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They tried to sell me a new construction home, but (especially 5 years ago) the prices were ridiculously high, the resale ones were a LOT cheaper, did I mention A LOT CHEAPER? Like $300,000 less for a 5 year old house. No, I'm not kidding.
Doesn't speak well for someone wondering if they should give it a go, thinking they can always sell and move out if it doesn't work out.
Typically I would say late 60's. It is a retirement place and an over 55 community so I think that is typical. As it is not in a major metropolitan area, few still actively working live there.
As I said my friends and many people move into this type place knowing no one thus many are looking/needing to make friends. My friends initial friends were made playing golf. Since first there (going on 11 years) they have never been at a loss for things to do. Also like life, their friends have changed some as they go to know more people.
Something I've noticed in the last couple of years is the lack of new buyers in so many of the SW retirement communities. In the southern AZ over 55 developments I visited last year the number of vacant homes seemed to be growing, every week new listings were added but right along side those that Trulia posted as being on the market longer than six months. I also noted the various news articles on the rising lack of interest in golf, a worrisome change from the days when new courses were all the rage in the SW retirement communities. It may be that the current economic situation is bringing a new financial reality to those now retired and those who are soon to be. Many people may now remain in place when they retire, and that would be a huge change in an old social paradigm.
After speaking with a good number of those who had been living in AZ for the past five years or so the picture emerged of couples who were missing the grandchildren, worrying about getting older and incapacitated, and realizing the lack of much else to enjoy but the sun. Many newer housing developments seemed to be far away from any convenient shopping or cultural events that most retirees would want, and driving would be limited to daytime only for many of those I met. It would be rare to meet any people from the area who'd been there most of their life, transplants were the norm and that at least meant that people were friendlier than they normally might be in their previous working lives.
Del Webb communities are known for their good points, and bad, but overall I'd be more concerned about the possibility that these places have become a bit more reclusive than most people think. The Del Webb sales pitch often consists of a mantra that praises the "active" lifestyle, as though an "inactive" lifestyle would be the result of not buying there. No one is going to golf every day for years on end, or go daily to the various "clubs" that dominate the cultural scene in the Webb communities, my stay there was punctuated by the Stepford appearance of the neighborhoods and a general feeling of geographical isolation.
As for the HOA question, yes, HOA's can be somewhat punitive when the residents don't participate and leave the governance of their neighborhood to tiny minded tyrants, not unlike our national political system that we all see as needing improvement. The growing underclass in America is one reason for the proliferation of HOA's, I've lived in neighborhoods that have them and it paid off when I wanted to sell my home. Many older American's are finding their SW dream home in retirement to be one that isn't sustainable for a sundry of reasons, lack of family, friends, absence of city life, becoming disabled, or just plain bored with the fact of their generational sequestration in these communities. I'll continue to go south for short periods to dry out and try to be satisfied with that.
^^^^^ To Jertheber: An intelligent and balanced analysis above. Clearly the various demographic waves of retirees affect the situation in retirement communities in a given area. If there is a current lack of new people buying into a community, then there will be many unsold properties (as you described) with the concomitant depression of prices, meaning that people who want to sell may have to take a loss in order to do so.
But I wonder whether that situation will soon be corrected by the older Boomers who are starting to retire now, actually who have been retiring for a few years? Perhaps some of them, slammed by the effects of the economic downturn in 2008 (one effect of which could be supporting adult children who may have even moved in), can no longer afford communities such as you are talking about? It will be interesting to see what the situation is two or three years from now - I certainly have no pretense of knowing what that will be.
Doesn't speak well for someone wondering if they should give it a go, thinking they can always sell and move out if it doesn't work out.
No, not if they buy new in Vegas. I wouldn't suggest anyone do that right now unless they plan on staying at least 5-6 years.
New prices have been stagnant for the last 6 years here. The used market is up over 40% over the last three years (Because of the huge drop several years ago) and it's still climbing. New construction is still overpriced, although the gap IS narrowing.
^^^^^ To Jertheber: An intelligent and balanced analysis above. Clearly the various demographic waves of retirees affect the situation in retirement communities in a given area. If there is a current lack of new people buying into a community, then there will be many unsold properties (as you described) with the concomitant depression of prices, meaning that people who want to sell may have to take a loss in order to do so.
But I wonder whether that situation will soon be corrected by the older Boomers who are starting to retire now, actually who have been retiring for a few years? Perhaps some of them, slammed by the effects of the economic downturn in 2008 (one effect of which could be supporting adult children who may have even moved in), can no longer afford communities such as you are talking about? It will be interesting to see what the situation is two or three years from now - I certainly have no pretense of knowing what that will be.
As one poster had reminded me, "it isn't a ghost town", meaning the Green Valley AZ area where housing has taken a dive in the past years. And I had replied that I didn't mean to leave that impression in an earlier post. You had earlier mentioned the water situation in the SW. AZ mining companies are surely one if not THE one supreme voice in AZ politics, the little people have no such pull in the political realm of SW states, and water is the prime issue between these two disparate groups.
I'm just curious as to the possibility of a sea change in the forty something crowd with regard to retirement in the large AZ, TX, FL, retirement communities. I had been reading about the lack of interest in golfing throughout the US, not just the SW, and right here in my backyard the local courses are hurting according to the local news, the cost of maintaining a course in these times is certainly a huge factor in the rising cost of golfing. Again, is this the beginning of a real change in the way the new kids on the block are thinking? Golf was one of the biggest pulls for SW (retiree) home sales in the past.
These communities are really not all that old, and the entire idea of retirement period isn't really all that old. (1940's) The economy and the lack of any real defined pension benefits for future retirees may just be the game changer for these areas. Many of the elder home owners we spoke with in AZ last winter were upside down on their home values in some of the Robeson communities, some have now defaulted and the homes are simply abandoned. I wanted to be sure that no one should feel slighted by my observations, they're just mine alone and shouldn't be taken as any slight to those wanting to move there.
We too were concerned about the golf courses within retirement communities. DH and I played golf years ago...but lost interest. Three sons were all given clubs and enrolled in golf class in college.....they lost interest. Brother-in-law same thing. In Houston two golf courses went bankrupt; two in Austin; Austin has brought one. I see Del Webb communities with too much land tied up in golf courses. We decided against Sun City and bought in a mixed age new townhome communities closer to the city, the metro, and cultural activities.....same price for the townhome and a little more $ for the HOA fee. We have friends in Sun City who really enjoy the golf and the clubs but I note that they are not as "thrilled" with it all after three years. They come toward Austin more often.
I got less house (it's manufactured!) , no HOA and more property for the same amount it would have cost to purchase a beautiful 4000 sq. foot home in Anthem, AZ (a Dell Web community) so , as you can see, Accufitgolf is wrong about his/her begrudgers comment. It's not about the money (well, maybe a little bit about the money! LOL!) but rather lifestyle choices. One should pick a place or community that suits their lifestyle and comfort zone. I wanted forest, ocean, mountains, big dogs, chickens and maybe some livestock later on. I'd rather stroll thru the woods then swing a golf club, but then, that's me!
Just to address the concerns about Sun City communities in or around golf courses... I happen to golf, but that wasn't the reason I chose to live in my SC community. There were scores of other reasons I chose to live and stay here and I have not been disappointed. As it happens, my community does not own or operate the two golf courses within our community, so there is no drain on our HOA or reserve funds. This is the case for many of the SC communities. However, my next closest SC community does own their golf course. The operation of the course is contracted to a golf course management company and seems to be very successful and popular with residents and non-residents alike. I choose to golf there because it's an easier course and suits my level of play better than the ones within my SC community.
Just to address the concerns about Sun City communities in or around golf courses... I happen to golf, but that wasn't the reason I chose to live in my SC community. There were scores of other reasons I chose to live and stay here and I have not been disappointed. As it happens, my community does not own or operate the two golf courses within our community, so there is no drain on our HOA or reserve funds. This is the case for many of the SC communities. However, my next closest SC community does own their golf course. The operation of the course is contracted to a golf course management company and seems to be very successful and popular with residents and non-residents alike. I choose to golf there because it's an easier course and suits my level of play better than the ones within my SC community.
We live in a Sun City in South Carolina (just outside Charlotte, NC) and we have a golf course that winds through the community. Ours is also NOT owned by us, but by a private company, so we don't pay for it, although it does bring in outsiders to use the course. Neither one of us golfs, but there is a very nice clubhouse with a restaurant that we do eat at every now and then. The one thing that affects the homeowners is that those lots that back up to the golf course are charged a high premium, both for original sale and resale. We had absolutely no desire to pay an extra $50K just to look at a golf course!
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