Ask, Home Buyer in New Jersey

Are the prices of resales in adult communities coming down? I'm from Monmouth County NJ. I believe my home

Asked by Ask, New Jersey Wed Jan 21, 2009

will sell in the 300k range :( I've lived there for 37 years and want to make a latteral move.

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BEST ANSWER
Hello!

Here are some interesting stats for Adult Communities in all of Monmouth County. (Note: I did leave out a few sales above $700,000, as they skewed the results)

Monmouth County Adult Community
%
2008 2007 Change
Closed 380 380 0%
High 700,000 680,000 3%
Low 25,000 19,000 32%
Median 186,000 225,250 -17%
Average 254,244 276,594 -8%

Hopefully that table prints out remotely the way it is supposed to!

Summary... What may be hard to believe with all the media saying that homes aren't selling is that the same exact number of adult community homes sold in 2008 as sold in 2007! Of course, adult community homes were not immune to the market value correction felt in other sectors. Median home prices are down about 17% and Average price is down 8%.

Please keep in mind that these numbers can change dramatically when looking at a specific town or better yet, when focusing on activity from a specific adult community.

Feel free to email me your specifics and I will happily run the stats on YOUR town.

As for your "lateral move", I understand you want to spend the same and just make a move to adult community from a single family?

I strongly agree with Jillian below. High inventory of new construction in many adult communities has brought prices down in this sector dramatically. I believe the adult community sector has been hit harder by the housing situation than the single family sector.

Good luck!

JoAnna Siminerio
Weichert Realtors
732-598-6823
Web Reference: http://www.JoTheRealtor.com
1 vote Thank Flag Link Wed Jan 21, 2009
Great time to make a lateral move. NJ has so much new construction in adult communities that it has definitely brought the value of adult commuity resales down. Interview two or three agents from different companies and find an agent you feel comfortable with. Best of luck.

Jillian Mason
Direct: 732-586-5488
E-Mail: jillian@jillianmason.com
Web Reference: http://www.jillianmason.com
1 vote Thank Flag Link Wed Jan 21, 2009
Dear Home Buyer,

One of the beauties of adult communities is that homeowners can sell their existing homes, buy another at a lesser price and use the remaining $$$ from the sale to enjoy an "active adult life."

Here is some food for thought to assist you in preparing for your move.

-What type of activities are you looking for in a community (daily onsite, away trips)
-Proximity to your children (in the event you take ill and will need their assistance)
-Taxes and maintenance fees (will the SS check cover these and leave you monies for other expenses)
-Property type: attached, condo, single family home
-Are there any homeowner assessments down the pike (where your monthly maintenance fees may be increased or the association may impose a lump sum payment say to spruce up the landscape)

I consider myself a quasi Adulty Community expert as this is 33% of my business - from Freehold to Jackson to Brick to Wall, I've visited many of them!

There are adult communities ranging from $120K up to $1.1M in Monmouth and Ocean Counties. I would recommend a visit some of these communities before putting your house up for sale to determine the type of lifestyle you desire. A latteral move is admirable, but if you can downsize and than plan that trip to Europe which you always meant to take, now is the time!

Good luck and do not hesitate to email or contact me if you would like more specific information about certain communities.

Sincerely,
Francesca Patrizio, Realtor Associate
Web Reference: http://www.patriziore.com
0 votes Thank Flag Link Thu Feb 5, 2009
Hi,
Adult communities have come down as the market values decreased. There are many nice adult communities in the 300K range. Please feel free to contact me for further assistance with a particular area.

Thanks,
Heather Daccurso
Weichert Realtors
Office: 732-577-0440
Cell: 732-580-5309
0 votes Thank Flag Link Wed Jan 21, 2009
If you give a more specific area, I can give you a better idea. Since my market is Wall Twp area, I can tell you that in 2007, 18 homes sold at an average sales price of ~ $660K. In 2008, 14 units sold with an average sales price of ~ $574K. Of course, there are cheaper communities in Monmouth County. Let me know what area(s) you are interested in and I'll put those figures together for you there. all you have to do is respond to this thread with another question or email me through Trulia or my website, below.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Wed Jan 21, 2009
Dear Ask,
Where's your home? I would be happy to do a market analysis to give you an honest opinion of what homes like yours would sell for these days. I can also assist you with Adult Communities. We are still adjusting in the market right now. Sales figures shouldn't be counted after 6 months. Depending on the area, some homes are adjusting more rapidly than in other areas. Let me know how I can help you. ASK and you will RECEIVE. Stay well, stay warm.

Lucy Korzelius, Sales Associate since 1992
RE/MAX Gateway
732-684-1559
0 votes Thank Flag Link Wed Jan 21, 2009
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