Fort Myers 55 Plus Communities Info

Fort Myers 55 + community informationWhat is  life like for active adults in a retirement community?

Fort Myers 55+ Information. Our area offers new and old Florida together at the same time. The population is 65,000 with many times that in the neighboring area.
Situated on the banks of the Caloosahatchee River on Florida’s southwest coast. It’s birthplace goes back to 1886.  It has the fascinating Thomas Edison Museum and a beautifully restored downtown area along the river.

New neighborhoods go off in all directions. In the early 2000’s, it seemed another plantation or forest was turned into an active adults 55+ development.
For all intents and purposes, every retail chain and franchise in America is represented here on Route 41 and Interstate 75.
Fort Myers Beach to the South provides incredible white sand beaches. Golf courses seem to be everywhere, public and private. Ft. Myers is a progressive city with a diverse population of all ages, made up of active adults 55+. Fort Myers is the capitol city and county seat of Lee County.

Retirement Associations

These weren’t he greatest category of real estate in the high-flying days of the real estate boom. Although they are selling well now. Many seniors love our no income tax state.

Retirement Communities History

But now, with prices rising and vacancy rates falling almost everywhere, Southwest Florida’s big fifty five plus communities are turning out to be a solid bet for investors, owners and residents alike.  Experts say. “Most people pay cash for their house and they’re very stable people,” said Steve Adler. Steve is president and owner of Fort Myers-based Murex Properties.  They manage manufactured-home communities nationwide. “In these topsy-turvy times, they’ve remained a good investment.”

 

Banks are especially open to borrowers with that kind of collateral, said Paige Rausch, a Fort Myers-based real estate consultant. She pointed out that two of the top five mortgages by dollar value in Lee County were for large manufactured-home developments. “I think there’s a new caution,” Rausch said. “Those assets that were mortgaged, were not a gamble. They weren’t writing them on pipe dreams.”

Underlying the stability is a way of life, not just the relatively good financial condition of retirees.  Residents help each other a lot, they take people to the doctor if they don’t have transportation.

Steve Weisberg, is president of Fort Myers-based development company. Rarco sites the stable cash flow from rentals in fifty five plus communities. Community residents own their homes and condominiums. But, he said, buying or loaning money on a big retirement development can be a daunting task. “It really takes a special breed of person to put something together. “Mainly, he said, mortgages are written by large institutions such as life insurance companies.

But the stability of a retirement community tends to work in favor of individual owners as well. Seven Lakes is a Fort Myers 55 plus association and its values have held up well for residents. The community had only 10 foreclosures, about 1 percent.Seven Lakes has been around 40 years, Schneider said. “It was spared the wave of defaults on loans “where the mortgage was 110 percent of the home’s value.”

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Steve Cunningham, a commercial Fort Myers real estate agent works as a receiver or property manager for lenders. He said other pluses for lenders are public instead of private utilities, a good location,  and well-maintained units. You may also want to view Fort Myers Retirement Neighborhoods for Sale

Bill Valenti, president of  Florida Gulf Bank, said even foreclosures aren’t too harmful for a park where residents own their houses but rent the lots. Even when a 55 plus neighborhood homeowner does default on a mortgage, the bank comes in. It has to sell the home, and it’s often sold to the park, which usually is able to buy at a deep discount.