‘œTo own a home.’ ‘“ The American Dream

CondotelYou can summarize Bob Waun’s new book, Besting, Better Nesting: The New American Dream in one quote: ‘œDownsizing is less about size, than about expectations, no one expects less in retirement.’ Waun has written the book about what Boomers want in retirement housing.

It’s no secret that books are often promotional vehicles for other goods and services. Waun, as noted in this Wall Street Journal article, is the CEO of Vacation Finance, a mortgage brokerage and lending company in Birmingham, Michigan. That being said, he also practices what he preaches:

Until recently, Mr. Waun owned a traditional vacation home, a cottage in upper Michigan. But after a particularly bad winter — he arrived during a snowstorm to find that the plow service hadn’t cleared the driveway and that the pipes had burst — he sold the cottage and bought two condo hotel units instead.

Waun’s book is the primer on what life can be in a luxury hotel condo, fractional ownership, and timeshare. He explains by outlining Boomer trends and what’s creating demand for these types of investments. Dan Kadlec should be all over this book if he’s not already. Waun writes:

Empty nesting began as a term to describe our housing, the chicks have flown, and has in the past been associated with ‘˜down sizing’ of the family nest to a smaller residence. Stereotypes suggest a lower cost, more affordable condominium. Downsizing of our expectations, expenses, luxuries and space too.

Boomers are rejecting the whole notion of downsizing’¦ The new trends in housing for empty nesters are ‘˜better’ housing, ‘˜better’ locations, ‘˜better’ quality, ‘˜better’ amenities and recreation all adding up to the ‘˜best nesting’ of their lifetimes.

He coins the word: Besting. As in better nesting:

Besting is the stage between becoming an empty nester and full-time retirement. Besters are Boomers who are seeking a better lifestyle. Besting occurs when a Boomer chooses to live in a dream home, or dream lifestyle that they have denied themselves, or have not had the means to obtain before now. The Better Nest is a culmination of years of pent up demand, and an attempt to express individuality and identity in a home or lifestyle-home purchase… We will spend longer in The Besting Years than any other stage of life.

Do you happen to have Boomer parents? Or are you a real estate investor like me? Then it’s worth the paperback price of $12.96 or downloadable version for $9.95. Waun self-published it through LuLu, but don’t let that taint your decision to click the ‘œbuy’ button. I really liked it.

You will too if you’re fascinated by the intersection of retirement and real estate. Case in point’¦ Mitch Anthony in the New Retirementality explains:

Most people don’t really want retirement as we know it. What they want is freedom to pursue their own goals and interests. When people talk today of retiring, they are rarely speaking of retired living; they are usually speaking of emancipated living. They want to be free to pursue their goals, at their pace, and free to find a sense of balance in their lives.

So while I’m not rushing out to buy a timeshare, Waun does a great job providing facts about why there will be demand over the next 20 years with the housing wants and needs of Boomers:

I call it a ‘œfuture primary residence’ (FPR). Residential real estate is basically divided into only 3 simple types: primary homes, second homes, and investment properties. The new fourth property type fits somewhere between a second home and an investment property, it is a ‘˜future primary home’. These properties are different from traditional second homes because they are not ‘˜cottages’, they are full size, amenity laden, year-around homes. FPR’s are unique because they are purchase with full intention of being the homestead, and suddenly the family homes or primary residence that was near work, becomes a transitory waypoint, and no longer home.

So what do you think? Is Waun right, wrong or somewhere in between with his crystal ball?