CAI-NJ December 2021

embark on a shared lifestyle that keeps the group together. There are also those who have lost touch with long term friends and family members. They seek new neighborhoods where they can establish new circles of friends and engage in shared experi- ences with others with similar interests. On the surface this all sounds ideal, sort of a panacea for loneliness, estrangement, community upheavals and unsafe neighborhoods: What is sold is a safe “all you can eat” buffet of social and recreational options in an attractive package. But what are the costs? Financial, emotional, social, and physical costs tend to increase more often and more quickly than anticipated. Specifically, once the first home is sold and closed, the management of the association community must face the reality of perpetuating the dream and meeting the promises that the developer’s sales force used to close the first deal. From a financial point of view, homes in newer “adult’ communities are more expensive depending on the amenities, styles, and sizes of the individual homes. Since older citizens often sell their family homes after inflation has increased its value and their paid off mortgages reduce their liabilities, senior homeown- ers enjoy increased equity. Due to this unanticipated windfall, many seniors can enjoy a lifestyle they may not have enjoyed for most of their working years. In addition, many older folks still fall into a “keeping up with the Jones” point of view and compete among themselves for the “best” community. But, the maintenance fees to main- tain the amenities and other services CONT I NU E S ON PAGE 56

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Taylor Management Company has been managing community associations for decades. We have been recognized by the Community Associations Institute (CAI) as an Accredited Association Management Company (AAMC) and by the Institute of Real Estate Management (IREM) as an Accredited Management Organization (AMO). These designations are accorded for the highest level of ethics and professional management in the industry.

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