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Independent living: Not on the golf course, but right downtown

When several longtime residents of Orleans, including a prominent businessman, sold their homes and moved into Wise Living condominiums downtown, the vision of Chris Wise was realized in its starkest focus.

It was time for them to trade in responsibilities and costs of a single-family home, but not time to leave their community, friends and activities. Now, they live within walking distance of four restaurants, two banks, a health clinic and a shopping center, including a Shaw’s supermarket. Other Wise properties in Chatham, Falmouth and Harwich are also located in village centers.

Seventy percent of Wise Living residents move from private homes no farther than 5 miles away, after living in the community for at least 20 years. “We weave our projects into the heart of the community for the best interests of the residents and the local economy,” Wise said. “Residents are not just purchasing property, they’re buying the ability to remain close to everything and everyone they know.”

It’s the antithesis of isolated retirement villages away from downtowns. It also fits into the growing smart-growth movement that seeks to direct population expansion within village centers and retain open space in outlying areas of Cape Cod towns.

While Wise Living residents are very independent, the company – which constructs and manages the condominiums – locates them close to private medical facilities. In addition, it provides 24-hour-day concierge service. The condominiums – which Wise plans to also locate in Osterville, Brewster, Sandwich and Woods Hole – sell at prices comparable to the single-family homes sold by new residents.

Is an independent living option right for most retirees? Here are some points to consider:

• Will prime downtown property prove a good real estate investment?

• Can you sell a higher-priced single-family home, purchase the condominium and invest the remainder for retirement income and health-care costs?

• Can you do all this with minimum tax liabilities?

• Will the monthly expenses of an independent living option be equal to – or even less than – the monthly carrying costs of a single-family home? Wise Living has developed a dynamic calculation sheet to do this kind of comparison.

Once these and other purely financial considerations are addressed, there are the quality-of-life variables:

• How important is remaining in the same community?

• How important is walking distance to downtown amenities?

• How important is concierge service?

• Is parking convenient to your living unit, and is the parking area well lit?

• Is public transportation available?

• Are there nearby recreational, educational and shopping facilities nearby?

Published in Cape Business Health & Wealth July/August 2007