If you’ve ever wished you could retire to Margaritaville, the fictional tropical locale in Jimmy Buffett’s hit 1977 pop song, you may want to pack up your flip flops and your blender. Starting this fall, adults age 55 and up can buy into the Latitude Margaritaville master-planned retirement community that Buffett and homebuilder Minto are creating up in Daytona Beach, Florida. Here’s what the Margaritaville retirement community has in store for its future residents, what it could mean for the industry, and where to find your personal retirement paradise.
Beachside retirement living
Latitude Margaritaville‘s marketing describes it as a place for “55-and-better” residents to play games, unwind with yoga and spa services, enjoy dining and drinks with friends, and live in a walkable community with private beach access. A shuttle will help residents get around quickly if they don’t feel like walking. Designed with a town center and a band shell, the place will feel like a self-contained seaside resort but with quick access to other Daytona Beach-area amenities.
Despite the beach-town vibe, Latitude Margaritaville is no small project. When it’s fully built, the community will contain about 7,000 2- and 3-bedroom homes. Buffett’s Margaritaville Holdings and Minto Communities are investing a total of $1 billion into this project, according to Rolling Stone.
When will Latitude Margaritaville be built?
The community’s website says that the sales office will be open for business in Fall of 2017, and model homes will be ready to visit in early 2018. If all goes according to plan, the first Margaritavillians (let’s call them Parrotheads, which is how Buffett’s die-hard fans describe themselves) will move into their new homes in late summer of next year.
How much will it cost to live in Margaritaville?
According to the Latitude Margaritaville website, homes will start “in the low $200s.” AARP reported that Latitude Margaritaville home prices will top out around the mid-$300s.
What does Jimmy Buffett’s retirement community mean for the active living market?
If the Margaritaville community in Daytona Beach were a one-off, it might just mean more competition for seniors’ real-estate dollars in that area. But Jimmy Buffett is a smart businessman (with a net worth of some $550 million, according to Forbes) and knows how to leverage his brand. So Latitude Margaritaville in Daytona Beach is slated to be the first in a series of active adult communities in prime retirement destinations around the country. If older homebuyers flock to these Margaritavilles, it could mean more fun-in-the-sun or other themed retirement lifestyle options in the years ahead.
What if you’re ready to retire to the beach right now?
Can’t wait for Latitude Margaritaville to open? Don’t care to move to Daytona Beach? You can find independent living and active adult communities in many US coastal cities and towns. The San Diego area is home to more than 20 independent living communities. There are also independent living communities in Miami, twenty independent senior living options in Tampa, and ten retirement communities in Corpus Christi, Texas.