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msqny, Other/Just Looking in Delray Beach, FL

Is there a percentage of under 55 allowed in 55 plus communties?

Asked by msqny, Delray Beach, FL Wed Jul 18, 2012

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Yes, this is true. However, this quota is often fully subscribed due to inheritance situations. This allows the intent of the owner to bequeath the property to their children. Otherwise, the inherited property would easily become a forced sale or undesired and often discouraged rental..

Secondly, finding out if such an opportunity exists is not a transparent process. Some communities will allow some latitude of a year or two. Others will only require one owner to be 55 the year of ownership. Still other communities will have a standing queue of applicants waiting to enter. This is not the best strategy to use to acquire real estate in a 55+ community.

Looking to purchase in a 55+ community for which you are clearly UNQUALIFIED, is contrary and subversive to the intent of the covenants in the community. Please consider, if you are clearly unqualified, purchasing in a community compatible with your age. This should be your first consideration and will start your integration into your new community in a non-adversarial context.
1 vote Thank Flag Link Wed Jul 18, 2012
It depends totally on the guidlines of the particular community. Generally speaking, one owner on the deed needs ot be 55 or older, and some 55+ commmunities will allow up to 20% of their residents to be under 55 years of age.

Feel free to contact me for further details.

Holly Thom
Broker Associate
The Corcoran Group

holly.thom@corcoran.com
561.252.3731
0 votes Thank Flag Link Tue Jul 24, 2012
unfortunitely NO, only for inheritance, sorry, there are other communities that are not age restrictive from $120.000 & up, condos & villas
0 votes Thank Flag Link Wed Jul 18, 2012
Yes, many of the communities have a percentage available for under 55. It makes for a nice mix.
0 votes Thank Flag Link Wed Jul 18, 2012
Thankyou.looking in Highpoint area
Flag Wed Jul 18, 2012
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