Menu

Daytona’s Latitude Margaritaville ‘town center’ to open June 8

DAYTONA BEACH — Latitude Margaritaville will hold an open-to-the-public grand opening celebration for the first phase of the new Latitude Town Center amenities complex at the Jimmy Buffett-themed 55-and-older community here next Saturday.

The June 8 event, from noon to 4 p.m., will include live music, dancing, food and refreshments, games, prize giveaways and model home tours.

The nearly 25-acre residents-only town center next to the gated-community’s entrance includes a Latitude Bar & Chill restaurant and Changes in Attitude Bar, a Fins Up fitness center, a resort-style community pool, a bandshell stage that includes a large-screen television and outdoor dance floor, pickleball and tennis courts as well as a multi-purpose sports court, and a walking trail with outdoor fitness stations.

“Latitude Margaritaville is redefining the approach to active adult communities with a no-worries lifestyle of fun, food and music for those 55-and-better who are growing older, but not up,” said Bill Bullock, president of Minto Communities’ Latitude Margaritaville division.

Minto is developing the planned 3,400-home community along the north side of LPGA Boulevard, west of Interstate 95, in partnership with Margaritaville Holdings, the global lifestyle branding company co-owned by singer-songrwriter Jimmy Buffett.

The sales center for Latitude Margaritaville is at 2400 LPGA Blvd.

Click here to view the full article

The Longevity Economy: Why Seniors Are a Fast-Growing Emerging Market

It’s the mother of all untapped markets: the world’s 65-plus population. Already at a historical high of over 600 million people, it’s projected to hit a full billion by 2030, and 1.6 billion by 2050.

And unlike many other fast-growing markets, this expansion will take place primarily in wealthy countries. As a result, the sheer amount of money involved nearly defies comprehension. In the U.S. alone, the spending of Americans ages 50 and up in 2015 accounted for nearly $8 trillion worth of economic activity. The Boston Consulting Group projects that by 2030, the U.S. 55-plus population will have accounted for half of all domestic consumer spending growth since the Great Recession, a number that rises to 67% in Japan and 86% in Germany.

The longevity economy, then, is the emerging market to rule them all: the size of a new continent rising from the sea, populated with eager consumers but seemingly without the usual emerging market uncertainties. After all, the demographic seeds of our older future were sown long ago in the form of rising life expectancies, falling fertility rates, and (in many countries) a postwar baby boom now striding toward its later years. There may be other major changes coming to the world’s economies—the rise of artificial intelligence, for instance, or the effects of climate change—but in terms of sheer, mind-numbing predictability, the longevity economy beats them all.

The obvious response to a predictably growing market is to produce more of what that market is already buying. But sometimes, the appearance of certainty breeds complacency.

Take the senior housing market. To talk to anyone in the real estate investment community just a few years ago, money could find no safer resting place than senior housing. But despite the burgeoning older population, senior-housing occupancy is currently at its lowest since 2011.

It’s possible that the bulk of the demand is still incoming—baby boomers have yet to replace the Silent Generation class of residents—but there’s more to it than that. Many older adults, increasingly aided and connected by such tech services as Uber, Amazon.com , TaskRabbit, and social media, are finding it easier to remain in their homes instead of moving to a specialized setting. And for those who would prefer to move, the staid offerings of traditional elder communities pale in comparison to special-interest communities aimed at their wants. Jimmy Buffett’s Latitude Margaritaville retirement community in Daytona Beach, Fla., which opened in 2017, with an ethos built on booze, guitars, and boats, is reportedly selling units far fasterthan its developer originally anticipated.

Click here to view the full article


THE FUTURE OF AGING JUST MIGHT BE IN MARGARITAVILLE

Off a vacant stretch of highway in Daytona Beach, Fla., a line began to form outside the sales center for the first Latitude Margaritaville “55 and better” community. Those waiting dragged folding chairs, coolers, tents and dog-eared brochures featuring numbered sites that, in just over 24 hours, they could stake a claim to for a $10,000 deposit. The mood, shortly after 8 a.m. one Sunday last November, was festive, ecstatic even. Drinks flowed, pizza appeared, a steel-drum band played into the balmy night. Some neighbors in the 300-person queue liked each other so much that they decided to become actual neighbors, switching their site choices to live closer together. A sense of destiny seemed to guide many of their decisions. Karen Goodwin, 55, a homemaker, had won the exact amount of the down payment a few weeks earlier in a Domino’s sweepstakes. Matt Kelly, 62, a retired firefighter, had been chipping ice off his shingles in Orange County, N.Y., when a chunk broke loose in the shape of the Sunshine State, which he took as a sign.

“I never thought I’d be in a 55-plus community,” Ruth Kelly, 61, a former real estate agent and Matt’s wife, said the following September. The three of us were sitting at a table in the dining room of the home the Kellys had secured on Cool Breeze Drive, a single-family unit with the L-shaped lanai that Ruth had had her eye on. “Being in real estate, I didn’t think I would do what we did, wait in line for 11 hours. I always told my customers: ‘Never buy in Phase 1. Never buy sight-unseen.’ I did all of that. But I never once had doubt. Not once did I feel that way. It was meant to be, I really believe that.”

Outside, under an endless blue sky, a parade of trucks bore the trappings of former homes from as far away as Hawaii, Canada and El Salvador to sorbet-colored dwellings with emerald green lawns. At the entrance to the gated enclave, past a “Barkaritaville” dog park, beeping excavators moved dirt around what would soon be a town-square for concerts and dancing, surrounded by a state-of-the-art workout center, a restaurant and a walk-in pool with cabanas and a bar. It was impossible to stand on their cement foundations — which I had, in fact, done that morning — and not see a frontier settlement being carved into an expanse of subtropical wetland. The real frontier here, though, was not the surrounding wilderness but a hitherto uncolonized stretch of time: the multiple decades that more and more Americans can expect to live in better and better health after they retire. What will these pioneers do? Who will they become? And how will that, in turn, alter the course of human history?

Like all pioneer settlements, however, Margaritaville is not just a place but an idea — an imagined utopia, in this case inspired by a Jimmy Buffett song’s reference to a frozen cocktail. Historically, such extreme aspirational-lifestyle experiments have had an outsize influence on our cultural imagination: It would be hard to call Jamestown, one cradle of our democracy, a practical project; same goes for the squalid boomtowns of the Gold Rush, which helped define the American dream. What intrigued me about Margaritaville was the specificity of its promise — a retirement based on music Buffett has described as “drunken Caribbean rock ‘n’ roll” — and the fact that it is still under construction. I could actually meet the early colonists as they went about pursuing their vision.

Click here to view the full article

Latitude Margaritaville Daytona is tops for 55+ communities

DAYTONA BEACH — Latitude Margaritaville Daytona Beach made national headlines last year when was first announced.

Now, the planned Jimmy Buffett-themed 55-and-older community has earned another national accolade: it has been named the nation’s most popular active adult community of 2018.

Chicago, Illinois-based 55Places.com gave it a No. 1 ranking in its list of the country’s 100 Most Popular Active Adult Communities.

Other Florida communities to make the top 10 included Ocala’s On Top of the World at No. 2, The Villages at No. 7 and Kissimmee’s Solivita at No. 8.

“After Minto Communities and Jimmy Buffett’s Margaritaville Holdings announced in February 2017 that Latitude Margaritaville would be the first active adult community to be inspired by Buffett’s music and lifestyle, interest skyrocketed quickly,” stated a news release. “No active adult community received more page views on 55Places.com during this time frame and it received four times as many inquiries as any other community.”

55Places.com describes itself as the No. 1 resource for information about active adult communities in the United States, offering “unbiaased information and reviews,” as well as photos, videos, descriptions, floor plans and listings of homes for sale.

Latitude Margaritaville Daytona Beach welcomed its first residents in March. More than 300 homes have been sold so far, according to Minto officials.

Click here to view the article

Vacationers, seniors boost Orlando new-home construction

Orlando – Vacationers and seniors are largely behind a bump in Central Florida’s new-home construction, while a margarita-themed retirement community might compete with The Villages.

Four Osceola communities known for vacation rentals — Tapestry, ChampionsGate, Storey Lake and Reunion Resort and Club — were among Central Florida’s most active for construction during the third quarter, according to a new report by real estate analyst MetroStudy.

“Generally speaking, the vacation-rental market is getting back to where it was at the turn of the century with 1,000 to 1,500 closings a year,” said Anthony Crocco, director of North and Central Florida markets for MetroStudy.

Buyers from Canada, the United Kingdom and elsewhere began trickling back into Central Florida about five years ago, and the region could be poised to see an increase in that activity during the next year, he added.

The Villages still dominated all residential construction in Orange, Seminole, Lake and Osceola counties with 785 housing starts during the most recent quarter, according to a third quarter report by MetroStudy. The retirement mecca could soon face competition just outside the region: Latitude Margaritaville, which opened its Daytona Beach sales center Nov. 13. Crocco said the project could ignite Palm Coast and Ormond Beach with developers positioning related projects.

Florida Realtors Chief Economist Brad O’Connor said he has watched Census numbers showing an uptick of seniors moving to the state. How the new product balances with the influx remains to be seen, he added.

“The great senior migration we expected in Florida from the Baby Boomers got derailed by the housing bust, but now it appears to be coming back,” O’Connor said.

Click here to read the full story