What's a good location for a second home in Florida.
Sep 19th, 2006, 03:50 AM
#23
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Neapolitan is right.
We closed the sale of our Naples condo a year ago last weekend. Two weeks later, Wilma hit, and the market peaked.
We could buy an identical condo in the the same complex for quite a bit less.
One of the great principles of economics is "reversion to the mean": that which is expensive will fall in price and that which is cheap will eventually rise. The question is always the timetable!
We closed the sale of our Naples condo a year ago last weekend. Two weeks later, Wilma hit, and the market peaked.
We could buy an identical condo in the the same complex for quite a bit less.
One of the great principles of economics is "reversion to the mean": that which is expensive will fall in price and that which is cheap will eventually rise. The question is always the timetable!
Sep 19th, 2006, 11:31 AM
#25
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In central Florida retirement communities too. Last year, houses in my mother's community were selling at full asking price in just a few days to two weeks (max). The market has definitely softened--properties are taking much longer to sell and the prices are the same as or less than they were a year ago. Which is a shame, because my 79 yo mother is thinking about selling so she can move into a mixed independent/assisted living community back in Pennsylvania (with a $100k "entrance fee", gaack).
Sep 19th, 2006, 02:05 PM
#26
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Hutchinson Island (Jupiter area) on the east coast has some good values now. Many for sale now, so supply and demand...
This is a nice area with shops, restaurants, etc. and easy access to Orlando if that interests you.
This is a nice area with shops, restaurants, etc. and easy access to Orlando if that interests you.
Jan 2nd, 2007, 11:56 AM
#27
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Lakewood Ranch is a beautiful area. Even though part of Bradenton,considered its'own town. 25 minutes to beaches and Sarasota which has opera,plays,ballet and tons of nice restaurants on the water. Beautiful landscaping,Main Street shops with 4 restaurants,Russian,Japaneese,Scottish,and soon to be upscale restaurant with steaks and seafood. Also beautiful botiques and a new 6 plex movie theater which belongs to the film society. There will be educational workshops held there also. When complete you will be able to order hors d ouerves and have a drink outside the theater which sits on a mile long lake. Beautiful!! Not to mention your Chicos and Bruesters Ice cream also. Soon to be opened another shopping area that resembles a city in Italy with a dinner theater. In its' center is a huge clock tower. The shopping area is called San Marco Plaza. Also has a Polo Club,one of the best in the country and not stuffy. You can buy anywhere between $300,000 up to 5 million dollars. Not far from spring training games for the Pirates and Reds. Look up www.lakewoodranch.com. It is a beautiful town with many small lakes and the landscaping is a nice as I have ever seen in any town. Huge master planned community,very well organized.
Jan 2nd, 2007, 05:47 PM
#28
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I would think that determining the transportation logistics should be the first criteria in narrowing down the areas you are interested in.
How many flight connections or how long a drive are you willing to tolerate? How long a drive from the airport? These are the things one needs to ascertain first.
How many flight connections or how long a drive are you willing to tolerate? How long a drive from the airport? These are the things one needs to ascertain first.
Jan 2nd, 2007, 05:55 PM
#29
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Just to add to my last post:
For example, in looking into different areas of FL for possible short vacations (2-6 nights), I have discovered that there do not appear to be any non-stop flights from NYC to the panhandle area while there are many to RSW (Ft. Myers), from which Sanibel Island is supposed to be a 45 min. drive.
While 6 nights might be borderline, I pretty much feel that only non-stop pays for anything under 5 nights.
For example, in looking into different areas of FL for possible short vacations (2-6 nights), I have discovered that there do not appear to be any non-stop flights from NYC to the panhandle area while there are many to RSW (Ft. Myers), from which Sanibel Island is supposed to be a 45 min. drive.
While 6 nights might be borderline, I pretty much feel that only non-stop pays for anything under 5 nights.
Jan 2nd, 2007, 06:50 PM
#30
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I forgot to add that Lakewood Ranch also has a brand new hospital and adjacent medical buildings. The problem with the hospital is that it looks like a resort,almost like you want to spend time there. Rooms have wood floors,very clean and has a women's center. There are a lot of families moving here as well as empty nesters. Not many people in the 80 and up range. Again,you just have to see it to appreciate the beauty of the community. It is a way of life!!
Jan 24th, 2007, 05:51 AM
#31
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If you want a great Sarasota Gulf front condo and Bay view/boat dock access in the rear you need to check this out at http://raysnyder1.point2homes.biz/
This won't last long at this price!
This won't last long at this price!
Jan 24th, 2007, 06:37 AM
#33
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Unsolicited advice: save lots of money on hurricane insurance, avoid purchasing anything at the top of a housing boom, and give yourself the option to go somewhere different from time to time by renting.
Jan 24th, 2007, 02:02 PM
#34
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Yes, renting has many advantages over buying and will often come out to be a better value _but_...
...nothing can compare to having one's _own home_, where one can go _whenever_ one wants to and stay for as short or long a time as one wishes. A place one is already familiar and comfortable with. This avoids many hassles and can make planning and packing much easier.
...nothing can compare to having one's _own home_, where one can go _whenever_ one wants to and stay for as short or long a time as one wishes. A place one is already familiar and comfortable with. This avoids many hassles and can make planning and packing much easier.
Jan 25th, 2007, 07:50 AM
#38
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No, you never know the exact, but within observation (visit, and see first hand- live rental during this phase if possible) combined with reading the listings of what homes sold for what prices and amounts available at any one time(ratios of both re time limits, days or weeks, involved for the lengths of official real estate listing to completed sale process) and you have an excellent guess. It's not as complicated as it sounds. It has turned to a buyers' market in FL, IMHO, now for near coastal areas.
I've not done it in FL, but I have in other states with roller coaster values. And it is NOT hard to avoid strong sellers' markets.
The problem is basically that people want to put it on "their" schedule and not on the real estate's cycle. And they refuse to see the signs as signs- and just want what they want NOW.
I've told two people to avoid at a time when all the signs pointed totally against them as buyers. One was on west coast FL, and now they are ticked. It was not difficult to foresee, and IMHO totally not difficult to avoid. Timing IS essential, despite the location, location, location truism.
And despite all the hype on CA increases, I've had a cousin who didn't listen and bought at the wrong time there- and the result was renting it out for about 3 or 4 years in the 1990's to get her money back plus. She barely did and it was a major hassle to her- for that time period as she had to return to another state for business.
I've not done it in FL, but I have in other states with roller coaster values. And it is NOT hard to avoid strong sellers' markets.
The problem is basically that people want to put it on "their" schedule and not on the real estate's cycle. And they refuse to see the signs as signs- and just want what they want NOW.
I've told two people to avoid at a time when all the signs pointed totally against them as buyers. One was on west coast FL, and now they are ticked. It was not difficult to foresee, and IMHO totally not difficult to avoid. Timing IS essential, despite the location, location, location truism.
And despite all the hype on CA increases, I've had a cousin who didn't listen and bought at the wrong time there- and the result was renting it out for about 3 or 4 years in the 1990's to get her money back plus. She barely did and it was a major hassle to her- for that time period as she had to return to another state for business.
Jan 25th, 2007, 04:52 PM
#39
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No one can guess it exactly. Same as the stock market. However,with both,even if you bought at the highs,you usually still end up doing well. Many thought the stock market was real high when it hit 9000. Now it is over 12. In Florida,the prices will go back up,but not nearly as quickly.
Jan 25th, 2007, 05:10 PM
#40
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All points well taken. Consider, though, that the DJIA at 9000 looked pretty low after it had hit 12000 and fallen again. On the other hand, with existing home sales in all other areas of the country dropping pretty sharply, you can figure there probably won't be bargains in the Southeast, especially as wealthy babyboomers head into early retirement.
If DawnCt can afford to lose the investment either due to catastrophe or because of housing cost implosion down the road, AND if DawnCt will spend enough time in the 2nd home to make it more like a home than a vacation-- well, fine then.
I'd love, love to live near a beach, but I couldn't afford to lose the house to erosion or storms; and the upkeep around salt-air and ocean winds and storm is something else. At this stage in my life, druther have someone else take on the real estate risk and effort, and spend a WHOLE lot less than a down payment on a rental.
That's where I'm coming from, but obviously there are a lot of people with enough money and youth not to have to worry about such things.
If DawnCt can afford to lose the investment either due to catastrophe or because of housing cost implosion down the road, AND if DawnCt will spend enough time in the 2nd home to make it more like a home than a vacation-- well, fine then.
I'd love, love to live near a beach, but I couldn't afford to lose the house to erosion or storms; and the upkeep around salt-air and ocean winds and storm is something else. At this stage in my life, druther have someone else take on the real estate risk and effort, and spend a WHOLE lot less than a down payment on a rental.
That's where I'm coming from, but obviously there are a lot of people with enough money and youth not to have to worry about such things.
