Inexpensive condos in 55+ community: Baby boomers buying retirement homes early

Charlie Rocque never thought at age 56 he'd call a 55+ community home. Rocque is a paint contractor with clients in Boca Raton's Century Village. 

 

When he heard he could buy a one-bedroom condo for cheap, he jumped on the opportunity.

 

"An apartment at high value goes for $75,000 and you can pick it up for $20,000 like me, I couldn't pass it up," says Rocque.

 

Neither could Susan Shapira, who snagged her new home for about $27,000. Having recently lost her job, money is tight. She finds comfort knowing her retirement home is taken care of.

 

"I know it's paid for and all I have to meet is my monthly expenses, it takes the pressure off," says Shapira.

 

The prices are so good, often buyers skip financing altogether. They're paying for their homes with cash.

 

"Even thought their portfolios and investments took a hit, they see prices in the $20,000-$40,000 range and the phone rings off the hook," says Ben Schachter, owner of Century Village Real Estate.

 

But what about living where your neighbors are 30 or even 40 years older?

 

"I'm inspired by people who dress up and dance even in their walkers, I hope to be doing the same one day," says Sylvia Gross.

 

"I'm in awe of them. If I can be that way it'd be great. Resilient, take initiative, it's wonderful," says Shapira.

 

These baby boomers don't seem to mind one bit.