Buyer's Market in 55+ Gated Communities 2019

By
Real Estate Agent with Best Connections Realty, Inc.

Buyer's Market in 55+ Gated Communities 2019

 

dog friendly south florida gated senior communities in boynton beach floridaRising interest rates and a general slowdown in the market in south Florida has been showing more and more of late.  New inventory appears daily on our local hotsheet.  Price reductions are the order of the day. 

Please bear in mind, this can and does vary by community.  There are some 55+ condo communities where inventory is still harder to come by.

 

 

A couple of months ago I wrote Is the Market Starting to Turn.  In my opinion, the signs are there in my market, in Delray Beach and Boynton Beach, especially in the gated 55+ active adult communities.  I'm going to share a recent experience I had with you.

 

pet friendly gated active adult communities in delray beach florida

 

I was house hunting in the pet friendly gated 55+ communities in Delray Beach and Boynton Beach with a client.  There was a good amount of resale homes to choose from in several communities.  We narrowed it down to a few communities because of certain variables the client desired.  

 

 

 

 

Sellers were pretty firm in their prices as we went around.  Days on market was beginning to show.  Houses were not flying off the shelves, as they were six months or a year ago.  Mind you, these homes are not new.  They are about 20-22 years old, which in south Florida terms means due for a roof in the next 3-5 years, a costly investment for an S-tile roof. 

 

It also means they were built at a time when hurricane protection was not yet mandatory.  New houses in south Florida are double the price, so buyers can do very well with a resale and some fixing up.  Location also comes into play.

 

 

We made several offers.  One offer was to an original owner, who was more than doubling their money.  The house badly needed updating.  No hurricane protection had ever been added.  Sellers were firm about their price, and the buyer walked.  

 

 

We made an offer on a second house.  Sellers came down but not enough.  Same thing - house needed updating and hurricane protection.  Again, the buyer walked.  Why not?  There were several other houses to choose from.  This is a fact I'm fairly certain some sellers have not yet come to terms with, especially in these senior communities.

 

 

We made a third offer.  Same thing happened and the buyer walked. 

 

 

On the fourth house, we made a deal.  Buyer was happy until the inspection, which revealed too much work to be done to justify the price to the buyer.  Since it was an As-Is Contract, we canceled the deal and the buyer, once again, walked.

 

 

Now, I ask:  How many times in the past five years has a buyer been able to walk away from four houses and there are still more to look at?  You don't have to answer!

 

 

pet friendly south florida realtor elyse bermanOn the fifth house, in the same community, we made a deal.  Sellers were easy to deal with, they were reasonable, and the house had had some updating.  Inspections went well and we are fully under contract now.  

 

 

In the past week, the first four houses we had offers on have all had price reductions, some more than others.  I believe we are  definitely shifting to a buyer's market and this story proves that.  I haven't had that many houses to show one client in years.  Houses were flying off the shelves.  Not so in the 55+ gated communities in Delray Beach and Boynton Beach any longer.  

 

  

 

 MAP OF BOYNTON BEACH

 

 

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Buyer's Market in 55+ Gated Communities 2019

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Elyse BermanFor information about pet-friendly housing in Boca Raton, Delray Beach, Highland Beach, Boynton Beach or Boca Raton real estate market, please contact me. I am a Boca Raton Real Estate Agent.

Contact Elyse:
By Email: Elyse@ElyseBerman.com
By Text - 561-716-7824
Cell - 561-716-7824

Elyse Berman, PA, CRS, ABR, GRI, e-PRO of Best Connections Realty, Inc. serving Boca Raton FL and the surrounding cities of Highland Beach, Delray Beach, Boynton Beach, Lake Worth, Wellington, Deerfield Beach, Hillsboro Beach, Lighthouse Point, Fort Lauderdale, Hollywood Beach and Hallandale Beach.

 

REVIEWS FOR ELYSE BERMAN | SEARCH ALL ACTIVE LISTINGS

 

 

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Disclaimer:  The information contained in this blog should not be solely relied upon and should be independently verified by professional sources.  The opinions expressed herein are solely mine. 

All information is deemed accurate but not guaranteed. All statistical information was obtained from BMLS.   Many articles may be time and date sensitive.  Please be sure to look at the date it was posted. 

No reproduction is permitted without the author's express permission.

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Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Elyse. The pendulum has swung in the other direction. Sellers should pay attention. Enjoy your day!

Jan 11, 2019 04:53 AM #1
Rainmaker
853,654
Elyse Berman
Best Connections Realty, Inc. - Boca Raton, FL
PA, Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR

Good morning Wayne, It certainly has but they're really not paying attention yet.  One house lowered in under $ 2000.

Jan 11, 2019 04:58 AM #2
Rainmaker
4,687,698
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Elyse.  All four of the first homes will soon wish that they were more accommodating to you and your buyers.

Jan 11, 2019 05:11 AM #3
Rainmaker
1,723,974
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Elyse - oh yes 55+ is hot in desirable retirement areas and I am sure it will stay that way.

Jan 11, 2019 08:08 AM #4
Rainmaker
5,015,864
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for telling us about the condtions in your market.

It is good to see your continued commitment to assist seniors with their housing needs. 

Jan 11, 2019 08:44 AM #5
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1,532,978
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

What is particularly hard to find is affordable aged declared neighborhoods and condos.

Jan 11, 2019 12:14 PM #6
Rainmaker
1,341,639
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Elyse, no doubt the market has become far more balanced. Interest rates, rising insurance costs, and those who are waiting out the market and renting (driving up rental costs in my area) are all part of the reason. We also have new builders competing again in the spec market.

Jan 12, 2019 10:13 AM #7
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Rainmaker
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Elyse Berman

PA, Boca Raton FL (561) 716-7824 CRS, ABR, GRI,ePR
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