| As U.S. Baby Boomers enter their "golden" years, | | | | San Miguel de Allende, a city of about 150,000 |
| watching their 401Ks and retirement accounts | | | | founded in the early sixteenth century, famous for |
| disappear as the current recession deepens and | | | | its mild climate and colonial-era architecture, is the |
| extends, enterprising Mexican developers are shifting | | | | home of Cielito Lindo, Mexico's first assisted living |
| their focus from traditional condominium and | | | | community. Featuring villa-type living in a |
| townhome communities to seniors'-oriented | | | | master-planned community, two-bedroom, |
| independent living and assisted living projects. And | | | | 1,400-square foot units with covered and uncovered |
| many of these senior developments offer attractive | | | | terraces, fully-equipped kitchens, two bathrooms, |
| features and amenities at a fraction of the price of | | | | laundry facilities and pantries, are offered at monthly |
| comparable properties in the States. | | | | rents of $1,400. Rent covers all utilities, as well as |
| With the average monthly rent for an American | | | | cable TV, maintenance, and high-speed Internet. |
| assisted living unit approaching $6,000, and nursing | | | | Additional services, including exercise facilities, tennis, |
| home rents topping $8,000, senior communities in | | | | swimming and lap pools, and the like are available for |
| some quaint Mexican cities are choosing to offer | | | | $80/month, with daily transportation to the city of |
| these facilities for as little as $1,100 a month. There | | | | San Miguel at $100/month. |
| are more than a million aging Americans and | | | | A word of caution is advised, however. So far, |
| Canadians who have already retired in Mexico, and | | | | assisted living facilities are unregulated in Mexico. |
| many of them, like the estimated 76 million of their | | | | They're so new--only about a half-dozen in the |
| Baby Boomer peers in the States, will increasingly | | | | country--that laws are yet to be adopted to cover |
| require greater levels of care. Inevitably, as rents for | | | | them. The Mexican Association of Retirement |
| U. S. senior housing facilities continue to skyrocket, | | | | communities is seeking regulations similar to those |
| many will discover that their depleted retirement | | | | governing U. S. senior housing properties. Marisol |
| funds won't cover the costs. And some far-sighted | | | | Ancona Velten, who is director of planning for an |
| Mexican developers are already taking notice. | | | | assisted living development in Mexico City, notes that |
| As Eduardo Alvarado, chief executive officer of La | | | | some informal senior housing projects, often |
| Moreleja, a residential development in San Luis Potosi, | | | | converted private homes, offer substandard care. |
| a bustling northern Mexican city with a population of | | | | Moreover, many Mexican resort cities, such as San |
| nearly 700,000, observes, "(Senior housing) is not | | | | Miguel and Puerto Vallarta, lack world-class hospital |
| going to be a niche market. It's going to be an entire | | | | facilities that are found in the States and in Mexico |
| industry. We already have the pioneers here, but | | | | City. Despite these concerns, as one satisfied Cielito |
| what we are seeing is that many people will come, | | | | Lindo resident sums up his retirement experience, "If |
| perhaps not because they want to, but out of | | | | you get into your 80s and need assisted living, what |
| necessity." Mexico, he claims, is far more modern and | | | | could be better than this? The people are so friendly |
| much safer than Americans imagine. "It's as safe as | | | | and the scenery is so beautiful. |
| or safer than the U. S." | | | | |