55+ Community resale values

[Crewer]

Very interesting, Cobra9777. Thanks. I figured it's demographics play a part and my brother and I joke that I've had a number of advantages being on the leading edge of the baby boom vs him at the back end.

FWIW We bought a home that has a 55 and over floor plan but not in a 55 and over community. We were darn lucky to get it since new builds around here are all much, much larger and pretty much all 2 story even if they have a first floor master. There is one street of these single-story places in my development and everyone on the street is over 55. Only two homes on the street have come on the market since we bought and both sold within a week, essentially at listed price, and at prices way above what we paid in 2011. (One of the sellers backed out and is staying - not sure why they listed in the first place.) It's not a hot market here generally since this is in the Cleveland area where sales are generally slow and prices generally rise very slowly. My neighbor and I joke about selling to capture the gains but there's no place to go around here that compares.

[athena53]

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Originally Posted by Crewer We were darn lucky to get it since new builds around here are all much, much larger and pretty much all 2 story even if they have a first floor master.

This is what turned DH and me off. We shared a bedroom but sometimes one or the other of us needed to move to a spare BR (other snoring loudly, DH could get sweating or itching attacks due to polycythemia). In our previous house, all the other bedrooms were upstairs and it was just getting risky for him to be using them in the middle of the night. It was very rare for the new construction to have any BR other than the master in the main floor. The house we bought is 20 years old and did provide a spare on the main floor with the master.

[aja8888]

North of Houston, 55+ community of 437 homes. Technically in The Woodlands, Texas. Homes were built 1999 - 2000 timeframe and were 1 & 2 story, 1700 - 2800 square feet in size. Outside is brick and Hardiplank exteriors. All master and other bedrooms are on the first floor and homes are built to support handicapped status. Any rooms upstairs are generally used for TV room, sewing, etc.

We have been here 3 years and homes generally sell in a week or so. At times, there is a waiting list.

According to local RE prices, these homes are keeping up with homes of the same size and construction within the area.

HOA fee is $185 month and includes front yard landscaping maintenance, grass cutting (front only), sprinkler repairs, wood fence painting every 7 years, front door painting every 3 years, gutter cleaning, trash pickup weekly, etc, etc.

No golf course, but a fantastic clubhouse and large pool.

My only bitch is the garage is too small to put my pickup truck inside.

[Pbkmaine]

There is sometimes a lack of understanding of the “over 55” rule. In general, at least 80% of the units in such communities must have at least one occupant age 55 or older. I live in The Villages, and many houses have occupants under 55, most notably disabled adult children or adult children providing care for elderly parents.

[jazz4cash]

Awhile back I was looking at a 55+ model home and the realtor said no children or grandchildren overnight That seems harsh and unenforcible to me.

[Pbkmaine]

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Originally Posted by jazz4cash Awhile back I was looking at a 55+ model home and the realtor said no children or grandchildren overnight That seems harsh and unenforcible to me.

In The Villages, minors under the age of 19 can stay for a maximum of 30 days. Over age 19, it’s indefinite.

[aja8888]

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Originally Posted by jazz4cash Awhile back I was looking at a 55+ model home and the realtor said no children or grandchildren overnight That seems harsh and unenforcible to me.

That's not a problem in ours. Over holidays, youngsters routinely stay for short periods.

[joeea]

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Originally Posted by jazz4cash Awhile back I was looking at a 55+ model home and the realtor said no children or grandchildren overnight That seems harsh and unenforcible to me.

Every community sets their own rules.

In ours, we have our grandchildren overnight for at least one night every week. And during the summer, often for a week at a time.

Learn what the rules are before deciding to purchase a unit in any HOA.

[RunningBum]

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Originally Posted by Pbkmaine There is sometimes a lack of understanding of the “over 55” rule. In general, at least 80% of the units in such communities must have at least one occupant age 55 or older. I live in The Villages, and many houses have occupants under 55, most notably disabled adult children or adult children providing care for elderly parents.

What "lack of understanding" of rules? There is no universal law or rule about what constitutes "over 55" communities. Each community sets their own rules. "In general" means nothing, it's what the rules are for the places you are looking at.

When my folks were looking it seemed like every place required you to be over 55 to buy in, but in at least some places there were some workarounds like if you were living with an over 55 resident and they died, you could stay. I know my dad looked to avoid places like that because he was worried that a young adult grandchild would be living there and be there indefinitely after the grandparent died. I don't know if that was one place they looked at, or was typical. I would guess the rule was meant not to kick out a younger spouse if the other died.

[audreyh1]

Quote:

Originally Posted by jazz4cash Awhile back I was looking at a 55+ model home and the realtor said no children or grandchildren overnight That seems harsh and unenforcible to me.

In our community 30 days a year is allowed for minor children. No restrictions on adults.

[Pbkmaine]

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Originally Posted by RunningBum What "lack of understanding" of rules? There is no universal law or rule about what constitutes "over 55" communities. Each community sets their own rules. "In general" means nothing, it's what the rules are for the places you are looking at. When my folks were looking it seemed like every place required you to be over 55 to buy in, but in at least some places there were some workarounds like if you were living with an over 55 resident and they died, you could stay. I know my dad looked to avoid places like that because he was worried that a young adult grandchild would be living there and be there indefinitely after the grandparent died. I don't know if that was one place they looked at, or was typical. I would guess the rule was meant not to kick out a younger spouse if the other died.

https://www.hud.gov/sites/documents/DOC_7769.PDF

[Walt34]

Quote:

Originally Posted by jazz4cash Awhile back I was looking at a 55+ model home and the realtor said no children or grandchildren overnight That seems harsh and unenforceable to me.

I've read of several lawsuits over that issue when grandparents bought into a 55+ community never intending to raise grandchildren but then gained custody when for example a single mom dies unexpectedly, or both parents are killed or get addicted to drugs. What, they're supposed to move out now?

OTOH, they did sign the covenants, and lots of people buy into those communities because they don't want to deal with the neighbor's noisy and ill-bred little brats. (Present company excluded, of course.) I never did find out what the resolution in those cases was.

Rock, meet Hard Place.

[RunningBum]

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Originally Posted by Pbkmaine https://www.hud.gov/sites/documents/DOC_7769.PDF

I stand corrected. I believe there are many communities that have much stricter policies.

[Pbkmaine]

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Originally Posted by RunningBum I stand corrected. I believe there are many communities that have much stricter policies.

Agreed. I think the HUD policy is the minimum requirement.

[audreyh1]

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Originally Posted by Walt34 I've read of several lawsuits over that issue when grandparents bought into a 55+ community never intending to raise grandchildren but then gained custody when for example a single mom dies unexpectedly, or both parents are killed or get addicted to drugs. What, they're supposed to move out now? OTOH, they did sign the covenants, and lots of people buy into those communities because they don't want to deal with the neighbor's noisy and ill-bred little brats. (Present company excluded, of course.) I never did find out what the resolution in those cases was. Rock, meet Hard Place.

Well - moving out is what I assume we would do if we ever had to raise someone else's children.

[HFWR]

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Originally Posted by audreyh1 Well - moving out is what I assume we would do if we ever had to raise someone else's children.

Hopefully before the children arrived... [emoji51]

[IMATERP]

Del Webb communities are very restrictive. We bought 1454 sq ft four years ago and it has appreciated by 100k. Unfortunately, the Raleigh Area is growing so fast we will probably relocate in the next few years to get in an area that is slower paced.

Anyway, we will probably do well on our sale due to the fact that folks are coming into this area in droves. In addition, Apple and Amazon are looking at setting up an East Coast HQ in the Raleigh area.

[harley]

Thanks for all the input.

I have another question. Since older people tend to be targeted by crooks and con men, are 55+ communities more likely to have higher property crime problems? I wasn't able to find much online, other than the fact that gated communities tend to have slightly lower levels. But the community we're looking at isn't gated. I doubt there's any significant difference, but the fact that you have a cluster of potentially attractive targets might make thieves more interested than just your average neighborhood.

[RunningBum]

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Originally Posted by harley Thanks for all the input. I have another question. Since older people tend to be targeted by crooks and con men, are 55+ communities more likely to have higher property crime problems? I wasn't able to find much online, other than the fact that gated communities tend to have slightly lower levels. But the community we're looking at isn't gated. I doubt there's any significant difference, but the fact that you have a cluster of potentially attractive targets might make thieves more interested than just your average neighborhood.

Con men, I get. Crooks and property crime, I don't. Do you have any stats to back that up? I'd think that most house break ins are during the day when people are at work. Quick google search confirms this. Retirees are much more erratic about being away during the day, so I'd think a retirement community would be less of a target. Also, I think people in retirement communities tend to know each other more, and watch out for each other, and would notice a big van parked in a neighbors driveway, or even a slow moving vehicle scoping out houses.

Now, if a burglar isn't so worried about someone being home, they may target a retiree, figuring they might be less likely to fight back, maybe hard of hearing (for a night break-in), and they may target a widow. That may even the odds more, but I doubt a 55+ community gets hit more overall.

[Silver]

I live in a gated, 55+ golf course community in central Florida just 20 minutes from Walt Disney World. Our resales values are very good because there are so many people world-wide who have drunk the Disney Kool-Aid, and want to work there part-time in retirement, or volunteer there.

It's also very common for people who live here to purchase another home in the same community wanting to upsize, downsize, or just get a change of view. We just purchased a home with a view of the lake in the same community.

The crime rate is very low. I think a car was broken into several years ago in the clubhouse parking lot. That's about all I can recall from the 11 years we've been here. Our HOA is very good at getting e-mails out to all residents about anything untoward. Our biggest issue recently are all the wild pigs tearing up lawns.