Market is Changing in 55+ Gated Communities in South Florida for Resales

Posted On Sunday, 13 January 2019 05:53

Changing to a Buyer's MarketDepositphotos

State: Alabama
SOLD: 2
Image credits: Depositphotos
Old Article Id: 1023549

Resale market in the 55+ active adult market is changing to Buyer's Market in Delray Beach and Boynton Beach, Florida.

I recently had a buyer looking for a house in a gated 55+ community in the Delray Beach/Boynton Beach area. Buyer was looking for a resale as anything new is much more pricey. I'm going to share my experience and why I believe the market is turning into a buyer's market in this area. I've been in this area 24 years and I have seen this before.

We had many homes to look at - very different from six months ago, even from four months ago. At that time, houses were coming up and flying off the shelves. Sellers were calling the shots. That is no longer the case. Read on, my friends.

We made offers on four homes, all to whom were difficult sellers unwilling to bend much. They thought they were sitting on gold. Please bear in mind, these are not new houses. They do not have up-to-date features of impact windows for hurricanes or new kitchens. They need redoing, which is fine if the price is right. They are 20-22 years old. Not really old, but in south Florida with barrel roofs, that translates to a needing a new roof in approximately 3-5 years - a costly expense. Again, if the price is right, ok. But not much had been done to them since they were originally purchased.

Each time, we made an offer and the seller stood firm, the buyer walked. We went on to the next house. Just having more and more houses to go to for the first time in years was an indication of a buyer's market.

We were able to come to terms on the fourth house, but after inspection the buyer decided besides adding hurricane shutters and a roof, there were far too many repairs to be done. So the buyer walked again.

We went under contract and will close shortly on the fifth house. The house needs hurricane protection but had upgrades the first four did not. Smart sellers. Smart buyer.

I am not a betting person, but I would be willing to say the first four houses will eventually close for less than they were offered by this buyer. How do I know? I've seen it before. We are in a buyer's market in resales in the 55+ active adult community in Delray Beach and Boynton Beach. Sellers need to wake up. Of course, please note - it can vary by community.

If you are interested in a resale in an active adult 55+ community in Delray Beach or Boynton Beach FL, please contact me. I can be reached by cell/text at (671) 716-7824 or email at This email address is being protected from spambots. You need JavaScript enabled to view it..

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