Century Village in Boca Raton, one of the biggest retirement communities in the country, has seen the average age of new buyers drop over a decade – from the mid-70s to the low 60s.
Although residents in the active-adult community must be 55 or older or be married to someone that old, buyers can be any age. As a result, a number of younger investors are snapping up units now as they prepare for retirement, figuring prices are relatively low right now.
In the meantime, they’ll rent the units as they wait for retirement.
“People are looking at this in terms of their long-term future,” says Ben Schachter of Century Village Real Estate Inc. “They’re looking at the market as it increases, as the economy is strengthening, and they want to buy now while it’s the best opportunity to do so.”
Source: CNBC.com (03/25/13) Olick, Diana
© Copyright 2013 INFORMATION, INC. Bethesda, MD (301) 215-4688