Is it common for a 48 year old male to develop asthma

It's not common but it does happen.

I never had asthma as a young child, but had my first attack when I was 16, allergy induced. Throughout our lives, we can grow in or out of allergies, and depending on the allergy and severity of reaction, it is possible to have an asthma attack anytime in your life, no matter the age. However, how can you be certain it was asthma? If you smoke, or smoked during your life, there is the possibility of developing emphysema, as well as COPD, both of which have similar symptoms. I'm not a doctor, but I would advise consulting one...

Many COPD conditions can appear to be asthma,