55+ Community resale values

[karen1972]

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.

Yes very restrictive, we also live in Raleigh, that is where I wanted to buy in assuming you live in Brier Creek.. pouting over here because they wouldn't let me in.... so not fair.

 

[harley]

Harley: We are looking for the same, we currently live in in FLA also what part it is in, you can PM me with the info if you do not want to share. Is it by one of the coasts?

Sorry, this one is in Leesburg VA for the summer months. We want to be near family, but not enough to spend the winters in the cold.

 

[BeachOrCity]

ThE OP should read this article
https://wapo.st/2mn8t1L?tid=ss_sms-amp

Good discussion of housing values for middle aged and seniors in dc area.

 

[Teacher Terry]

I can’t read it without paying.

 

[harley]

I can't read that article as I've used up all my WaPo free reads for this month. But while unsuccessfully trying to find a way to read it I found this one from Citylab that sounds like it may be saying the same thing.

I'm not sure how to interpret this, inasmuch as we're going to need to live someplace no matter what. I've already been through (and am currently in) a situation where we can't sell a home for as much as it cost to build it, and while it sucks it's not the end of the world. I guess the thing to do is buy what we want, then try to live long enough for the Millennials to start feeling the aches and pains in their knees going up the steps before we try to sell. That's my plan.

 

[BeachOrCity]

Just open up a private new private browser session and open the link in that and you should get pst the paywall. The article has a map of zip codes most at risk for downsizing oversupply

 

[harley]

Nice trick. Thanks.

 

[ShokWaveRider]

I just google the link that works too.

 

[harley]

I usually do that. It didn't work this time.

 

[BeachOrCity]

The premise is good: no noisy kids around, and restricting ownership to like minded people at the same stage of life as yourself.

However, think of the worst case scenario: what if you needed to have your grand child move in due to a problem with the parents (physical or drug abuse, abandonment, etc.), what if the economy or your personal situation changed and you needed to rent out your house for a couple of years, or mortgage rates spiked and you needed to sell "rent with option to buy" to get people to even look at your home? Does the HOA allow any of those? By buying into that HOA, you are empowering people to control certain aspects of your life. And many of those board members are only too happy to hide behind the "rule book" when turning down your request for an exception.

We purchased an investment condo (non-55) during the housing downturn. There were no restrictions on buying as an investor and renting it out. But a new board decided that "evil landlords" were destroying their property values, so they put restrictions on who could buy into the neighborhood. ALL new owners and tenants had to submit criminal background checks, proof of sufficient finances and submit to a PERSONAL INTERVIEW with the screening committee. Some committee members went a little overboard with the power: when I sold, my buyer was an adult, buying the condo for his senior aged mother. BOTH were submitted to a very detailed personal interview by neighborhood busybodies, which strayed into non financial areas.

Previously, I had not had a problem with HOA's, but now am very, very cautious. During family emergencies and financial downturns is not the time to have to throw yourself to the mercy of an HOA.

CO-OPs can do what you described. But I have never seen it with Condos. Glad you are out of there. At some point the HOA will be sued and all the owners will be on the hook for the settlement. Fair housing laws.

 

[imoldernu]

I can't read that article as I've used up all my WaPo free reads for this month.

When using chrome, this is what I do... go to:

chrome://settings/siteData

On the page that comes, up, enter the website or a prefix, such as NYT for the New York Times.in the search column. Then delete the cookies that come up for that site...
Be careful not to delete all cookies.

That should reset the number of "free" access articles to the original freebies.

I use a shortcut link to that "settings" site to make it easier. So far, all the news sites that I use that have limits, have renewed with the origianl free content.

 

[sakowitzm]

Harley - one piece of anecdotal evidence for you. Wife and I are also in NoVA and looking at 55+ communities. This past January, on a cold, snowy, windy day, there was an open house at Del Webb Potomac Green. Difficult finding a place to park, and once inside, the place was packed. My *opinion* (no facts) is that NoVA's demand is currently outstripping supply; hence the new communities sprouting up. So as someone else posted, will likely be okay for maybe up to 10 more years.

 

[partition1]

I took ER to manage our property rental business. Four out of five of our units are in a 55+ community and we love it. We are also neighbors with a large university and see expensive damage from students to various rentals every year.

The building is secured, with elevators and we don't typically have to worry about high tenant turnover. Our last renter told us "the only way I'm leaving here is feet first". The units have held their value (4+ years now) for probably all of the reasons mentioned in addition to the fact that they are in an aging, bedroom community.

We just purchased #4 last week as it was the only 2BR we saw come to market in 6+ months. Supply and demand~

 

[morriss003]

DW and I are considering buying a place in a 55+ community in Northern VA. We're actually much more interested in the home than in the community. I guess that's in keeping with my comments in the Perfect Home/Perfect Neighborhood thread. So the fact that it's 55+ isn't the draw. We just really like the house.

But the 55+ aspect isn't a major turn off for us either. It's a small community so the rules and such aren't too odious. The HOA fee is in keeping (slightly higher) than our current home. No real amenities, but close to anything you could possibly want.

So we're still in the consideration phase. But one thing we are curious about it the resale aspect. If we were to ever sell, it would have to be to someone 55 or older. So I guess that would shrink the possible customer base. But would it be significant? In other words, do home prices in 55+ communities pretty much keep up with other homes in their area? Or do they lose or even gain value vs the non-55+ homes? Has anyone seen any comparisons or statistics?

I expect those property values to increase for the next 15 to 20 years due to aging baby boomers.