Posted by Leonard Steinberg on December 7th, 2013

The other day I identified a breed of New Yorker who chooses to live in their home in complete squallor, oblivious of (or ignoring) the fact that the real estate they are living in is worth MILLIONS. Why is it that these people hold on so desperately when they could easily sell and buy or rent something clean and comfortable and pay for services that would make their final years so much more pleasant? Is it the fact that living and dying in the home you are most familiar with is just part of aging, or is the fear and (temporary)inconvenience of change so unpalatable? Often these people live in what many would deem the ultimate setting for an episode of ‘Hoarders’….sometimes the homes of these people are hideously dirty and neglected.

When my parents started approach their final years, my Mom instantly recognized that our house was much too large and complex to own…..they sold and moved into a managed apartment building. Granted it did not possess the privacy and independence of the house with its exquisite gardens, but their final years were spent in safety, comfort and the knowledge that if help was needed, it was accessible instantly via the touch of a button. I do believe this comfort extended their lives and made their final years more pleasurable.

Had they held onto the house and continued the intense maintennce hassles and costs, they would certainly have died with more money, but is that really what life is all about? New York developers take note: more and more smart, active elderly will be thinking about their ‘final years’ and our real estate should cater to them in a smarter, less ‘nursing-home’ style.