Thought I'd share our experiences living in a 55+ community for the last 7.5 years (we are 63/61 currently - bought in here early at 55). A lot of things happened during that time that probably won't be repeated in my lifetime, but worth sharing to enlighten those thinking of buying in a 55+ community.
We bought in January 2007 (home was built in 2006 for another retiree who backed out as they couldn't sell their home in time to close on this one). I knew the market was going bad, but that houses in the Midwest didn't really lose value (or so I thought up until then). Also thought that retirees had the money in this world and I would be protected from harm if things got bad (boy, was I wrong on that one). We bought in a more upscale retirement community as additional insulation from any real estate market hazards (wrong again).
Our home dropped in value almost $60K in two years and hasn't gotten within $20k of its original value to date. Keep in mind that I beat the builder up on the price for over $28k when we bought it. Many of the folks here paid what you might call list price back in 2006/2007 when the builder closed out, and probably will never get close to getting their money back unless they stay for at least +/- 10 more years. One of my neighbors who was very vocal against those dumping their places - ended up going in a home with his disabled wife and let his property go - losing over $100k..
In my lifetime - I've never seen a sheriff's eviction - until moving here. This is where the sheriff puts someone's belongings out in the yard and padlocks the doors. This place is still selling foreclosures and short sales currently. When someone dies or goes to a home - the people inheriting that residence put the home on the market at a "dump-it" price as they want the money and don't want to pay the taxes or HOAs (or possible mortgage). Very hard to get home pricing up when all this is taking place. The last one never ends. Not too many homes for sale by people just wanting to move on, as the downward pressure on pricing keeps them from listing. This is an issue you need to understand before buying in a retirement community. Realtors I met don't discuss these things and people selling in retirement communities are all positive as they want to get out
We have a golf course, an indoor pool at the clubhouse, an outdoor adult pool, and a family pool. The place has all the amenities one could want in a retirement facility (pools, workout room and planned activities). Retirees all seem to want these amenities, but few actually utilize them. We swim laps three times a week and no one except the bobbing old ladies in aqua class use the pool (better not want to swim when they are in the pool). Pretty much the same for the workout room. On the other hand - can't swim laps in the outdoor pool as the summer squatters will chase you away. Can only play pool during certain weekend hours as that room is taken up by "clubs" either playing pool or cards. Golf actually is pretty much open, but slow play is the rule.
When we go for walks at night or ride our bikes during the day - hardly anyone is out, except those who walk their dogs. Kind of dead as far as neighborhoods go. You only see neighbors when their garage door opens and they are going out somewhere.
Activities are plentiful at the clubhouse, as well as organized trips. Good for those who don't want to drive and would like to socialize with others at that time.
If you want to keep old people busy in one of these places - just have them join a committee. There are more committees here than carter has liver pills, as the old saying goes. Some of them, like the architectural committee walk through your yard at least twice yearly looking for unapproved improvements to landscaping or homes (even exterior repainting must be pre-approved). I agree that there is a need for rules, but committees can be a negative factor and affect the view of these communities by realtors and potential buyers.
We only planned on staying around 5 years to watch our grandchildren grow up and then move to where it's warmer. As you can guess by my view of our current community - probably wouldn't buy in a 55+ community again. Didn't recall anyone posting on this thread about actually living in one of these communities and what all is involved (good and bad), so thought I share my thoughts. No one really discusses these issues that I'm aware of, so wanted to put our experience out there to help others evaluate if 55+ communities are for them
We bought in January 2007 (home was built in 2006 for another retiree who backed out as they couldn't sell their home in time to close on this one). I knew the market was going bad, but that houses in the Midwest didn't really lose value (or so I thought up until then). Also thought that retirees had the money in this world and I would be protected from harm if things got bad (boy, was I wrong on that one). We bought in a more upscale retirement community as additional insulation from any real estate market hazards (wrong again).
Our home dropped in value almost $60K in two years and hasn't gotten within $20k of its original value to date. Keep in mind that I beat the builder up on the price for over $28k when we bought it. Many of the folks here paid what you might call list price back in 2006/2007 when the builder closed out, and probably will never get close to getting their money back unless they stay for at least +/- 10 more years. One of my neighbors who was very vocal against those dumping their places - ended up going in a home with his disabled wife and let his property go - losing over $100k..
In my lifetime - I've never seen a sheriff's eviction - until moving here. This is where the sheriff puts someone's belongings out in the yard and padlocks the doors. This place is still selling foreclosures and short sales currently. When someone dies or goes to a home - the people inheriting that residence put the home on the market at a "dump-it" price as they want the money and don't want to pay the taxes or HOAs (or possible mortgage). Very hard to get home pricing up when all this is taking place. The last one never ends. Not too many homes for sale by people just wanting to move on, as the downward pressure on pricing keeps them from listing. This is an issue you need to understand before buying in a retirement community. Realtors I met don't discuss these things and people selling in retirement communities are all positive as they want to get out
We have a golf course, an indoor pool at the clubhouse, an outdoor adult pool, and a family pool. The place has all the amenities one could want in a retirement facility (pools, workout room and planned activities). Retirees all seem to want these amenities, but few actually utilize them. We swim laps three times a week and no one except the bobbing old ladies in aqua class use the pool (better not want to swim when they are in the pool). Pretty much the same for the workout room. On the other hand - can't swim laps in the outdoor pool as the summer squatters will chase you away. Can only play pool during certain weekend hours as that room is taken up by "clubs" either playing pool or cards. Golf actually is pretty much open, but slow play is the rule.
When we go for walks at night or ride our bikes during the day - hardly anyone is out, except those who walk their dogs. Kind of dead as far as neighborhoods go. You only see neighbors when their garage door opens and they are going out somewhere.
Activities are plentiful at the clubhouse, as well as organized trips. Good for those who don't want to drive and would like to socialize with others at that time.
If you want to keep old people busy in one of these places - just have them join a committee. There are more committees here than carter has liver pills, as the old saying goes. Some of them, like the architectural committee walk through your yard at least twice yearly looking for unapproved improvements to landscaping or homes (even exterior repainting must be pre-approved). I agree that there is a need for rules, but committees can be a negative factor and affect the view of these communities by realtors and potential buyers.
We only planned on staying around 5 years to watch our grandchildren grow up and then move to where it's warmer. As you can guess by my view of our current community - probably wouldn't buy in a 55+ community again. Didn't recall anyone posting on this thread about actually living in one of these communities and what all is involved (good and bad), so thought I share my thoughts. No one really discusses these issues that I'm aware of, so wanted to put our experience out there to help others evaluate if 55+ communities are for them
