Home Buying in 33415>Question Details

Debra Tomarin, Real Estate Pro in West Pallm Beach

In West Palm Beach Florida, is there a 80/20 law regarding a buyer under age 55 purchasing in these over 55

Asked by Debra Tomarin, West Pallm Beach Fri May 16, 2008

communities. Can a buyer buy into this community and move in when he turns 55? Can he be prevented from the purchase by the Condo Association?

Help the community by answering this question:

Answers

7
BEST ANSWER
Some communities may permit a purchase, but restrict occupancy. For example, there are a few 55+ communities which allow rentals and some units are owned by non-qualified persons who rent them to board-approved tenants. So the answer to the first part of your question is yes.

However, you can be prevented, it's up to the board... sometimes the board president or management company can give you a general idea of what is likely to be allowed, if you ask.
1 vote Thank Flag Link Sat May 24, 2008
Yes there a law with the 80/20 but be careful because the office of the condo does not always figure it out the way you might.
0 votes Thank Flag Link Fri Jun 27, 2008
Technically Florida law allows the 80/20 law...there has to be accomodations for people buying units at any age but they can be restricted to 20% of the total ownership. This affords room for investors and family to buy a home for a loved one...
They do NOT have to allow for that person to move in. And on top of that, some over55+ are age restricted even at 62 and 65... you would need to work with an agent that would help you examine the condo documentation or deed restrictions per community. The community management would have the numbers at their fingers so a good agent could call on your behalf.

With so many baby boomers moving down to Florida in the next 10-15 years, it makes sense that many would buy in 55+ communities pre-need and rent it out until they are "of age"...but it needs to be strategized with your agent.

For all your real estate needs from Sales to Mortgage Financing, feel free to contact me!
David Podgursky
Broker Associate
Licensed Mortgage Broker
Boca Executive Realty
561-504-6949
davidp@bocaexecutive.com
0 votes Thank Flag Link Wed Jun 4, 2008
Some HOA's permit 20% of the owners to be under 55. However, each HOA has their own rules and regulations. Contracts are contingent upon HOA approval.
0 votes Thank Flag Link Fri May 16, 2008
Herman Chang, Real Estate Pro in Palm Beach Gardens, FL
MVP'08
Contact
Devra,
In many cases the 20% ownership is being held back for individuals that will become owners because of a death and inherit the property. Yes, you can be prevented from being able to join a condo assocaition based on specific criteria.

Good luck
The "Eckler Team"
century 21 Almar and Associates
Venice, Fl 34285
0 votes Thank Flag Link Fri May 16, 2008
Oh! I just thought of this. It also depends on the management company, or who is currently on the Board. How strict they are, can depend on who is in control.
0 votes Thank Flag Link Fri May 16, 2008
It's usually up to the Association to make that decision. If they're already at their limit, they probably won't let anyone buy, who is under 55. Most parks want to stay way below the 80/20 rule. And some of them just don't use that rule. They want 100% 55+. You'd have to read their Association rules to know how they operate.
0 votes Thank Flag Link Fri May 16, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer