenities. For example, the house Ryan, Darrin and Paul purchased in Crested Butte recently sold for about $1.5 million. But elsewhere in America, these luxury homes start at as low as $500,000.
“Just because you’re priced at a higher end doesn’t mean it’s luxurious,” Patterson told us. “A higher end means there are more features, you get more time spent on the property, security, and much more.”
The pricing also varies by lifestyle. For example, the average cost of a high-end rental is $40 per square foot, so these luxury homes will probably run around $75 to $100 per square foot on a monthly rental fee. While their target market is Generation X and Generation Y (45-59 years old), the owners hope to attract baby boomers like Ryan and Darrin. They note that the average senior is 52, so they are aiming at a comfortable demographic.
“Boomers can look at us as an amenity or destination, but they’re not specifically at all senior,” Patterson said. “And we’re putting ourselves out there as a destination to draw the baby boomers to move into communities like ours because of what we offer them.”
These homes also fulfill the demand for new construction, which has fallen to the lowest level since 2013.
“Right now, the inventory of new construction is at half of what it was in 2007,” Patterson told us. “There are just not as many companies sitting on land that they could put it up on. So, for a brand new, high-end home that may not have been part of that space in the past, it seems like a pretty interesting opportunity.”
According to the Census Bureau, seniors aged 65 and older increased 4.2 percent between 2012 and 2016. The 4.2 percent increase is among seniors 60 years and older. The nation’s senior population will grow to 75.8 million by 2030, according to the Census Bureau.
Petworth is a luxury independent senior home developer that serves Crested Butte, Colorado, an upscale resort community of about 15,500 residents and 50,000 visitors. Petworth currently has five living communities in Colorado: Crested Butte, Monte Vista, Hunters Creek, Tin Wing and Playa Condominiums, and has another three communities planned in Texas and Florida. Its communities boast fully integrated upscale senior living environments including concierge, transportation, shopping, health and fitness, digital entertainment, recreational and social activities, and dining options.