Another thing to consider is what happens as the population ages and dies off. We own a condo in a 400-unit complex built in the late 1970s. A few of the original occupants still live there. As can be expected several owners move on or die each year. Families who inherit the property are willing to sell at a low price to get rid of the responsibility of ownership, thereby driving prices down.
Even though the buildings are 35 years old, the complex is in a good location by the water, has strong management, and is beautifully maintained. But it is not drawing enough new buyers to replace the old and keep the prices up.
Maybe this is part of Sun City's problem? I've heard the term "old" used to describe Sun City Center FL near Tampa, meaning the general feeling of the place. If there aren't enough younger people moving in to replace the older ones that is the result. So the key would be to keep the development vibrant enough to encourage younger retirees to keep coming and hope no one builds a more appealing product in the meantime.
Last edited by Carla B; 03-01-2012 at 10:27 AM.
Reason: Spelling
|