American gated communities have changed over time to accommodate different demands, lifestyles, and budgets. While those communities are still common, they are not solely a refuge for retirees or the ultra-wealthy.
Due in part to space and weather, Florida and California have the most gated communities. In the 1970s, Florida’s lower taxes made it a popular destination for retirees.
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Three gated communities in Palm Beach County, Florida, were visited by CNBC. According to Lindsey Tronolone, a realtor at The Jupiter Group at Compass, the most sought-after areas highlight features like “concierge-style living,” golf access, and water access.
“The market is changing for gated communities that have really these top-tier amenities,” she stated.
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Although security is still a desirable and important aspect, it is not given as much attention in the United States as it is in other nations with greater rates of violent crime. In the United States, there are manned and unmanned gates.
Peter Dennehy, senior vice president of consulting at John Burns Research and Consulting, stated, “I think it’s a little bit less tied to an actual need for security and more to control access to the community.”
Homeowners associations are usually in charge of collecting dues and enforcing regulations in gated communities. Additional membership fees can apply in order to use the amenities. Additionally, according to Dennehy, the average price of a property in a gated community is 5% to 10% higher than that of a comparable home in the same neighborhood, or as much as 10% to 20% higher in some of the most coveted cities.
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The first property CNBC visited, Bay Reach, offers monthly HOA dues ranging from $500 to $800, depending on amenities and maintenance. The second, PGA National, charges $915 a year in addition to extra fees ranging from $76 to $950 every month. The third, Frenchman’s Reserve, has a quarterly asking price of $2,770 to $5,050. Membership costs are excluded from this.
However, the appreciation rates of these homes are generally typically higher.
“While each HOA is unique, folks tend to return to the well-kept, well-liked ones. Homes are selling off the market quickly because of this,” Tronolone added.
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