What's up with all the 55+ communities in nj? (Rossmoor: apartment complexes, condos)
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Well living in N.J..i couldn't afford one of these 55 communities...they were so ridiculously priced for
people on pensions, etc....It seems that N.J. is a state for the rich.....Retirement communitites? yeah
sure, some of them are over $500,000.....that's crazy....they can keep them.
Well living in N.J..i couldn't afford one of these 55 communities...they were so ridiculously priced for
people on pensions, etc....It seems that N.J. is a state for the rich.....Retirement communitites? yeah
sure, some of them are over $500,000.....that's crazy....they can keep them.
????? places like leisure village and other places in south jersey are cheap by pretty much any standard. <$100K.
The most important reason that towns approve them to get built is that they can satisfy their low income housing requirements through building them. It's perfectly legal to build them and dedicate a section to low income housing, but still have the 55+ requirement. Towns would rather saturate themselves with elderly seniors than with actual low income families.
The other benefit was already mentioned and that is the increased tax revenue without adding to school enrollment. However, a lot of towns are realizing the backlash on that as the seniors tend to actually vote and they love to vote no on school budgets regardless of what they contain.
Overall, I think they're a terrible investment. My parents are considering one as they can get one very cheap, but I would prefer steering them into a smaller regular house on one floor over a 55+ development. I can just see them continuing to decline in value and would hate to be stuck with trying to sell one when the time came.
In some towns they were probably hoping that people who had children leaving the house, would want to downsize. Charge a good amount for the adult community and have the larger houses on the market for new families (and then the bubble burst).
In some towns they were probably hoping that people who had children leaving the house, would want to downsize. Charge a good amount for the adult community and have the larger houses on the market for new families (and then the bubble burst).
she said "i couldn't afford one of these 55 communities...they were so ridiculously priced for people on pensions, etc...." - my reply was there ARE 55+ communities affordable in NJ by nearly every standard. her statement is incorrect.
I am curious about the length of supply quoted above. Where is that statistic from (not questioning or doubting you, it's just mindboggling>>
The statistic fluctuates a little month to month, but it comes from the amount of over 55 units that are available divided by how many are selling monthly. The equation is this Active Units/Monthly Sold Units=Months Supply.
I got the statistic from Otteau Valuations - quite possibly the leading expert on real estate valuations in the state of NJ. They are located in East Brunswick.
she said "i couldn't afford one of these 55 communities...they were so ridiculously priced for people on pensions, etc...." - my reply was there ARE 55+ communities affordable in NJ by nearly every standard. her statement is incorrect.
There are a lot of them priced in the $100k-$150k range. My parents have looked at about 15 communities and all of them had homes available or able to be built for under $150k. Probably the biggest deterent in some of them is the maintenance fees that can be quite high. My parents have looked at places with fees around $500 a month. However, that includes all exterior maintenance, staffed health club, community pool, rec center and weekend transportation to shopping.
There are a few more issues to consider with the 55+ communities in new jersey. For a state that already pays a lot for taxes, these communities are very attractive to their targets and visually pleasing for other members of the town, which allows property values to rise. I have seen on more than one occasion where town legislators have been embarrassed in hindsight of approving a new project in their town, like apartment complexes (not to say they are bad overall, of course). Also, its an emerging business considering people are living longer on average. Also keep in mind that the baby boomers, overall, were an independent yet revolutionary generation in America, so the idea of assisted living is something that turns them off. But, a giant, enclosed, new looking neighborhood with all sorts of services and amenities available is much more attractive. That's why this works, and increased values on other houses are why towns agree to it.
I guess if you have the money it is OK, but I can't imagine paying NJ property taxes at that point.
shrug. the property i linked has taxes of ~$1500/yr.
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