When comparing the real estate market within Leisure World to properties outside Leisure World, significant differences emerge in both price per square foot and days on the market. This analysis will break down these key differences and provide insights into what drives these trends.
1. Price Per Square Foot: How Leisure World Compares
Inside Leisure World
• The average price per square foot ranges from $367.69 to $425.01, depending on unit size and type.
• This pricing remains significantly lower compared to properties outside Leisure World.
• The affordability of these units makes them attractive to retirees looking for cost-effective housing.
Outside Leisure World
• Prices outside of Leisure World have steadily increased, often reaching $600 - $700 per square foot.
• The gap between inside and outside pricing has remained consistent over time, with external properties demanding a much higher price.
What Drives This Price Difference?
Several key factors contribute to the pricing disparity:
1. Market Restrictions & Demographics
• Leisure World is a 55+ community, meaning the buyer pool is narrower than the open market.
• Outside properties attract a broader range of buyers, including young professionals, families, and investors, driving up demand and prices.
2. Property Structure & Amenities
• Leisure World properties cater to retirees, offering a structured environment with community-driven amenities.
• Outside properties may offer modern upgrades, fewer restrictions, and greater flexibility, making them more appealing to a broader market.
3. Financing & Ownership Structure
• Many Leisure World units operate under a co-op structure, which can limit financing options and, in turn, impact demand.
• Outside properties have traditional financing available, allowing for more buyers and, ultimately, higher prices.
4. HOA & Market Flexibility
• Leisure World operates under strict community rules and regulations, keeping prices more stable.
• Properties outside have fewer restrictions, allowing for renovations, short-term rentals, and market-driven pricing, which increases their value over time.
2. Days on Market: The Speed of Sales Inside vs. Outside
Inside Leisure World
• 1 Bed, 1 Bath: 26.6 days
• 2 Bed, 1 Bath: 36.9 days
• 2 Bed, 2 Bath: 39.1 days
Outside Leisure World
• Properties outside have fluctuating sales times, often staying on the market for 60 to 80+ days in some cases.
• While some properties may sell quickly, overall, the time to sell is longer compared to Leisure World.
Why Do Leisure World Homes Sell Faster?
1. Targeted Buyer Pool with Strong Demand
• Although limited to 55+ buyers, there is a steady demand for retirement housing.
• Buyers looking for affordable, community-driven living move quickly when a desirable unit becomes available.
2. Lower Price Point Encourages Fast Sales
• Homes inside Leisure World are more affordable, making them attractive for cash buyers and retirees looking for simplified transactions.
• Outside homes, with higher price tags, often require financing approvals, delaying the sales process.
3. Buyer Commitment & Decision Making
• Buyers in retirement communities tend to be more decisive because they have already decided on downsizing and moving into an age-restricted environment.
• Outside buyers include a mix of investors, families, and renters, some of whom may take longer to negotiate and finalize deals.
4. Investment vs. End-User Market
• Leisure World buyers are end-users, meaning they plan to live in the home.
• Outside homes attract investors, who often wait for market conditions to improve before purchasing, leading to longer listing durations.
3. Key Takeaways: What Does This Mean for Buyers and Sellers?
|
Factor |
Leisure World |
Outside Leisure World |
|---|---|---|
|
Avg Price/SqFt |
$367.69 - $425.01 |
$600 - $700 |
|
Market Speed |
Faster (26-39 days) |
Slower (60-80+ days) |
|
Buyer Profile |
55+ retirees, end-users |
Mixed (families, investors, young professionals) |
|
Financing |
More restrictions (co-op model) |
Flexible options |
|
Amenities |
Community-focused, senior living |
General open market |
Final Thoughts
âś… Leisure World is an excellent option for retirees seeking an affordable, community-oriented environment with faster transaction times.
âś… Buyers looking for more flexibility, investment potential, or modern amenities may prefer to buy outside of Leisure World, despite the higher cost and longer market time.
âś… Sellers in Leisure World can expect a faster turnaround, while sellers outside should be prepared for potentially longer listing durations.
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