Is it hard to sell "active adult (over 55)" condos in the current market?

Asked by Jeannie Harris, 06035 Sat Feb 21, 2009

Are people who own homes in "active adult" communities experiencing difficulty selling because their market is restricted to buyers who are over 55 in an already tough general market?

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Carl Guild, Agent, East Hampton, CT
Sat Feb 21, 2009
I definitely agree with Kristina - but I will add that if your condo is priced correctly it should sell. Two things sell Real Estate - Price, and Exposure. If you have the best of both those worlds, your condo will sell! Good luck!
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Kristina Zack, Agent, West Hartford, CT
Sat Feb 21, 2009
Hi Jeannie!

Here is my theory..

First of all, folks who are over 55 who can be eligable to purchase this type of housing have homes of their own that they need to sell and currently have their home on the market, which most likely is not moving in some cases.

Second, folks that are over 55 do not want to be tied into a 30 year mortgage. In some cases, folks who do sell most likley are holding on there pennies and keeping it away for safe keeping.

Another reason to mention...the market is saturated with this type of housing. There is an overabundace of communites in Connecticut alone. ( I am sure you noticed)

Funny this question came up., we just did a study/discussion of this in an apprisal class I am taking. We figured there is a two parts to elderly housing. 55-70 group that are either holding on to their property, selling & saving their cash to use for a rainy day or invest in a vacation home somewhere warm. For 70+ we figured that these folks might be investing in this type of property or venturing to warmer climates where homes are cheaper (Florida)

55+ housing is a perfect fit for some and not for others. There are many great benefits of 55 + communities.

I hope this answers helps a bit.
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