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Senior Housing in Florida – Sell or Stay?
Senior Housing in Florida
Florida has second highest percentage population in U.S. of those aged 65 to 84. The U.S. Census Bureau released data that showed 14.9 percent of the national population was ages 65 to 84 in 2020. Florida had one of the highest percentages.
The majority of seniors will need to make a decision on “aging in place” or selling their property to downsize, moving to a retirement community or into assisted living. There are many resources to aid in this decision and to help our senior community make the decision that best fits their needs.
Before or after retirement, seniors will have to consider whether they will continue to live in their current home. Some retirees downsize from a house once full of kids. Others want to stay in the home they have lived in for years. Both options have financial implications.
Considerations:
- Before considering whether to sell your home, consider what your home is worth, how the housing market is performing, and whether your home is ready to be sold.
- Retirees thinking of selling their home may receive a large influx of funds and will no longer be required to pay property taxes, homeowners’ insurance, or repairs and maintenance costs.
- There are also capital gains tax breaks for qualified taxpayers to exclude tax liability on a portion of capital gains.
- Other retirees may be better off keeping their home if they’ve paid down their mortgage, have all their accessibility needs met, and may be interested in leaving their home in their will.
- By keeping their home, retirees can secure a reverse mortgage to obtain cash to cover their monthly expenses or unforeseen costs.
**I will note that one of my last clients was 92 years old, had his home in a trust and also had a reverse mortgage. I sold his property (in contract in 6 days), closed the sale on his chosen date and there were absolutely no issues along the way. Sellers need to have an experienced and dedicated team to streamline the process, including a knowledgeable agent, closing agent, attorney and/or title and escrow company. Selling a home, at any age, does not have to be stressful or intimidating. I am here to help!
Mary Williams, Community Outreach and Senior Advocate with Caring.com, connected with me and has provided valuable information and resources. She stated,
“I’m inspired to introduce a resource aimed at supporting seniors who wish to age in place.
AARP has stated that 77% of individuals over 50 prefer to age in their own homes. Yet, the inevitable challenges of aging, including diminished sensory faculties and mobility restrictions, can complicate their desire to stay in their current residences. As a result, finding a home better suited to their changing needs becomes an urgent concern.
In light of this, we’ve developed a thorough, easy-to-navigate guide to assist seniors in their home-buying journey. This resource addresses crucial topics such as identifying the ideal location, essential home features, professional assistance, home-buying options, and effective financing strategies.
You can delve into our guide here: https://www.caring.com/caregivers/buying-a-home-to-age-in-place/
We’re confident that this guide will be a valuable asset to seniors and their families within your community.”
••••••••••••••••••••
As I provide real estate services in SE Florida, I am including the link from Caring.com that is specific to Florida:
Click the link: https://www.caring.com/senior-living/assisted-living/florida
I found this to be an excellent resource providing information on the costs associated with assisted living, Medicaid coverages, long-term managed care programs, financial assistance programs, free and low-cost resources for seniors and assisted living laws and regulations in Florida.
Again, seniors choosing to stay in their homes or downsize into another home will find this resource from Caring.com full of helpful information:
Click the link: https://www.caring.com/caregivers/buying-a-home-to-age-in-place/
“A livable community is one that has affordable and appropriate housing, supportive community features and services, and adequate mobility options, which together facilitate personal independence and the engagement of residents in civic and social life.”
AARP® offers an insightful and comprehensive guide, A Report to the Nation on Livable Communities: Creating Environments for Successful Aging. You can find the pdf for this guide online:
https://assets.aarp.org/rgcenter/il/beyond_50_communities.pdf
Another valuable resource is from the U.S. Department of Housing and Urban Development. Here is a link to their site providing Housing Resources for Seniors:
https://www.hud.gov/states/florida/homeownership/seniors
Supporting our seniors should be a top priority. Seniors contribute so much to their communities. They shop, they use services (which employ people), and they pay taxes. They also volunteer; in fact, many organizations would be hard pressed to function without their older volunteers. Seniors also give generously: they make more charitable donations per capita than any other age group.
Please reach out to me or any of the resources listed in this article. We are here to guide you, provide referrals and help you through senior living decisions, wherever you decide to live comfortably.
Annette Dammeyer, REALTOR®
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
June is National Homeownership Month!
June is National Homeownership Month!
Owning a home brings joy, belonging, and countless benefits to your life. From stability and personalization to building equity and creating a lasting legacy, homeownership is a game-changer. Join the celebration and discover why having a place to call your own is a dream worth achieving!
Annette Dammeyer, REALTOR
Coldwell Banker Realty
901 E Las Olas Blvd STE 101, Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
Fort Lauderdale April Area Report
April 2023 real estate statistics have been released!
Fort Lauderdale Area Reports
Single Family Homes
Condominium & Townhouses
Commonly asked questions while reviewing the reports:
What is the difference between “Median Sales Price” and “Average Sales Price”?
Median Sales Price | Price of the “”middle”” property sold -an equal number of sales were above and below this price.
Average Sales Price | Average sales price for all properties sold.
What does “Absorption Rate” mean?
Absorption Rate | Looks at the past year’s monthly supply of inventory. In a normal market there should be a 6 month supply. The higher the rate above 6 the more aggressive a seller has to be with the competition; price and having a picture perfect property.
Fort Lauderdale Area Report for Single Family Homes:
Fort Lauderdale Area Report for Condominiums and Townhomes:
Please contact me if you would like to be automatically sent updated area market reports for Fort Lauderdale or another SE Florida city. I am here to help.
Let’s start working together!
Annette Dammeyer, REALTOR
Coldwell Banker Realty
901 E Las Olas Blvd STE 101
Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
Fort Lauderdale Market Snapshot
Happy May Day!
Fort Lauderdale, FL has an active real estate market. Here are the April, 2023 Market Snapshot reports for both Single Family Homes and Condos.
Be sure to sign up for future blogs for monthly Fort Lauderdale updates or sign up for your specific desired Neighborhood News updates for the area of your choice at: https://annettedammeyer.com/neighborhood-news.
April 1st-30th Single Family Home Market Snapshot
April 1st-30th Condominium Market Snapshot
Stay on top of the local real estate market by signing up for future blogs by entering your email in subscribe link on my blog page! Contact me for any questions you may have or to discuss how I can help you with your real estate goals.
Annette Dammeyer, REALTOR
Coldwell Banker Realty
901 E Las Olas Blvd STE 101
Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
Q: What is HOPA? A: Housing for Older Persons Act
The Fair Housing Act prohibits discrimination because of race, color, national origin, religion, sex, disability or familial status (families with children under the age of 18; pregnant women and people in the process of obtaining custody of children under 18, or persons with written permission of the parent or legal guardian). However, it contains a limited exemption from the familial status prohibitions for housing for older persons.
What Are the Fair Housing Act’s “Housing for Older Persons” Exemptions?
The Fair Housing Act specifically exempts three types of housing for older persons from liability for familial status discrimination. Such exempt housing facilities or communities can lawfully refuse to sell or rent dwellings to families with minor children only if they qualify for the exemption. In order to qualify for the “housing for older persons” exemption, a facility or community must comply with all the requirements of the exemption.
The Housing for Older Persons exemptions apply to the following housing:
- Provided under any state or federal program that the Secretary of HUD has determined to be specifically designed and operated to assist elderly persons (as defined in the state or federal program);
- Intended for, and solely occupied by persons 62 years of age or older; or
- Intended and operated for occupancy by persons 55 years of age or older.
The 55 or older exemption is the most common of the three.
How to Qualify for the “55 or Older” Exemption
In order to qualify for the “55 or older” housing exemption, a facility or community must satisfy each of the following requirements:
- At least 80 percent of the units must have at least one occupant who is 55 years of age or older; and
- The facility or community must publish and adhere to policies and procedures that demonstrate the intent to operate as “55 or older” housing; and
- The facility or community must comply with HUD’s regulatory requirements for age verification of residents.
The “housing for older persons” exemption does not protect such housing facilities or communities from liability for housing discrimination because of race, color, religion, sex, disability, or national origin.
File a Complaint
If you think your fair housing rights have been violated, you may file a complaint with HUD or contact your local FHEO office.
Additional Resources
Article and Information Courtesy of US Department of Housing and Urban Development
If you are looking for a property that is approved for HOPA, contact me today. I can search for that perfect property to suit your needs.
Annette Dammeyer, REALTOR
Coldwell Banker Realty
901 E Las Olas Blvd STE 101
Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
Fort Lauderdale Area Reports
March 2023 real estate statistics have been released!
Fort Lauderdale Area Reports
Single Family Homes
Condominium & Townhouses
Commonly asked questions while reviewing the reports:
What is the difference between “Median Sales Price” and “Average Sales Price”?
Median Sales Price | Price of the “”middle”” property sold -an equal number of sales were above and below this price.
Average Sales Price | Average sales price for all properties sold.
What does “Absorption Rate” mean?
Absorption Rate | Looks at the past year’s monthly supply of inventory. In a normal market there should be a 6 month supply. The higher the rate above 6 the more aggressive a seller has to be with the competition; price and having a picture perfect property.
Fort Lauderdale Area Report for Single Family Homes:
Fort Lauderdale Area Report for Condominiums and Townhomes:
Please contact me if you would like to be automatically sent updated area market reports for Fort Lauderdale or another SE Florida city. I am here to help.
Let’s start working together!
Annette Dammeyer, REALTOR
Coldwell Banker Realty
901 E Las Olas Blvd STE 101
Fort Lauderdale, FL 33301
808.747.3686
SL 3535792
Home Renovations Worth the Time and Effort
The right renovations won’t just make your space more comfortable to live in, they can also increase the overall value of your home. Curious about which home renovations experts say are worth the time and effort? I’ve got you covered!
🛁 Update an old-fashioned bathroom.
🚰 Upgrade the kitchen with modern appliances and finishes.
🏠 Preserve interesting architectural elements.
🛠️ Renovate an underused area of your home.
🌳 Create an outdoor oasis.
Annette Dammeyer, REALTOR
Coldwell Banker Realty
808.747.3686
SL 3535792
Fort Lauderdale Real Estate Market Snapshot
How’s the Market?
We REALTORS get this question all the time. The market in SE Florida is slightly shifting, but this is one of the areas in the country where there will always be a demand. This is a booming market and history shows there will ALWAYS be buyers and sellers due to job relocations, changes in family dynamics, upscaling, downscaling, retirements and general quality of life moves.
Here are the Market Snapshots for the last 3 months of Single Family Homes and Condominium Properties:
Are you ready to buy or sell? Your time is NOW. Let’s get started!
Annette Dammeyer, REALTOR
Coldwell Banker Realty
808.747.3686
SL 3535792
Are Smart Appliances Right for Your Home?
Are Smart Appliances Right for Your Home?
Smart home appliances can make your life easier, and if you’re renovating your home, you’re likely wondering if they’re a worthwhile addition to your new-and-improved space. They have plenty of benefits: Everything from smart refrigerators, oven ranges, thermostats, monitoring systems, plugs, light bulbs, and even locks can offer you complete remote control over the things you use most. They allow you to set schedules, create routines, and program them to work while you’re away—and they’re typically user-friendly enough that just about anyone can effectively utilize them. However, not all smart home appliances were created equal, which is why you should investigate their pros and cons thoroughly before bringing one (or several) into your house.
https://youtube.com/shorts/13eWzPtNrzY?feature=share
Let’s discuss your home plans today! I am here to help.
Annette Dammeyer, REALTOR
Coldwell Banker Realty
808.747.3686
SL 3535792
NEW CONDO LAW – Key Takeaways of SB 4-D
Senate Bill 4-D
What is Senate Bill SB 4-D?
SB 4-D is a law passed by the Florida Legislature during Special Session 2022D on
May 26, 2022. The law was the Legislature’s response to the collapse of the
Champlain Towers South condominium on June 24, 2021 in Surfside, FL.
*The Florida Senate will convene on March 7, 2023 for the 2023 Regular Session. There may be amendments to SB 4-D in the future.*
Some condominiums associations are now required to obtain 2 new reports by December 31, 2024.
Some key takeaways on the 2 required reports include:
- Milestone Inspection Report – Report about the adequacy of structural components of a condo building for life safety purposes.
- Requires condominium and cooperative association buildings that are three or more stories
in height to have a “milestone inspection” of the buildings’ structural integrity by an
architect or engineer when a building reaches:
▪ 30 years of age and every 10 years thereafter, or
▪ 25 years of age and every 10 years thereafter if the building is located within
three miles of a coastline. - Requires, if a milestone inspection is required and the building’s certificate of occupancy
was issued on or before July 1, 1992, the building’s initial milestone inspection to be
performed before December 31, 2024. - Requires that a phase one milestone inspection must commence within 180 days after an
association receives a written notice from the local enforcement agency. - Requires a phase two milestone inspection if there is evidence of “substantial structural
deterioration” as determined by a phase one inspection.
- Requires condominium and cooperative association buildings that are three or more stories
For the full text of SB 4-D and additional information on the Milestone Inspection Report, visit the Florida Senate Website and click on bill text: https://flsenate.gov/Session/Bill/2022D/4D
2. Structural Integrity Reserve Study (SIRS). Study of reserve funds required for future major repairs and replacement of common areas of a condo.
- Requires condominium associations and cooperative associations to complete a structural
integrity reserve study every 10 years for each building in an association that is three stories
or higher in height. - Requires associations existing on or before July 1, 2022, that are controlled by non-developer unit owners to have a structural integrity reserve study completed by December 31, 2024 and then every 10 years thereafter.
- Defines “structural integrity reserve study” as a study of the reserve funds required for
future major repairs and replacement of the common elements based on a visual inspection
of the common elements. - The amount required to be funded is based on the amount listed in the study.
- Requires the structural integrity reserve study to include a visual inspection, state the
estimated remaining useful life, and the estimated replacement cost of the:
▪ roof
▪ load bearing walls or other primary structural members
▪ floor
▪ foundation
▪ fireproofing and fire protection systems
▪ electrical systems
▪ waterproofing and painting
▪ windows
▪ plumbing
▪ any item with a deferred maintenance or replacement cost that exceeds $10,000
that will negatively affect any of the foregoing items - Prohibits the waiving, reducing or using the reserves for another purpose for those items
required in the structural integrity reserve study.
For the full text of SB 4-D and additional information on the Structural Integrity Reserve Study, visit the Florida Senate Website and click on bill text: https://flsenate.gov/Session/Bill/2022D/4D/?Tab=BillText
What does this mean for Buyers and Sellers of condominium properties that are required to obtain these reports?
Keep in mind, the reports are not due to be completed until 12/31/2024, so many condos have not had their reports completed. If a seller and buyer enter into a contract for the purchase of a condo:
The Florida Senate will convene on March 7, 2023 for the 2023 Regular Session. There may be amendments to SB 4-D in the future.
DISCLAIMER: The foregoing is a summary of the statutory changes and should not
be relied on as legal advice or a complete explanation of the changes. Every situation
is different, and you should seek qualified legal advice before making a decision.
Please feel free to contact me with your real estate needs and questions. I cannot give any legal advice and I would direct you to your legal representative and/or the Board of Directors at your condo association for further information regarding SB 4-D.
Annette Dammeyer, REALTOR
Coldwell Banker Realty
808.747.3686
SL 3535792
