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Sun City Real Estate Market Thriving Due To Influx Of Retirees

Posted by Staff Reporter on Mar 31, 2016 07:22 AM EDT
New Home Sales Up Despite Rising Mortgage Rates more big
A sold sign lies in front of a newly constructed home at Sun City Huntley housing development May 24, 2006 in Huntley, Illinois. The Commerce Department reported that sales of new single-family homes increased an unexpected 4.9 percent last month, the highest rate since December 2005. Sun City Huntley is a subdivision created by Del Webb for adults age 55 and older. (Photo by Scott Olson/Getty Images) (Photo : Getty Images/Scott Olson)

The Sun City real estate home-buying market had recently become so hot that properties with legitimately fair prices will be sold even before a for-sale sign is hammered onto the front lawn. This trend was caused by baby boomers coming into retirement age with new homes at prices within their means becoming less available. Resales had become their next preference.

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Sue Papilion, executive director of the senior community had claimed that home buyers will not find a more suitable retiree community than Sun City Summerlin.

The Sun City real estate market, according to Papilion, whose background was in the retail industry, had some strong points. During her brief career as chief administrator of the 7,779-home Sun City community, she discovered that Summerlin was one of the nicest places anywhere for retirees. She said that Sun City Summerlin was kept nicer than similar Sun City communities like Anthem and Aliante, even though the houses were much  older. Papilion added that baby boomers who kept an eye on their budgets knew that Summerlin was one of the best places to retire, according to a feature from Curbed.

According to U.S. Census Bureau data, there were an estimated 76.4 million baby boomers throughout the country. The term was made to describe the inordinate share of births between 1946 and 1964. Thus, the retirement of baby boomers began in 2012, when the first boomers began to rake in full Social Security checks at age 67. These retirements will not end until 2031.

Papilion, while citing statistical data available to her, stated that approximately 1 million retirees arrived last year and another 1 million will do so again this year. She said that next year will see a 70 percent increase or 1.7 million baby boomers entering retirement.

The Sun City real estate had the benefits of living in a warm, sunny climate that had specific tax advantages, according to a feature from the Review Journal

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