But I am worth Gagillions....on paper....errr....on computer screens! I'll show you my Vanguard receipt!
Posted on 11/22/2019 10:41:46 PM PST by NoLibZone
SUN CITY, Ariz. — When this Phoenix suburb opened on January 1, 1960, it was billed as the original retirement community. From above, it would look like a UFO landing site, laid out in rings to mimic halos surrounding the sun. Just past the entrance, a billboard flanked by rows of palm trees promised “An Active New Way Of Life.”
On the weekend Sun City opened, cars were backed up for 2 miles as some 100,000 visitors waited to gawk at a village built specifically for adults over the age of 50. They found a new nine-hole golf course and a community center with 250-seat auditorium, swimming pool, shuffleboard court and lawn bowling green. Elsewhere there was a 30,000-square-foot Grand Shopping Center, a Safeway grocery store and a Hiway House Motor Hotel, where you could have a cup of coffee or something stronger at the bar. “The finest resort couldn’t supply more,” boasted a fictional resident of Sun City in a promotional video from the period.
The big question looming in this neighborhood — and dozens of others like it in the Southeast and Rust Belt — is what happens to everything from home prices to the local economy when so many homes post ‘For Sale’ signs around the same time?
The U.S. is at the beginning of a tidal wave of homes hitting the market on the scale of the housing bubble in the mid-2000s. This time it won’t be driven by overbuilding, easy credit or irrational exuberance, but by an inevitable fact of life: the passing of the baby boomer generation.
(Excerpt) Read more at foxnews.com ...
They are not in a position to buy a 400- 600K home.
Expect a free market adjustment.
I had a friend of mine movie from LA to Phoenix a few months ago. His home is very nice ... much cheaper than the same size in LA. in fact, everything was cheaper.
[[Baby boomers may put ‘tidal wave’ of 21M homes on market — but who will buy them?]]
Illegal aliens of course- with ‘government’ money
Plus, many Boomers as they age are looking to downsize which puts more single homes on the market. We’re thinking about it. Oh well, Millenials, looks like you’ll be going into your 30’s while living in Mom’s basement because of your worthless college studies. Still, you can always hang out Starbucks and bitch about sexism, racism, genderism, your insane student loans, and vote for communism. Haha! Enjoy your stupid decisions you non-thinking children.
That’s why they are downsizing. To get rid of the bum in the basement.
“Baby boomers may put ‘tidal wave’ of 21M homes on market — but who will buy them?”
According to my sources, the day that us Baby Boomers put our houses on the market is May 4, 2021. On that day, we’ll unload them all!
Sometimes a correction is needed
Chinese.
There is a massive land grab under way. I would say that people with paper billions will be only too happy to trade floating currency for limited resources like land. Any talk that this property is worthless in the marketplace is nothing but an effort to drive down the price.
Not only can they not afford them, many of them don’t want them. My kids could not possibly care less about having a home and a yard. They don’t want the responsibility.
There is a retirement community some 100 miles from us that is flush with golf courses, lakes and hills and lots and lots of expensive homes that are / were the pride and joy of the owners. The crowning achievement for many of them. Some are simply fabulous. When the owners die the kids don’t want them and they become problems. They can be bought cheap.
Ditto is happening in some rural areas. Not great homes but small farms that were the pride and joy of the owners who are now dead or dying. They first decline and then they are empty for years and fall into disrepair. There are many of them in this region that are vacant. Some are finally being bought but the prices have to go way down. Wash, rinse and repeat. The circle of life goes on somehow.
My kids don’t want the farm we retired to. I’m building it and maintaining it as long as I can for us, my wife and I, and then it will become someones and it will not matter any more what becomes of my work because I will be dead. And the beat goes on.
There are not many legacies that last very long. We went to WinRock, Winthrop Rockefeller’s place that he built in 1953, he died sometime in the mid-70s. His legacy show farm is just about done for. Oh it still looks pretty good but is now a conference center run by the University of Arkansas. It is not what he envisioned though and people are forgetting him. The docent there was surprised we had come just to see it. Most come only for conferences.
What was it Solomon said about life being just a vapor and man having only one purpose but to serve God and keep His commandments?
True enough.
Shhhhhh!
But I am worth Gagillions....on paper....errr....on computer screens! I'll show you my Vanguard receipt!
Maybe a good side business or main one is to provide low cost maintenance services to seniors in these locales so they can continue their retirement years in their own homes.
#10. A lot of people didn’t listen to the concept of working for God. And they are paying for it with drug overdoses and death, college debt, vaping, no family, and no future.
Tough shit, kids. We worked our asses off to succeed. Maybe you should try it sometime before it is too late. Otherwise, I don’t give a good crap about you lazy bastards.
Yep. A lot more restrictions on money coming out of China for US real estate, especially California.
They will sell at the right price.
Those properties that are worthless will, like much of the dinosaur media, not sell at any price.
Thanks for the depressing but inspiring story.
Besides, congress is going to rebuild everybody’s house during the next 11 years anyway. Make them all green, you know.
Who will buy 21 million Baby Boomer homes? We have 30 million illegals here, with far more on the way as soon as the democrats seize control of our government. Throw in “guaranteed basic income”, and the taxpayers will pay for these homes for undocumented democrats. Disgusting.
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