My husband and I are what you might call "young" seniors (60's) and a few years ago we "downsized" from a too-big house into a very nice over-55 condo/villa community.
The big "plus" of this community is that every villa overlooks a lake and because it was built 18 years ago, the units are in the 2,000 square foot range instead of the newer, much smaller (1500-1700 square feet)over-55 condos.
The big "minus" is that many of the residents are now in their 80's or even 90's, and they MUST sell their condo and go to assisted living or a nursing home. By the way, I'm talking about a very well-located community in Sarasota, Florida.
The very elderly residents of our community find themselves in a terrible situation. The housing market in Sarasota is so bad that they can't sell their units at a decent price.
Here are some of the things that are happening as a result:
--Units that were selling for $350,000 a couple of years ago are now selling for $190,000 or less.
--Elderly residents who are trying to "hang in there" can no longer afford the ever-increasing condo fees.
--A recent need to replace tile roofs cost so much that some residents were not able to pay their share, therefore were forced to leave what they thought would be their "final" home.
I am not talking about low-income retirees. Many of those who had to sell at a low price or who could no longer afford the condo fees or the roof replacement were retired military officers, company presidents, etc. Some even had to declare bankruptcy, not a great option these days.
My husband and I (both luckily on Social Security) are working part-time just to keep our heads above water. At our relatively young age (60's vs 80's) we will probably be able to ride this thing out---if the Democrats get elected.
Recent statistics show that there is a huge increase in bankruptcies among the elderly. Old people who worked hard all their lives!! I wish I were a multi-millionaire so I could just help these old people live out their lives in comfort and security.
Suffice it to say that I am certainly going to vote for Obama and Biden. Hopefully, by the time my husband and I are in our 80's, the Democratic party (the party that cares) will make sure that elderly people do not go down the drain.