I'm a first time home buyer looking at the Tamarac, FL area. Many 55 communities are converting to all-age communities, despite having the

Asked by Ben Wolowitz, Plantation, FL Wed Oct 30, 2013

physical appearance of a 55 neighborhood. The values of the homes are amazing as far as what I'm seeing so far.

Does the conversion of 55 to an all age community do something to the value of the property in the short run and in the long run?

Thanks!

Help the community by answering this question:

+ web reference
Web reference:

Answers

13
Ann Ryan, Agent, Doral, FL
Thu Oct 31, 2013
Many folks don't want to live in a 55+ community, even if they are 55+. I would generally say that the conversion will add to the value of the property over time, but in the short run property values will continue to be low compared to non-55+ communities.

There will also likely be a tension between those who wanted to maintain the 55+ designation, and the new arrivals. So be prepared for the odd flare ups over noise, cars, etc.

Ann Ryan
Keyes Real Estate
786-332-7042
0 votes
Patricia Sal…, Agent, Fort Lauderdale, FL
Thu Oct 31, 2013
The 55+ commmunities hold their prices and are good for people who usually enjoy the activities provided. Some people just want to live in areas where there are not a lot of small children.

Patricia Salerno
Galleria International Realty
954-292-1001
PatriciaRealEstate@yahoo.com
http://www.BrowardBeachHomes.com
0 votes
Susan J Penn,…, Agent, Weston, FL
Thu Oct 31, 2013
Really have not seen 55+ neighborhoods switching over.
0 votes
Annette Law…, Agent, Palm Harbor, FL
Thu Oct 31, 2013
Speaking in generalities...many 55+ communites are land lease.
Speaking in generalities, many 55+ communites are donmiated by 2/2 residences.
Speaking in gerneralities. many 55+ communites are older that 30 years.
-
How marketable is a 2/2, with an obslete floor plan on a land lease to an all ages buyer?
It is easy to project who that buyer will be.
-
Now, if within the community only a building or two become all ages, the overall influence can be moderated and well manged.
-
Why don't you just buy in an all ages community?

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420.4041
Move to the FRONT OF THE LINE (http://FirstLookHomes.us)
0 votes
Annette, ONE WORD - Boomers!
Flag Thu Oct 31, 2013
Dane Crichton, , Fort Lauderdale, FL
Thu Oct 31, 2013
Most people that are looking for a 55 and older community are doing so for specific reasons. I don't think that a conversion to an all age community will negatively affect property values long term. However, it’s possible that home owners that desire to live in a 55 and older community may start putting their homes on the market sooner creating an oversupply of homes in the community.

Regards,

Dane Crichton
Branch Manager
Loan Simple Inc.
(954) 424-0928 - Office
Email: dcrichton@loansimple.com
NMLS# 336085
0 votes
Robert DiAlb…, Agent, Coral Springs, FL
Thu Oct 31, 2013
There are no absolutes but in my opinion the switch from a 55 only to all ages community could enhance values longer term. Just my opinion.
0 votes
John Bennett, Agent, Orlando, FL
Wed Oct 30, 2013
Hummm - not sure about this. We do not see this up here in Central Fla.- where we have the largest 55 plus community in the World. As a mater of fact, it is the fastest growing area in the World- 1 in 5 Florida building permits is in this community! Can a HOA do this? I am not real sure Florida law 720 would allow unless most or all or many in the community would allow.
0 votes
What?
Flag Thu Oct 31, 2013
Marsha Umans…, Agent, Tamarac, FL
Wed Oct 30, 2013
It is a very gradual process, so if you want to "catch" a good deal, act now. One of my colleagues has already mentioned an 80/20 rule which opens doors of adult communities to younger folks. So if you are not 55 yet, you also can benefit from the still low price in adult communities.
Like everybody else here I would be glad to be of service.
0 votes
So you're recommending buying an adult community home and rent it to a resident?
Flag Thu Oct 31, 2013
Crystal Bond, Agent, Plantation, FL
Wed Oct 30, 2013
Hi Ben! As the others mentioned, it really does depend on how the community changes once all ages are permitted.

If you're interested in the Tamarac area, I'm rather familiar with the communities. I also enjoy working with first time buyers.

Please give me a call at (954) 300-2178 so we can discuss what you are looking for, or email me at CrystalDBond@gmail.com.
0 votes
Thank you for responding to my post. I look forward to working with you should you decide to enlist me as your agent. :-)
Flag Thu Oct 31, 2013
I just may do that :)
Flag Thu Oct 31, 2013
John Bourassa, , Fort Lauderdale, FL
Wed Oct 30, 2013
I say it "may" or "May not" add value in the long term.. The question is if a community opens to an all age, how will it transform the community, to the better or worse? Normally the 55 + communities are better maintained than the working middle income famility communities and that may affect the value to stay the same. I think it is a two edge sword.
0 votes
Ben,
That all depends. Frankly, you seem to know the Tamarac region. Therefore, like in any other city, there are your affluent, your middle income and your more modest areas. Simply by driving around, one can see what those areas are. Therefore, to your question: "...an area like Tamarac would attract people who would lower or raise the value of the homes in the community?" It all depends of the characters who live in a community. There are less fortunate communities where people are so proud of their homes, they cut the grass, keep their places clean, etc. while there are people who live in Coral Ridge and neglect their homes. So, the formula is if someone moves in an affluent neighborhood and neglects his house, that will certainly affect the value downwards but the opposite applies.
Flag Thu Oct 31, 2013
In your experience, do you think that an area like Tamarac would attract people who would lower or raise the value of the homes in the community?
Flag Thu Oct 31, 2013
Tommy Forcel…, Agent, Pompano Beach, FL
Wed Oct 30, 2013
Dear Ben,

The property value can increase, now that more buyers are eligible...increase in demand. If many or the units/homes are in original state, that would attract more first time home me buyers and investors such as yourself.

I would be happy to assist you in your search. Contact me tomorrow.

Tommy Forcella
Wolfe Real Estate Group
964-632-5100

Please vote thumbs up if you find this useful. Thank you.
0 votes
Meir Aloni, Agent, Plantation, FL
Wed Oct 30, 2013
The value should rise, if nothing else just because it allows more potential buyers to compete for the inventory....

****Did you like this post? If so, please click Green thumb. Thank you!

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!
0 votes
Gary Hitchco…, Agent, Coral Springs, FL
Wed Oct 30, 2013
Yes, it usually helps the property values. Westwood section 5 has done somewhat better than others but I would still recommend on 55+ communities if you want to make money in real estate. Have to be careful some communities are 80/20.
0 votes
Oh yes, I'm watching out for the 80/20 issue :) I'm looking through only HOA or similarly low-down-payment loans.

The Parkland Margate area is also one I'm interested in. I may want to contact you for help on my search due to your location and reviews, if you don't mind :)
Flag Thu Oct 31, 2013
Search Advice
Search
Ask our community a question

Email me when…

Learn more