William Lyon Homes has announced a new way of thinking about the 55+ market with a new brand. Its Ovation brand will soon open in markets in the West.
The company hopes to differentiate Ovation from traditional active adult communities by cultivating an appealing brand lifestyle for 55+ buyers who prefer a more intimate, unconventional, and contemporary residential environment. With a significant segment of the population age 55 and older, coupled with their preference to own versus rent and a strong desire to seek new housing opportunities that will enable them to age in place, William Lyon Homes recognized the opportunity to respond to this increasing buyer segment with a new approach, says Matthew Zaist, CEO.
The new approach will deliver active adult communities that address a specific niche opportunity within the 55+ segment market, namely by offering small to mid-sized scale communities located close to urban and suburban areas enabling convenient access to the greater area amenities. In addition, the Ovation communities will feature architecture, amenities and ambiance that are innately different from the competition. Contemporary product design brimming with natural light, private indoor/outdoor living spaces and smart technology will be a defining characteristic, he says.
“Today’s 55+ homebuyers are sophisticated and vital, and they’re searching for something different,” says Zaist.
William Lyon Homes is entering the 55+ active adult market with the debut of several new Ovation active lifestyle communities in markets including Phoenix, Las Vegas, Lacey, Wash., and Orange County, California. Each community location will be less remote and self-contained than typical active adult settings and will ensure lifestyle priorities are accommodated with access to retail, restaurants, outdoor recreation, medical centers, airports and more. Since approximately 70% of this market segment expects to postpone retirement, they will also be within proximity of business centers.
