[2015] 55 and Over Lifestyle [communities]

[rapmarks]

I found the remark about southwest Florida interesting, we couldn't find 55 and over communities in southwest Florida and were told they did not go over in this area. We only found one in Fort Myers. We did not look in mobile home parks only only in typical home communities.

as far as resale, our community sells very fast. My sister tried to buy two different homes, both sold ont he first day and both had several offers.

 

[WinniWoman]

Our problem is homes are NOT selling here where we live and my biggest fear is that after we retire, as we age we won't be able to sell our home so we can buy into a 55+ community. We live in an isolated rural area in the woods with no friends or family and if the time comes we can't drive we will really be screwed.

 

[Sugarcubesea]

That can be true in any subdivision that has an HOA. And they don't have to be retirees.

We currently live in a subdivision that is very strict, one of my neighbors went on vacation for two weeks and it rained like crazy in that time frame and their weeds grew to over a half inch and they were fined.

I don't think any 55+ location could have more rules then were I'm currently at, but I will be reading any and all rules and reg's prior to moving in to ensure I have no issues….

My goal is to buy a place 5 years prior to retiring so that we can do updates and such while we are still working. Did anyone else do something similar?

 

[Ann-Marie]

In Sun City Hilton Head, several houses on my street sold within two weeks. There is very limited resale inventory and minimal rentals because owners either rent to the same people over and over or are living in their own homes. I wanted to build so all our neighbors would be on the younger side. We bought and built when I was 51 years old. Some of my neighbors are more active than me.

 

[joewillie12]

I found the remark about southwest Florida interesting, we couldn't find 55 and over communities in southwest Florida and were told they did not go over in this area. We only found one in Fort Myers. We did not look in mobile home parks only only in typical home communities.

as far as resale, our community sells very fast. My sister tried to buy two different homes, both sold ont he first day and both had several offers.

There were 121 active listings and 88 pending sales as of this morning in adult communities in Fort Myers, Cape Coral, Naples area. I excluded all the mobile home parks and manufactured home adult communities as there are a ton of those. There are quite a few 55+ communities in southwest Florida with the majority being more older and smaller in stature and not gated unlike The Villages and Sun City that some have mentioned.

 

[rapmarks]

There were 121 active listings and 88 pending sales as of this morning in adult communities in Fort Myers, Cape Coral, Naples area. I excluded all the mobile home parks and manufactured home adult communities as there are a ton of those. There are quite a few 55+ communities in southwest Florida with the majority being more older and smaller in stature and not gated unlike The Villages and Sun City that some have mentioned.

what are the names of the adult communities? I remember one on colonial in fort myers, not called sun city anymore. I never looked in Cape Coral, so I may have missed if there are a lot there.

 

[bogey21]

The option I have chosen is a CCRC (Continuing Care Retirement Community). Although I only live there some of the time I have maintained a condo at Trinity Terrace in Fort Worth since I retired in 2001. Sometimes I live there; sometimes I don't. When not actually living there I stop by for meals about 3 times a week (the food is outstanding), to check my mail, and to socialize.

Trinity Terrace, like all CCRCs, has 3 levels of residence: Independent Living, Extended Living and Skilled Nursing Care. You move from one to the other if necessary. Trinity Terrace is managed by Pacific Retirement Services in Medford, OR and is accredited by the Continuing Care Accreditation Commission.

George

 

[WinniWoman]

How much do all these options cost to purchase? I know Continuing care communities are very expensive and the independent sections don't seem to have pools and activities that the over 55 communities have. As for buying something before you retire- good idea. Lots of people do it. Unfortunately, we couldn't afford to do it.

Also, a friend of ours, who is retired, just bought something in Fla. before his house up here sold. It is still for sale months later with no prospects so far. Although he can afford it, we can't be put in a situation like that ourselves when the time comes.

Everything in New England that I have seen so far that I like is for very wealthy people. Either that or mobile homes- and that is not for me.

This retirement-moving thing is going to be a lot harder than I thought.

 

[joewillie12]

what are the names of the adult communities? I remember one on colonial in fort myers, not called sun city anymore. I never looked in Cape Coral, so I may have missed if there are a lot there.

Hi rapmarks, I did a quick count of the 55+ communities around the Lee/ Collier area. I got to 30 and stopped but a few that may come to mind are Heritage Cove, Myerlee Manor, Seven Lakes and Whiskey Creek. The 55+ over in Cape Coral are more on the condo complex design. Older,smaller,on the water,not many amenities but considered 55+ communities. Sun City is now Colonial Country Club but I believe there are Sun City's all over the place. Closest one is off 75 going towards Tampa I think? I would be happy to send you an email of everything available that is on our mls. Price range from about 50-300k. Pm me if interested. Joe

 

[rapmarks]

no I am very happy where I am. I just remember not being able to find anything for 55 and over when we looked years ago, the only one available was then sun city now Colonial Country Club. noone showed us the smaller communities you mentioned.

 

[bogey21]

How much do all these options cost to purchase? I know Continuing care communities are very expensive and the independent sections don't seem to have pools and activities that the over 55 communities have.

I paid $70,000 (non-refundable) entry fee for a one bedroom condo when I bought in 2001. At that time monthly fees were approximately $1,600. Today they are approximately $2,000. The good news is that almost half the monthly fee is tax deductible as "Prepaid Medical Expenses" on my FIT. Today the entry fees range from $350,000 to $400,000 depending if you elect for your heirs to get 70%, 80% or 90% of it back when you die. My heirs get nothing of the $70,000 I paid. And yes, Trinity Terrace has a great pool and a multitude of day trips and other activities.

George

 

[joewillie12]

no I am very happy where I am. I just remember not being able to find anything for 55 and over when we looked years ago, the only one available was then sun city now Colonial Country Club. noone showed us the smaller communities you mentioned.

Great to hear you made a good choice and are happy. I came down 23 years ago. One of my better choices that I've made. Left the cold and snow and never looked back.

 

[rapmarks]

Great to hear you made a good choice and are happy. I came down 23 years ago. One of my better choices that I've made. Left the cold and snow and never looked back.

this made me remember going to a real estate agent in Port Charlotte or North Port. When we told her we wanted a community with activities, and things like bridge etc. she told us quite seriously, that she never heard of such a thing but that we should go around and leave flyers in all the neighbors houses and invite them for bridge and dinner.

 

[joewillie12]

this made me remember going to a real estate agent in Port Charlotte or North Port. When we told her we wanted a community with activities, and things like bridge etc. she told us quite seriously, that she never heard of such a thing but that we should go around and leave flyers in all the neighbors houses and invite them for bridge and dinner.

Yes, Port Charlotte definitely runs a little slower pace then it's neighbors to the south. I checked out that area as well and remember saying to wifey this is what they must mean by "God's waiting room". I drove through PC a few weeks ago to go to Boca Grande and it looks exactly the same as it did 25 years ago. I have friends now that live in PC and wished they would have come down a little further towards Lee.

 

[Sugarcubesea]

We are going to sell our big home (3000sqft) when my youngest graduates from high school in 3 years and take half of that money and purchase a small condo to live in in MI and use the remaining balance to purchase a condo in a 55+ community.

I want to purchase while we are still working so that I can figure out how much more we will need to save prior to retiring...

 

[Pat H]

55+ communities are very active. We have state champion tennis/softball teams. Pickleball has the largest membership. The orthopedists are making a fortune. We have a couple here (she's 104 & he's 99) who go to the ballroom dancing club every Friday. They both go to the gym and she does yoga and circuit training. There is no way I can keep up with them. You can just sit in your house and do nothing or have a calendar that's chuck full.

Like Fern said, everyone is from somewhere else. In true it's a small world fashion, two of my best friends are people I "met" through TUG and will soon be living here full time - Ann-Marie & her husband Pete. Fern is another great friend who I met thru TUG and helped me make my decision to move to SCHH. Wow, what would I do without TUG?

 

[Pat H]

Forgot to mention that homes/villas here are in great demand right now. Villas especially are selling within a few days since there are fewer of them. Home prices have increased dramatically. The villa I bought in 2008 for $151,000 is now selling for $215,000. I only hope that when I no longer need it, the prices are still up there.

 

[rapmarks]

i just saw the list of recent solds in our community. the home we checked out for my sister, not only sold in one hour, but it went a few thousand over asking.

my neighborhood up north is so unfriendly; i have lived here 28 years and know maybe three neighbors. the neighborhood in Florida is friendly, people ask about you. If something happens, i hope it happens there where someone might help us out.

 

[PStreet1]

This is what we've come up with also. Although we just "qualified" for this as an option, I would be well below the age requirement and don't think I'm ready for this type of lifestyle, yet.... We wouldn't use the amenities at this point in our lives and I hate paying for stuff we don't use.

I think a big consideration in the decision are the HOA fees for these types of communities which can be in the ~$500 per month area depending on the amenities. Add a golf course, and the fees can really add up. Add 24 hours gated entries $$$. Condo fees in South Florida 55+ can range from $300 to $900 per month. You have to ask yourself if the amenities are things you'll likely use, because if not, you're paying for the social director, yoga classes, movie night, etc. even if you don't attend.

Fees definitely depend on where you are. In our Arizona community, we have many golf courses, 4 rec. centers with indoor/outdoor pools, an incredible woodshop and metalshop, over 400 clubs, etc. Our yearly fee is $400.00 per owner, and that covers everything but golf, and golf fees are heavily reduced. (If the house is in the name of only one owner, only the owner pays; the other "resident" is not charged automatically; if the "resident" wants to use the facilities, then another fee is required--but I know lots of people who have the dwelling in only one name and then choose on a year by year basis whether they will register the "resident.") In our community, all homes are "regular" construction--no mobile homes of any sort. We do have a few apartments on one of the golf courses; they were originally used by people who came to check-out the development and wanted to stay there to see if they liked it, but there aren't many.

Having looked literally all over the country (below the snow line) at 55+ communities, I can say that they vary tremendously (from mobile home parks to one that has no clubs, etc., but is just a "country club" around the golf course); if you're thinking it might be a good idea, look at a lot of them in the areas you might be interested in.

 

[Sugarcubesea]

Fees definitely depend on where you are. In our Arizona community, we have many golf courses, 4 rec. centers with indoor/outdoor pools, an incredible woodshop and metalshop, over 400 clubs, etc. Our yearly fee is $400.00 per owner, and that covers everything but golf, and golf fees are heavily reduced. (If the house is in the name of only one owner, only the owner pays; the other "resident" is not charged automatically; if the "resident" wants to use the facilities, then another fee is required--but I know lots of people who have the dwelling in only one name and then choose on a year by year basis whether they will register the "resident.") In our community, all homes are "regular" construction--no mobile homes of any sort. We do have a few apartments on one of the golf courses; they were originally used by people who came to check-out the development and wanted to stay there to see if they liked it, but there aren't many.

Having looked literally all over the country (below the snow line) at 55+ communities, I can say that they vary tremendously (from mobile home parks to one that has no clubs, etc., but is just a "country club" around the golf course); if you're thinking it might be a good idea, look at a lot of them in the areas you might be interested in.

pat, can i ask if there are any monthly fees from the yearly fee your paying... Your development sounds right up my alley, as Arizonia is where I want to end up...

thanks

 

[WinniWoman]

I paid $70,000 (non-refundable) entry fee for a one bedroom condo when I bought in 2001. At that time monthly fees were approximately $1,600. Today they are approximately $2,000. The good news is that almost half the monthly fee is tax deductible as "Prepaid Medical Expenses" on my FIT. Today the entry fees range from $350,000 to $400,000 depending if you elect for your heirs to get 70%, 80% or 90% of it back when you die. My heirs get nothing of the $70,000 I paid. And yes, Trinity Terrace has a great pool and a multitude of day trips and other activities.

George

Well, you did well at $70,000. Now, $350,000 to $400,000- no way could we do that. We wouldn't have anything left to live on. LOL! Plus- $2000 per month? Yikes!

 

[VegasBella]

One thing to consider when buying into one of these places is resale. Right now there is a large market interested in these homes because of all the baby boomers, but that won't always be the case. If the community is really strict about the age restrictions then you (or your heirs) may have trouble selling, renting out, or using the property.

 

[Carol C]

Make sure to read the CC&R's of the HOA thoroughly and be willing to abide by all the rules. Some rules may seem trivial, like restricting how long you can keep your garage doors open, but they will be enforced. There's usually a group of retirees in these community that have way too much time on their hands and spend their day walking around the neighborhoods looking for violations.

Here they drive around in golf carts looking for violations. When I walk my dog I pull a plastic bag out of my pocket and wave it when I see a golf cart coming in my direction. They got me trained like a circus animal...wink wink. Plus I'm not interested in becoming fodder for their trash talking during card games...they can be nosey and darn catty. I guess it's the price one pays to live in a community that's affordable and near the beach. As for the resident loudmouths and gossips...:ignore:

 

[PStreet1]

pat, can i ask if there are any monthly fees from the yearly fee your paying... Your development sounds right up my alley, as Arizonia is where I want to end up...

thanks

No monthly fee; the $400 per owner is due every year on the anniversary of your purchase date. You can't close without paying the 1st year's dues in advance.

If you don't want to do your own yard work (and it's pretty darn hot in the summer for yard work), you'll need to hire someone for that, but obviously, that's a choice.

 

[LisaH]

Hi Pat,
How is the real estate in Rosarito Beach? Do you still live there part time?