Dave Dunlap, 85, doesn’t need a big, comfortable luxury automobile. Many of his friends have them, but he’s earmarked his money for something else.

“I’ve already been through that stage in my life,” said the former aerospace engineer now living in Laguna Niguel, Calif. “I’d really rather have this elevator instead – and it costs about the same amount of money.”

Or less. According to Kevin Lew of Snohomish, Wash.-based Ability Development Inc., (www.abilitydevelopmentinc.com) the basic residential elevator package starts at about $20,000 and can be installed in a 4-by-4-foot space previously designated as a closet. Lew represents about seven elevator manufacturers – all of whom have extended their target audience far beyond retired seniors.

“My typical clients are actually baby boomers who are getting older and want to plan for the future,” Lew said. “Some of them want the flexibility of accommodating a parent who might be coming to live with their family. They also see the definite need for themselves. So, the elevator is really serving two families, two generations.”

Dunlap’s story is also extremely common. He retired from McDonnell Douglas Corp. in 1987 and found the perfect retirement home in the climate he and his wife dearly enjoyed. The couple was “fairly certain” that their children had left the nest for good and decided their larger family home was no longer a requirement. They scaled down to a modest, two-story home on a hill with a partial view of the Pacific Ocean.

“At the time, my wife and I were in relatively good physical condition and never dreamed our body parts would need or demand maintenance,” Dunlap said. “However, in retrospect – and with hindsight always being 20/20 – we now realize we should have opted for a one-story house instead of the two-story model we bought.”

The Dunlaps eventually realized that climbing the stairs to their second-floor bedroom had become more than exercise.

“An accident waiting to happen,” Dunlap said. “No doubt about it. With my bad leg, it was just a matter of time.”

The couple first considered purchasing a one-story home in the neighborhood. However, they were not attracted to the design of local homes in their price range and did not want to leave their friends.

“It was also debilitating for us to think of packing and moving at our age,” Dunlap said. “We realized we would be leaving our peekaboo view of the blue Pacific Ocean, giving up our nearby shopping centers and hospital along with some of the best doctors in Southern California. It became apparent that starting all over at our age might be a huge mistake. If we had won the Lotto, it might warrant a second thought.”

The solution was a residential elevator that now serves as a people mover, freight elevator and dumb waiter.

Elevator suppliers say there is no typical unit. All offer several pre-engineered configurations plus the ability to customize endless combinations of configuration, fixtures and finishes. Most companies also supply detailed drawings to help architects and builders include in plans for a home remodel or custom new construction.

Some residential units can travel up to 50 feet (providing ample basement-to-top-story access) and service six different landings. All units usually have safety devices and electronic controls that monitor cab position, door latches and automatic lighting.

“A lot of people seem to think it’s a good idea to move closer to your kids when you get older,” Dunlap said. “Well, your kids move too.

“We thought about all of the moving possibilities. We decided it was best to stay here – make it comfortable for us and for the children when they come to visit. The elevator has made all of that possible.”

Tom Kelly, former real estate editor for The Seattle Times, is a syndicated columnist and talk show host.