Can baby boomers afford luxury senior living? This is one of the great questions that smart real estate developers have been asking themselves for the last few years. On the one hand, there are many boomers who have lots of money and good credit scores. And those folks are being targeted each and every day by people who are marketing to baby boomers.
The number of senior retirement places has increased astoundingly just in the last few years. Actually, it has reached the point where there is now a surplus of excellent senior retirement communities around. And when there is an oversupply that means only one thing to prices. They are going down.
That scenario, in a nutshell, is why so many baby boomers can now afford to buy luxury senior living places. The prices on these great communities have plummeted drastically. That is not such good news for the people who bought at the height of the real estate pricing because their property values fell through the floor. And in many cases, has seen a number of people just walking away from their properties because it mad no sense to keep paying on it.
But for those who waited, or for those boomers who are just now coming to the age where they are thinking about where they want to live when they retire, this is an ideal circumstance. There are literally tons of properties on the market at distressed prices. Some being sold by the property owners and some by the management of the retirement communities. Either way, though, the deals are quite amazing.
One of the areas hardest hit pricewise in the active retirement community market is the golf community. Many, many, many of these developments were built. And many of the properties were sold in these communities. And then the real estate bubble burst and folks started not being able to pay their mortgages. Just like what happened in the non-senior real estate market.
Lots of foreclosures, lots of second and third mortgage defaults, and lots of distressed properties coming up for sale.
So the answer to the original question is, yes, baby boomers can easily afford luxury senior living residences. And in many cases, can now afford to buy the retirement home of their dreams simply because so many people found out too late that they could not afford to keep the place they thought they would live in forever. And because we live in an online world, the real estate bargains are pretty easy to find with just a little bit searching around the internet.
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