Baby boomers may put 'tidal wave' of 21M homes on market -- but who will buy them?

Fox News ^ | 11-22-19 | Larry Kusisto

[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.

[N. Theknow]

Developers in Central Florida are building like crazy.
Over 1000 homes being built within a three mile radius of my home. And this is halfway between Orlando and Tampa where building has exploded!

[spintreebob]

But who will buy them?

That is rhetorical question, right?

Immigrants, legal and ilegal will buy them, of course.
Now that we have established that, The only question is the price.

[spintreebob]

But who will buy them?

That is rhetorical question, right?

Immigrants, legal and ilegal will buy them, of course.
Now that we have established that, The only question is the price.

[Rebelbase]

Please enlighten us about Bardstown or provide details via FReepmail. Thanks.

[HotHunt]

My wife and I retired 10 years ago from living in Tempe, AZ to rural Florida on 30 acres. We raise beef cattle to avoid the high property taxes.

I traveled back to Arizona last year to sell our home there because the market was soft when we retired and moved here.

Now we own 3 homes free and clear of debt. Our primary home is our farm. We built the home 7 years ago. We also own a home in Pawleys Island, SC at the beach. And we own a lake house 10 miles from here.

Our daughter is in the wills to inherit the 3 homes. She owns her own free and clear home 5 miles from our farm in a rural area.

Whether she decides to move into our larger home here on the farm after we pass, makes no difference to us. She can do what she pleases with the then four homes she'll own free and clear.

The next generation gets to decide what will happen, not us. But we will have left her with paid-off, real property assets, not debt. That should make her decision of what to do with the homes a little easier financially.

[cherry]

we just had new wood floors put in our main level....which meant emptying all the shelves, hutchs, etc.....I don't even want some of this stuff anymore let alone my kids, but the stuff does have some value......

goodwill or salvation army will mostly likely get it because craigs list is limited and I don't do ebay.....

[goodnesswins]

Rush has nieces and nephews...I think you are ASSuming a lot

[GBA]

May the 4th be with you.

[cherry]

traveling around in converted vans or motor homes is where the future is at.....many retired can't afford the property tax anymore and many young people want to live a free life traveling around without financial burdens......can't blame them.....

maybe we long time home owners are the fools....

[Sequoyah101]

I am always happy to get back to the quiet, privacy, security and comfort of home. One on wheels would not do.

[goodnesswins]

Ha...I get up almost every morning and think...ok...what can I get rid of today!

[RooRoobird20]

I live in the Phoenix area and am very familiar with Sun City and Sun City West. I am a baby boomer who will retire in the next couple of years.

I wouldn’t live in these communities if my life depended on it: 60’s era boring cheap track housing with MINIMAL landscaping. There are literally thousands of homes which have this for landscaping: sparkly white or turquoise rocks (much bigger than gravel) and a couple of pathetic ugly cacti. Nothing else. I’m sure the interiors of these homes have never been improved/updated in 60 years.

Additionally both communities are on the very far west outskirts of Phoenix. If you were to live in Sun City or Sun City West and work in Phoenix or Tempe/Scottsdale, your commute time would range between 60 and 90 minutes.

Anyone trying to sell their home in these geezer communities is going to have a hard time.

[SimpleJack]

Up until earlier this year, we had a house in Sun City Festival just northwest of White Tank Mountains and enjoyed it, but after 35 years of marriage my wife and I realized we hated each other so we sold it and got divorced.
I’m much happier now.

[Night Hides Not]

I'm wondering what the end game is in North Texas. We're close to 7 million people now, and adding close to 150,000 new residents every year.

The area I live in is nearly built out, developers are putting up homes wherever they can, and people are buying them...even those next to gigantic power lines.

As long as my school district retains its high ratings (Coppell), I figure I'm in good shape. If prices come down, we'll just stay here.

One thing's certain, there won't be any dickering on the price. I'm not playing that game. By the time we sell, our remodeling will have been completed, to include new kitchen, new bathrooms, new roof, etc. About the only thing that won't be updated are the a/c units, which are only two years old.

A new elementary school (for 800 kids) just opened, across the street from our house. That alone should be worth it to a prospective home purchaser.

The old adage about real estate remains true: location, location, location. We're situated in the middle of Plano, Dallas, and Las Colinas, and ten minutes from DFW airport.

As long as my kids stay in the area, I've given up on wanting to relocate to the Hill Country. My wife will veto it, and I enjoy seeing my grandson almost every day...can't put a price on that.

I truly enjoy our road trips together, and we go see Gonzaga's basketball team if they're within a day's drive of Dallas. Last weekend, we saw them defeat Texas A&M, and he finally had the chance to meet his favorite player, Killian Tillie. That made the journey worthwhile for me.

[GnuThere]

Hmm. I guess I’ll have to find a buyer fleeing CA.

[doctor noe]

#ZagUp

[moovova]

We had a mini-disaster when the water heater in the attic sprung a huge leak...maybe $35K worth of damage per the insurance company. Probably one of the best things to happen RE “cleaning out”. The flood mitigation company came in, boxed stuff up, moved stuff into other rooms for the repair work to be done. Prior to moving things back into place we decided to go thru the 150 or so boxes of stuff and shed things as we went. The house is back but a lot of “stuff” didn’t make!

Huge nuisance...but with a silver lining. I don’t suggest this method.

[Kickass Conservative]

Our Neighbor had an Airstream that needed some work. Didn’t look too bad from the outside.

He just sold it for $1,500. I’m sure it was worth a lot more but the deal was done by the time I found out about it.

I think he could have scrapped it and gotten more money. He should have called Mike Wolfe.

[Kickass Conservative]

We left CA last May.

Not sure where we will end up but we are living in MS temporarily, near my Wife’s Family who Retired here 15 Years ago.

Wherever we end up, it will be in a Free State.

[MarMema]

Congrats.