Moving Question Please

[florida4sun]

Property has roocketed in price in the last few years, combination of the low dollar and europeans buying plus a high amount of residents moving into Florida.
Not alot of people realise that Florida is a major employer, one ofm the largest ineternal shipping ports in the uSA is situated in Orlando, I also believ that it is the 2nd largest cattle producing state in the USA. Employment is very diverce and climate is tempting. Everyone wants to live in Florida, thye cannot buld house fast enough.

<blockquote id="quote" class="ffs">quote:Originally posted by SheilaF
Hi Nostromo

The "old" house I referred to was a four bed 2 bathroom single family home in Hunters Creek. I used to think you could pick up a resale for next to nothing because everyone wants to buy a new home, but property seems to have gone through the roof in Orlando. Why is that?

SheilaF




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[esprit]

Probably not, Caroline, we paid a hefty downpayment on our home thanks to the daft UK housng market and it has gone up quite nicely, so I dont regret buying here, though the property taxes and HOA fees are high. Prices have gone so high in Celebration now however that I think I only just got in in time, not sure I could now with the capital I had. Earnings seem generally lower than in the UK, you need capital behind you so you can curb borrowings. Houses are dear in the Disney corridor and on the Gulf coast. If you want to live deep in the countryside of Polk, Citrus, Hernando or wherever, it is cheaper.

[Seminole]

Sheila, the skyrocketing house prices are also being fueled by the beginning of the American "baby boomers" retiring and moving to Florida. Many of these people have considerable savings to rely on and are willing to pay higher prices so the market has adjusted for them.

You are talking about millions of Americans, at least 8 to 10 million, relocating to Florida in the next few years as the first wave of retirees. The Four Corners area of Highway 27 and the 192 is expected to have an eventual population in the next 15 years of 250,000 people. With so little land available for development, it is not surprising that townhouses in developments near there are being priced at over $400,000. So keep in mind that you'll be retiring to a major metropolitan area.

This is good news for current villa owners but those who've been sitting on the fence about investing are falling farther behind the curve. So, please do take to heart all of the advice about the expense of Florida living. You really must have significant financial resources to be able to fall back on.

[SheilaF]

Thank you Seminole, yes I do take the advice seriously. Its depressing and scary but its exactly what I need to know. Do you think the fast rising house prices will affect the entire state? someone suggested we look elsewhere in Florida other than Orlando. Where are houses cheaper?

Thanks again to everyone,

SheilaF

[Seminole]

Sheila, that's a very good question. All coastal areas are seeing marked increases in prices, even the Panhandle. Hurricane damage around Pensacola didn't put a dent in the beach properties increases, even those still damaged. From Orlando north to Ocala, there is a building boom still going on. You may want to look at interior panhandle from Tallahassee over to Jacksonville. Sebring, south of Haines City, is still quaint but from various brokers and builders I've spoken to, that will change within 10 years. There are other towns such as Arcadia inland from Naples which is still quite small but very "southern" ie, you may not particularly enjoy living there. Certainly worth driving down that way when over to Florida on holiday to see what the area is like.

[chrizzy100]

<blockquote id="quote" class="ffs">quote:Originally posted by Seminole
Sheila, the skyrocketing house prices are also being fueled by the beginning of the American "baby boomers" retiring and moving to Florida. Many of these people have considerable savings to rely on and are willing to pay higher prices so the market has adjusted for them.

You are talking about millions of Americans, at least 8 to 10 million, relocating to Florida in the next few years as the first wave of retirees. The Four Corners area of Highway 27 and the 192 is expected to have an eventual population in the next 15 years of 250,000 people. With so little land available for development, it is not surprising that townhouses in developments near there are being priced at over $400,000. So keep in mind that you'll be retiring to a major metropolitan area.

This is good news for current villa owners but those who've been sitting on the fence about investing are falling farther behind the curve. So, please do take to heart all of the advice about the expense of Florida living. You really must have significant financial resources to be able to fall back on.
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Just my 2 cents....Americans retire and move to FL... but of all the ones I know......and I have about 40 houses in my block alone with people who have second homes in FL... none of them are anywhere near Orlando......most buy to retire to the sea....the house prices are high in Orlando because of all the Brits buying and at this point in time I believe thats the only reason...........what will happen in STR areas if people from other countries stop buying I don't know.....but I can't see many Americans picking up homes in STR areas in Orlando to retire in unless the homes have a golf course...when houses in none STR areas are cheaper........and also while you can still buy a nice newish condo for over 55s on a lot of the FL coastline for under $120k..thats where people retire too....not 3/4 bed pool homes inland......STR areas will if the houses are cheap enough get a few local buyers....like us for starters...and if more jobs with better pay move to the area.....then homes up to around $400k should sell easy...but a lot of the STR homes are really too small ..Americans if living in a home full time like 2000 sq ft or more.....I'm not saying that no Americans will move there to retire .....because I talked to a very nice couple on my last trip who were looking to retire to Orlando...but the coast will always be the first port of call for most people retiring......and people will pay way over the odds to live by the sea before they look inland...that may mean they leave FL and buy in VA beach and other sea areas in the future.....

[Robert5988]

<blockquote id="quote" class="ffs">quote:Sheila, the skyrocketing house prices are also being fueled by the beginning of the American "baby boomers" retiring and moving to Florida. Many of these people have considerable savings to rely on and are willing to pay higher prices so the market has adjusted for them.

You are talking about millions of Americans, at least 8 to 10 million, relocating to Florida in the next few years as the first wave of retirees. The Four Corners area of Highway 27 and the 192 is expected to have an eventual population in the next 15 years of 250,000 people. With so little land available for development, it is not surprising that townhouses in developments near there are being priced at over $400,000. So keep in mind that you'll be retiring to a major metropolitan area.
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Seminole,

In the main Americans moving to Orlando are those who will be working there. The retiree Americans you refer to, generally don't want to move to Orlando - they have no interest in Donald Duck.

It is the coastal areas, lakes and golf courses they want and you have a huge choice all over Florida at prices much lower than Orlando.

'Over 55' communities are springing up to cater for these people. Move a couple of miles away from the beaches and there is plenty of choice for $200k or so - a lot less if you want a small condo.

For those with plenty of capital it is the direct ocean condos they aspire to buy. Which is why these properties have doubled in value in the last couple of years.

By the way, how do you conclude there is "so little land available for development" in Orlando? There is masses.

[chrizzy100]

My neighbour has a beauiful retirement condo in Vero beach with a walk down to the bay along a river leading to the sea....the condos are selling at $120k right now.....people retiring don't want to sell their house and buy at the same price after retiring.....thats why FL has always been the place to move because homes were so cheap....its not just the weather....Americans in the future....if people around here are anything to go by....will not have as much money for retirement as the people who are now in their late 50s and early 60s have...... what with heavy healthcare bills and monthy costs.....job losses have be heavy in the USA over the last 3/4 years....it all takes its toll....I've been keeping an eye on how homes where I live on the Cape are selling...I think like the realtors here that we have reached a ceiling for a lot of Cape homes at around $400k....we have a large amount of people retiring here each year....and I know thats not because of sunny weather...its because of how near everything is to the sea......what the Orlando area now needs are higher paying jobs....bringing in more long term locals....I know of 3 families where I am on the 27 who have sold and moved out of the area because of lack of jobs paying enough to keep their homes.....all the homes are now STR because they were the only people with the money to buy there now....I sure that if everyone looked around where their STR homes is....they would be hard pressed to find a retired person.....unless they have a golf course...or the homes are older....

[Seminole]

Robert, I can assure you that many older Americans are coming to Orlando - it is a far larger area than just Disney World. You might be surprised at how few Orlandoans even go to the parks each year. In fact, many of the principle buyers of downtown Orlando new condo construction are middle age and above Americans. I've seen the figures. Even more rural areas, such as in Seminole county are seeing "starter homes" starting at close to $300,000. The builders are touting the promise that even if the house is beyond the long term means of the buyers, if they will hold onto it for a year they will "make" $50,000 on appreciation. I visited a condo project in Jacksonville two weeks ago, located on the south side of town next to a strip shopping center, no fabulous amenities and in 12 steps you could walk across the units being sold for nearly $150,000. Buyers lined up for them. The fact that you see "masses" of land doesn't mean that it is developable. First, Florida recognizes the concept of concurrency by law meaning that development cannot overwhelm schools, roads, parks, sewage plants and other infrastructure. Secondly, much of the land has critical environmental concerns relating to Florida's water supply - that is you cannot pave over or develop large tracts in Osceola, Polk etc which are used for water recharge.

[florida4sun]

There isnt as much as it looks, a very low percentage of Florida land is suitable for building. If I remember correctly the figure is around 20%, aloty of it is very unstable lime stone and sand, you can see this when you fly in and see the 1000s of sink holes.


[/quote]
By the way, how do you conclude there is "so little land available for development" in Orlando? There is masses.


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