Bargain hunters are scoping out a real estate market that’s recovering but still far from peak values, reports CNBC in a Monday news segment, and some are taking advantage of “incredible deals” on condominium units in retirement communities.
Buyers at Century Village in Boca Raton, Fla., one of the nation’s largest full-service retirement communities, have become noticeably younger in the past year, from mid-70s to early 60s.
“Over the past six to 12 months, because prices have been so attractive, we have seen a very big influx of younger retirees and soon-to-be retirees,” said Ben Schachter, Century Village Real Estate President, in an interview with CNBC.
From the height of the housing boom to its trough, home prices fell 53% in Boca Raton, according to Zillow. While the market is recovering, one Century Village resident bought a condo unit valued at $75,000 for $25,000. Other investors are buying multiple properties and taking advantage of decent rents, CNBC says.
Watch the segment:
Written by Alyssa Gerace