I was reading today about some houses in Boca Raton, Florida selling for as low as $1.
The reason they’re selling for nothing, in some cases, is because you’re required to join the local golf/country club as part of the purchase. Initiation fees could be in the range of $70,000 and that doesn’t include whatever ongoing fees you would also be responsible for paying.
What this demonstrates is that there isn’t enough demand from the next generation to sustain the pricing for this housing type. Part of this probably has to do with simply cohort size (the number of people retiring), but I suspect that there may have also been some changes in consumer preference.
Some of it is probably golf related. Participation in the sport is relatively tepid among Millennials. And some of it may be related to the fact that these communities don’t have the kind of (urban?) amenities that the next generation is looking for.
But if you derived enjoyment from the home during your retirement years, maybe it’s not the end of the world that there isn’t a strong resale market.
plus golf is historically a very white wash game and millennials aren’t about that life.