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Devoted to discussion pertaining to those issues which are specifically relevant to people 45+. Topics must have a specific perspective of people in this age group for it to be on topic.

The story of Abraham and Sarah is told in chapters 11-25 of the book of Genesis.
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55 and over communities

Aug 28th 2012 new

I looked at some condos in a development in southern N.J. this weekend. They were okay, a little old, not huge, the prices were reasonable enough. The units were attached and some were garden style with a unit above. The next day, I visited my brother in another town a little further away. He showed me a small house that was for sale in a 55+ community. It had 2 bedrooms, an attached garage, front yard, back yard. Fully detached. It was more expensive. He said he's never been inside but knows the owner lowered the price. All the houses were fully detached. I asked if the complex had a pool and he said it did along with a fitness center. In both developments, you can alter the interior but not the exterior. Both have their HOA rules.


The 55+ house looked like you get more for your money and was very quiet. A pool available (may have been an indoor & outdoor one)! A guy at work told me that some 55 & over communities do allow a small percentage of under 55 people to buy as long as they don't have children.


I've been trying to do a little research online about them. In city-data.com - a lot of people mentioned living in them and loving it. They mention feeling safe, not worrying about maintenance, and a nice community feel about them. In another article, some people complained of gossipy or unfriendly neighbors and too many rules...and not having flexibility if you want to sell it.


Does anyone have any experience with them? Do you think it would be a good idea for a 40 something to buy into a 55+ community?

Aug 28th 2012 new

Large asset purchases are rarely simple decisions. One needs to focus on what they are wanting from the asset before anything else. Is this home an 'investment'? Is it your for ever home? Is it a place to stay for the immediate future? Is there any realistic possibilty you will want to move at some point.


If you are buying it to live and stay put for the long term than the value is in its intrinsic value or utility. Renting is almost always chear than buying in the near to mid term based on several varialbes like taxes, interest rate length of note, etc... If you are buying it as an investment, you need to consider resale market value. Are you likely going to recoup your capital and expenses in tomorrows market place? Retirement communities are a stronger demand as that is the largest segement of the demographics in this country, Boomers. However, most are established by this point in their journey and will only be downsizing or making a change if necessary. But with the limited demand based on age constraints communities you describe are generally not in high demand over the past decade.


All in all, unless you absolutely need a home and must purchase, I would stay on the sideline. The housing bubble in this country has not even begun to burst despite the pains we have seen in the past 5 years. Shadow inventory and foreclosures are going to continue to out pace demand driving prices down. Also available credit is going to be increasingly scarce. This forces prices down to more affordable levels over time. If you can rent for another 5 years, you will be able to afford a much larger band of housing; and whatever you chose will be much much more affordable.

Aug 31st 2012 new

(Quote) Julie-42315 said:Does anyone have any experience with them? Do you think it would be a good idea for a 40 something to ...
(Quote) Julie-42315 said:
Does anyone have any experience with them? Do you think it would be a good idea for a 40 something to buy into a 55+ community?

--hide--


My parents lived in one of the South Jersey 55+ communities. The first thing you need to know is that they are called 55 and over because the owner, or at least one of the people if they are a married couple, must be 55 years old or older. Anyone 54 or younger cannot own a home there. I was in my 40's when they moved in and even though I was paying, I could not legally be the owner. It had to be in their names. I do not know of any that allow people under 55 to own. It was the same here in Florida a few years ago when I was looking and under 55. It's far easier to enforce a "no one under 55" rule than a given percentage. And yes, dependant children are huge no-no.

The other thing is that many of these places require a cash sale with no mortgage. That may not be the case for all of those places, but it was true for at least 6 we looked at.


Whatever you do, make sure you do not take an agent's word for it. You have the right to see the association docs before you make an offer. Demand to see them. If the docs say nobody under 55, then there is no way around it without a majority of the owners voting on it at the annual meeting.

Sep 6th 2012 new

(Quote) Julie-42315 said: I looked at some condos in a development in southern N.J. this weekend. They were okay, a little o...
(Quote) Julie-42315 said:

I looked at some condos in a development in southern N.J. this weekend. They were okay, a little old, not huge, the prices were reasonable enough. The units were attached and some were garden style with a unit above. The next day, I visited my brother in another town a little further away. He showed me a small house that was for sale in a 55+ community. It had 2 bedrooms, an attached garage, front yard, back yard. Fully detached. It was more expensive. He said he's never been inside but knows the owner lowered the price. All the houses were fully detached. I asked if the complex had a pool and he said it did along with a fitness center. In both developments, you can alter the interior but not the exterior. Both have their HOA rules.


The 55+ house looked like you get more for your money and was very quiet. A pool available (may have been an indoor & outdoor one)! A guy at work told me that some 55 & over communities do allow a small percentage of under 55 people to buy as long as they don't have children.


I've been trying to do a little research online about them. In city-data.com - a lot of people mentioned living in them and loving it. They mention feeling safe, not worrying about maintenance, and a nice community feel about them. In another article, some people complained of gossipy or unfriendly neighbors and too many rules...and not having flexibility if you want to sell it.


Does anyone have any experience with them? Do you think it would be a good idea for a 40 something to buy into a 55+ community?

--hide--


I live in a 50+ community. There are small homes available with attached garages or condos. I bought a condo 3 years ago, and it does depend on who your realtor and the seller are. I paid 25,000 less than my neighbor with the same sq ft. Where I am situated is more private than the rest of the community... we have our own private swimming pool and tennis court and a beautiful pond with fish and 3 waterfalls. There is also a golf course with a walking path around it and a brand new club house with a gym and much more. There are wide open spaces with ponds and fountains throughout the community...the landscaping is really nice and includes large old trees. A state park borders the back of my building adding to the quiet. Days go by when I never hear a sound from my neighbors as there is concrete between myself and them in the walls. Another plus...there are no children allowed to live here and though I love kids it is nice not to have to listen to their racket day and night.

Security is very good here. All of the buildings are secure and we have our own security that patrols night and day. I feel safe here and although I miss having a house, I think I would be afraid alone in a house sometimes. I pay HOA fees but that includes heat and water. I never have to mow or shovel snow and I throw my trash down a chute in a room located near the mail room so there aren't garbage cans to deal with. My condo has two bedrooms and two baths, a large living room and a large kitchen and a laundry room. I have a small storage room on another floor. Recycling here is easy as everything is thrown into a large dumpster in the parking garage in the basement.

The rules here are reasonable. I don't have any problem with my neighbors...although they do get a little curious if I leave for a few days. laughing They don't exactly ask me where I have been but they do ask each other where I've gone, so I've been told. We all get along and there are more women here than men. We share our baked goods in the winter and chat when we run into each other in the halls and visit each other's homes sometimes and play card games or watch a movie. We rally round neighbors who are sick or injured, bringing them food and such. I am the youngest in my building, most of the people here are in their late 60's or 70's it seems.

I really enjoy living here.

Sep 7th 2012 new

(Quote) Deborah-550454 said: I live in a 50+ community. There are small homes available with attached garages or con...
(Quote) Deborah-550454 said:



I live in a 50+ community. There are small homes available with attached garages or condos. I bought a condo 3 years ago, and it does depend on who your realtor and the seller are. I paid 25,000 less than my neighbor with the same sq ft. Where I am situated is more private than the rest of the community... we have our own private swimming pool and tennis court and a beautiful pond with fish and 3 waterfalls. There is also a golf course with a walking path around it and a brand new club house with a gym and much more. There are wide open spaces with ponds and fountains throughout the community...the landscaping is really nice and includes large old trees. A state park borders the back of my building adding to the quiet. Days go by when I never hear a sound from my neighbors as there is concrete between myself and them in the walls. Another plus...there are no children allowed to live here and though I love kids it is nice not to have to listen to their racket day and night.

Security is very good here. All of the buildings are secure and we have our own security that patrols night and day. I feel safe here and although I miss having a house, I think I would be afraid alone in a house sometimes. I pay HOA fees but that includes heat and water. I never have to mow or shovel snow and I throw my trash down a chute in a room located near the mail room so there aren't garbage cans to deal with. My condo has two bedrooms and two baths, a large living room and a large kitchen and a laundry room. I have a small storage room on another floor. Recycling here is easy as everything is thrown into a large dumpster in the parking garage in the basement.

The rules here are reasonable. I don't have any problem with my neighbors...although they do get a little curious if I leave for a few days. They don't exactly ask me where I have been but they do ask each other where I've gone, so I've been told. We all get along and there are more women here than men. We share our baked goods in the winter and chat when we run into each other in the halls and visit each other's homes sometimes and play card games or watch a movie. We rally round neighbors who are sick or injured, bringing them food and such. I am the youngest in my building, most of the people here are in their late 60's or 70's it seems.

I really enjoy living here.

--hide--


That sounds really good! smile

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