Sponsored Post: More and more lately, the topic of downsizing, or maybe it’s preferable to say “right-sizing” is making its way into our conversations at Prime Women. Whether it comes as a result of the empty nest, or a divorce, or the loss of a spouse, those over 50 are setting a new standard when it comes to their residential requirements. Luxury living is in demand. Where the previous generation remained in the family home until, well, “the end,” this generation is finding and enjoying the freedom in letting go and living it up in style.
Homeownership among those 45-54 years old is down 7.9%, and 55-64 is down 6.7%, according to the Rosen Consulting Group in 2017 for the National Association of Realtors. With the kids grown and off to college – or just out, a world of options opens. Why deal with yard and home maintenance when you can have someone else handle it? Why worry about your house sitting empty while you travel? Mortgages, property taxes, squirrels in the attic… Who could miss that?
Housing consultants are abuzz with the increase in mature renters who want luxury living within walking distance (or at least to shorter driving distance) of stores, restaurants and entertainment. In some cases, luxury properties offer more a feeling of connectivity than being in a quiet, suburban neighborhood and a mostly empty house. In others, residents find that despite living in a building with multiple units, it still feels more like a house than an apartment. Depending on what renters are seeking, chances are the perfect community for them is close by. Adding to the appeal, landlords have been listening and now offer amenities that make the decision to choose luxury living a breeze.
Park Hollow in North Dallas, Texas is one such property. This rental community caters to those who aren’t willing to compromise on their quality of life. The property is nestled in the prestigious community of Preston Hollow, and feels more like a resort property than apartment living. Inside the opulently finished residences, which include penthouses, you can easily imagine a seamless transition from home ownership. Lori Wheeler, Regional Manager at ZRS, the property manager for Park Hollow says, “Over the past few years, we have seen a dramatic increase in mature renters. In some cases we are the resident’s primary home. In others, we may be their second or third home.”
I was impressed with the property. From the exterior, it reminded me of a hotel where I’d stayed in Versailles. Three stories, with a serene, neighborhood feel. Apparently, Park Hollow was constructed as high end condos, so the serene and substantial feel of the buildings makes sense. I was led through key fob entries to one of the private elevators that took us to an available unit. I imagined my mother or mother-in-law living alone and had to admit I’d feel confident with them living under such circumstances. The plan I visited was awash in natural light, had closets to-die-for, separate living areas (perfect for entertaining) and soaking tubs perfect for relaxing. The kitchen featured the best in appliances, Viking, Sub Zero, Wolf, Bosch and Thermador.
Just as in home ownership, the key is location, location, location. Park Hollow appeals to residents because it’s within easy proximity to dining, arts, entertainment and some of the best shopping in Dallas – Northpark Mall, Preston Hollow Village and The Plaza at Preston Center to name a few – and all without ever having to access a highway.
I asked property owner Mike Meagher with Woodbranch Investment Corporation to tell me what makes their property at Park Hollow so appealing – especially to mature renters. Meagher explains, “As a long-term, multigenerational family office, we have the perspective and investment horizon to service the residents at Park Hollow in a way that the Dallas luxury market has desperately needed. Being located in the heart of Dallas, at the junction between the Park Cities and Preston Hollow, allows us to serve those clients looking for the largest units and most refined rental experience in the market. The elegance and size of the units and location of the development will simply never be recreated in Dallas.”
Meagher offered a little experienced advice for those seeking a luxury residence experience. “Make certain you research the owners and management company and that they have a portfolio that reflects stability. As a multi-generational owner, with decades of experience owning high-end luxury properties, our residents can take heart in our long-term commitment to Park Hollow. No other property owner in Dallas has as much experience servicing clientele in luxury rental residences than we do.”
I have to admit, having lived in apartments throughout my 20s and early 30s – then graduating to houses – I never thought an apartment situation would be my thing, but I can see the appeal of phoning for assistance when the AC goes out, or the kitchen plumbing goes awry. And if luxury apartment living is an option, especially a place that makes me want to twirl around the expansive living room like I’m performing Rodgers and Hammerstein’s “Shall We Dance,” then count me in.