Posted by Kim Adamof on Fri, Oct 23, 2009 @ 03:11 PM
Since opening last year, more than half of the homes have sold in The
Village of Aversboro, a Garner Community that caters to the 55 + crowd. In Clayton, developers have revamped plans for a new subdivision to attract a more mature crowd. Even in a recession, the older population has money to send, some real estate agents say. Often, they have equity from their current homes they can use to buy new ones. And those in retirement don't have to worry about layoffs. As they get older, some people are drawn to retirement communities' promises of lawn care, activities and fellowship.
"This is a real growth segment of the market," said Clayton Planning Direction Skip Browder.
Edith and Stan Conyers lived in a house off Buffaloe Road in Garner for more than 20 years. Although the couple is active, the large property required a lot of yard work, and 78-year-old Edith decoded it was time to move on." The Conyers were on of the first families to move into The Village last year. Their house - just under 2,000 square feet - is the perfect setup for them, they say. "It just feels so good to hear someone out there cutting the grass," Edith said.
While the Conyers are thrilled with their home, the transition wasn't seamless. They moved to The Village in April 2008, before they sold their old house. Although they no longer had mortgage payments on the other house, Stan was unhappy about paying taxes and insurance for two homes. "I didn't think we were going to be able to sell it, "cause we didn't have many prospects," Stan said. "I was sweating it out." While the Conyers did sell the house two months after they moved to The Village. But it's a hurdle for some folks who want to move to a retirement community.
Judy and Monroe Bruch moved to North Carolina a couple years ago, after they sold their home in the Albany, NY area. They were lucky - the house stayed on the market only six weeks, Judy said. They bought a home in The Village last year, although they weren't looking for a retirement community. "We said, "You know what, that sounds like a good idea," Judy said/ "Your own space, your own yard."
Judy, a retired social worker, is active in The Village community. She goes to lunch once a month with other women in the neighborhood, and she and her husband, a retired college professor, have gone to movie night. They ride their bikes in their neighborhood.
Often, these kinds of communities strive to cater to active adults. Clayton touts itself as a great place for active families, said James Lipscomb, an agent with
HomeTowne Realty. Eventually, those families get older, and they still want things to do, he said. Lipscomb helped convince The Walthom Group, a development company in Clayton, to change its plans for a new subdivision near Glen Laurel to appeal to adults 55 and older.
Earlier this year, Clayton leaders approved plans for a housing development off Vinson Road. The homes were to be similar in size to those in Glen Laurel. But some real estate agents called for something new, said Jim Lee, a partner in The Walthom Group. The town of Clayton's planning board has backed 51 new homes in the area for adults 55 and older. The company also has plans for another
senior-living community in Clayton, Lee said.
If they had stuck with the original plans, builders likely wouldn't have broken ground on the housing project for a year or two, Lee said. If the Town Council approves the new plan, construction will get underway soon, he said. Like the homes in The Village, the new houses in Clayton won't be cheap. The average price would be $350,000 or so, Lee said. At The Village, home prices range from about $265,000 to $350,000.
Older folks might want to downsize, Lee said, but they don't want to settle for cheap things. If the Clayton plans go through, the homes will have solid wooden doors, high-grade carpets and nice cabinets, he said. In Garner, bulldozers continue to push dirt at The Village. Eventually, the community will have 147 houses - mostly brick, with manicured lawns.
For Edith Conyers, who continues to work part time, it's perfect. She walks around the neighborhood while her husband rides his stationary bike in the house and surfs the Internet. At Christmas, they host their large family in the community's clubhouse - a better setup, they say, than the garage at their old house. "It makes sense," Stan Conyers said of their new home.
Posted by Kim Adamof on Fri, Oct 23, 2009 @ 12:30 PM
For home buyers with at least one person at least 55 years of age, you are eligle to choose purchasing a home in an Active Adult Community. These communities typically are predominately owner-occupied with just a few rental homes. This type of community's appeal for homeowners is varied.
Lets review some of the main reasons people choose to purchase homes in Active Adult Communities:
Desirable Home Designs. Homes are built with flexible open floor plans in a variety of styles. Many feature single-level living to eliminate the need for scaling steps. All homes with offer livable designs with enhanced quality and desirable features in an upgraded, energy efficient and affordable home.
Low Maintenance. Dues cover most exterior maintenance such as lawn care, annual pressure washing, pool/clubhouse care, and general landscape maintenance.
Change of Pace and Lifestyle. These communities will allow new experiences, new scenery, new activies in an environment where neighbors share similar backgrounds and interests.
Active Lifestyle. There are a tremendouse number of lifestyle amenities including access to pools, golf, tennis, walking trails, and fitness centers. The clubhouse is the hub for book clubs, card games, parties, social events and other activies.
Security and Safety. Community entrances probably are gated for security and privacy.
Transportation Conveniences. Stores, restaurants, health care, libraries, cultural arts and education programs as well as places to worship are in close proximity. Easy access to all common areas and activies.
Social. It's easy to meet friends of similar ages and like-minded interests in a 55+ development because the proximity of the neighborhood makes getting together easier. The neighborhood design creates an instant sense of "community"
Learn more about The Bluffs at Portofino and The Woods at Glen Laurel
Posted by Kim Adamof on Fri, Feb 13, 2009 @ 06:42 AM
Being a Seniors Real Estate Specialist, I try to stay on top of the latest news regarding your real estate.
As of January 1st, HUD will allow a reverse mortgage to be used as a means to purchase a home. The qualifications are similar to a conventional reverse mortgage in some ways (must be the primary residence, must be over 62, for instance) but also has some differences. For more information you can read HUD Mortgagee Letter 2008-33 or go to their website http://www.hud.gov/offices/hsg/sfh/hecm/faqs_hecm.cfm.
If you are using a portion of their equity from selling your existing home and looking to purchase a new one a HECM for Purchase is ideal.
To find all the Active Adult Communities around the Triangle area of North Carolina including Raleigh and Cary, check out our Active Adult Communities eBook.
Posted by Kim Adamof on Mon, Jan 26, 2009 @ 09:37 AM
Our Multiple Listing Service, Raleigh MLS, offers an opportunity to search for HUD Compliant Senior Housing. As a SRES agent, I know there are other types of housing that would work well for the active adults who want to live around other like-minded people.
HUD's website states: The Fair Housing Act (FHAct) protects all citizens from discrimination on the basis of ... familial status (families with children under the age of 18 living with parents or legal guardians; pregnant women and people trying to get custody of children under 18).
Senior Housing Exemption
Although the FHAct was amended in 1988 to prohibit discrimination on the basis of familial status, Congress intended to preserve housing specifically designed to meet the needs of senior citizens. Housing that meets the FHAct definition of "housing for older persons" is exempt from the law's familial status requirements, provided that:
- HUD has determined that the dwelling is specifically designed for and occupied by elderly persons under a Federal, State or local government program or
- It is occupied solely by persons who are 62 or older or
- It houses at least one person who is 55 or older in at least 80 percent of the occupied units, and adheres to a policy that demonstrates intent to house persons who are 55 or older.
Therefore, housing that satisfies the legal definition of senior housing or housing for older persons described above, can legally exclude families with children.
I came across an article by Lisa Dunn called "Independent Living, Active Adult, Housing with Services, Assisted Living. What's the Difference?!?"
Basically it comes down to MARKETING. Click here for a FREE eBook on ALL the of active adult communities around the Triangle Area of North Carolina, I'd be happy to help.
Posted by Kim Adamof on Mon, Jan 19, 2009 @ 03:33 PM
Is buying new construction different from buying a re-sale? Yes.
First of all, you're buying from the person who built it, not the person who called it home. Often, the property is just one of many they are trying to sell.
1. Hire an agent
One that specializes in buyer agency and isn't affiliated with the builder or listing agency associated with marketing the subdivision. Have your agent perform a Comparable Market Analysis. Don't trust the closing data on the MLS. Oftentimes they will hide large seller subsidies. Go to the tax records to see what units are closing for. The problem with tax records is you can't see the upgrades or closing costs paid by the seller. Buyers agents can be your advocate during the process and their services don't cost you anything, since the builder pays commission.
2. Be creative during negotiations
Builders don't like to drop their prices. Instead, ask them to cover closing costs or upgrade the kitchen for free. Make your offer SUPER aggressive on closing costs and seller subsidy. The subsidy won't show up on the tax records, so helps their re-sales.
3. Get it in writing
Don't sign until everything has been negotiated, agreed upon and written into the contract. A lot of builders require you to use their "standard" offer to purchase and not the North Carolina Offer to Purchase and Contract. If you decide to go with the builders rep to put in an offer, READ the contract carefully.
4. Be wary of upgrades
They're where builders make the most profit. Don't take upgrades you don't want or can't afford.
5. Research the builder
Visit other developments and talk to home-owners. Google the developer for reviews, testimonials and news. Ask what percentage of homes in the subdivision are currently closed/sold. And make sure that is CLOSED units. None of this "held back" trick.
6. Ask for a guarantee
You're often buying a home that is not completed. What guarantees do you have the home will be ready on time? Your Buyers Agent can be your go-between during the process. Its their job to follow up with builder, builders rep, etc. to make sure the closing takes place on time and that all parties are kept informed.
7. Get the home inspected
New homes have problems too. Hire an inspector to make sure everything is safe and up to code. I usually give the home inspection report to the builder and say "fix it". You can also hire the inspector to come back and re-inspect, of course for a fee.
8. Get your own appraiser. If you are getting a mortgage on the home, your lender will order an appraisal by an independent appraiser. If you are paying cash, make sure you choose the appraiser and not the builder. Also, if you are using the builder's "approved" lender in order to get some closing costs paid, you can ask for your own appraiser instead of the lender's. This way you'll know you are paying an acceptable price, not an inflated one.
9. Bumper-to-bumper coverage
New homes should come with a warranty from the builder. Know what is and isn't covered and for how long. Builders usually offer a 2-10 Structural Warranty. This covers the structural integrity of the home for 10 years. It's transferable to the next homeowner should you sell within 10 years. Ask for a one year builder warranty. This allows you to get everything covered for 1 year after moving in.
10. Look to the future
Check with the city to see what is planned for the surrounding area. If you have a view, will it still be there in 5 years? Your buyers agent can assist you with this so that you are informed when putting in an offer.
11. Find your own lender
Don't use the builder's lender. Shop around for the loan that is best for you, not them. A lot of times a builder will offer $3000 in closing costs if you use their lender and closing attorney. In my experience, I get the closing costs paid and still use the buyers own lender and closing attorney. Need another tip on how to do this? Let me know.
12. Watch out for Condo Fee hikes after you close. Don't think this doesn't happen. Sure the condo association is a bunch of owners, and they don't want the fees to go up, but the builders tend to make them artificially low to attract buyers. Expect the condo fees to take a 10-15% jump after you move in.
13. Place Earnest Money in a Trust Account. If possible, place builder deposits or earnest money in trust accounts, not the builder's general operating account.