It is very likely that adult communities will not see any significant price increases in one year if at all. I think a more important question is. Will the record low interest rates on mortgages continue? To give a small example, a 1% increase on a 100,000 mortgage at 4.75% to 5.75% can mean an increase of Approx $38 per month.
Selling in the Crestwood Communities as well as the rest of Ocean County since 1999, I can say they do vary in terms of ownership. You didn't specify if you intend to live in the home. You can own in some under 55. If you are now a homeowner it is likely Princeton Junction prices have fallen as well. If you intend to sell, this wouldn't be a great time anyway. History in Adult Communities, because of the vast number that we have here in the county, are usually in abundance compared to other parts of the state. The prices seem to also climb at a slower pace. You may do well by waiting until 2011 anyway. Believe me when I say-We are all waiting to see what happens.
If I can be of assistance to you feel free to contact me.
Maria Oliver, SRES
I would suggest that you inquire whether you may be able to buy in now. Many/most 55+ communities are able to accept a % of owners under the age limit so do ask.
Good luck to you,
Unwavering Commitment to Service
As much as we all appreciate answers from other agents, when agents from other states answer a question about NJ, they are not always aware of what is happening right here. Real estate is very very local !!!
I don't know much about the Whiting NJ market, but i can tell you that the most recent reports about NJ were as follows: (bear in mind that the market areas are defined by the federal governments OBM office):
Area: NY/Northern NJ average sales prices
2009 year end: $381
2009 2nd quarter: $379
2009 3rd quarter: $393
2009 4th quearte: $375
2010 1st quarter: $380
2010 2nd quarter: $393 increase of +3.7% compared to 2nd quarter 2009
In my area (defined as Edison area but it also includes other parts of other counties) the increase was +4.3%.
Your best best is to speak to a LOCAL realtor in the areas you are looking in and find out what's happening in that market. Since mortgage rates are still at historic lows, if you are ready, willing and able to purchase, and the numbers work for you...go ahead.
Don't worry. there are more than 95 adult communities in Ocean County. I am sure that whenever you are ready to buy, you will find a house you can afford. It is possible to enter into a contract to buy the home prior to your turning 55, but the closing must not take place until you have reached 55. In this area the only other way you are going to be able to buy in an adult community before you turn 55 is if it is a new community that has not attained 20% of its occupancy aged under 55. It has nothing to do with not having children under 18 . Most communities' bylaws prohibit anyone under the age of 18, (sometimes 19) to reside in a 55+ community. In addition, some municipalities are requiring proof of age before they will issue a certificate of occupancy. Our local paper just had an article which stated that since the home buyer credit expired home sales have dropped by 27%. With a drop in demand you will see a drop in values. I hold the Seniors Real Estate Specialist designation and am familiar with most of the 95+ communities, feel free to call me with any questions you may have.
Sincerely, Helen Cocuzza Realtor Associate
Better Homes & Gardens Real Estate Mary Holder
Direct: (732) 232-1614
Scott Miller, Realty Associates, Boca Raton, FL