The activity at our Active Adult Communities has become very consistent every Sunday at our open house events. We are experiencing first time visits from many 55+ age group potential buyers. As the economy continues to decline, the 55+ potential buyer pool is standing strong and are preparing for the future.
This age group may have adult children or college age children, and they are very concerned about their own future. Companies continually have reductions in force and early retirement may be required. My team members are experiencing this age group making decisions now to sell their family homes for whatever the market will bear today and purchase a maintenance free condo, with a first floor master bedroom suite, in an active adult community. Our condos provide an additional bedroom and sometime two additional bedrooms for their family visitors or adult children to live there.
The maintenance free condo is appealing along with the convenience of the first floor bedroom, the energy efficiency of each unit, the lower real estate tax bill, the thought of no necessary improvements needed for many years, and the enjoyment of living in a community with others of similar age and interests. Most of these transactions are cash. The thought of no mortgage payment and reduced monthly costs are very attractive.
The active adult community is a housing concept that sells well in this market in our area. The potential buyers, the baby boomers, have equity in their homes and are ready for new construction with all of its amenities. The reasons for buying include low maintenance, lower monthly costs and the convenience of the first floor master bedroom suite. This concept is a win-win situation that should be investigated by all baby boomers. There's a great variety from which to choose. Start your search now by calling your buyers agent or visit an open house event in your area. You'll be glad you did.
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This is a great list of benefits, Barbara, that will be very helpful to people considering a 55+ condo community. People in Florida are so used to these types of communities but they still seem on the newer side in MA.
Nina.....they are just getting off the blocks here.....they are plentiful in Florida....
Franklin has their fair share of adult communities and it seems that they are selling well.
Susan.....and The Todaro Team is marketing three of them and another team in our office has another one.....
I'm not a baby boomer but 3 years ago we needed more room but didn't want the maintenance that goes along with a single family home. We bought a townhouse. It's 2 bedrooms, plenty of room and a full basement which is what we needed. Never have to mow or shovel snow.
Jackie.....I am selling what I own, one home at a time and moving into the next one.....I will sell the one I'm in now and then my final purchase will be a condo.....