Restricted-age housing thriving

By Brian J. Pedersen

As the housing market remains in a downward mode, sales of new and existing homes nationally and in the Tucson area continue to dip. Sounds like the worst possible time for a new development to have its grand opening, doesn't it? Not so for some age-restricted communities.

When Robson Communities officially began selling homes last month at SaddleBrooke Ranch, its newest age-restricted development, sales far exceeded developers' expectations..

"We had hoped to get maybe a sale or two that first weekend," said Steve Soriano, Robson's chief economist and executive vice president. "We sold 15."

SaddleBrooke Ranch, which is planned for up to 6,000 homes northeast of Oracle Junction in Pinal County, is not the only new age-restricted community to pop up recently in the region.

K. Hovnanian Homes last month opened Four Seasons at Rancho del Lago, a 522-home senior neighborhood in Vail.

"There is more pent-up demand than ever," Soriano said of age-restricted housing. "We are seeing the effects of this housing downturn, but we're only seeing it in terms of people who want to buy with us having to sell their own home first. Our prospect list of people that are interested in buying from us is as deep as it's ever been."

FULL STORY: http://www.azstarnet.com/allheadlines/229297