If you are in the midst of Florida Retirement Planning, recent Florida Condo Sales indicate that buyers are active. Statewide, 3,198 condominiums changed hands in February, 2009, a 15 percent increase from the same time a year ago. The median sales price was $109,300, a 37 percent drop from $173,900 a year ago.Thirteen of Florida‘s 20 largest markets saw an uptick in sales during February. Orlando saw a 108 percent increase while Miami saw a 71 percent increase. Some markets that saw an uptick in sales also saw a considerable drop in prices, indicative of foreclosures and short sales. Orlando‘s median sales price, for example, was $56,400, down 65 percent from a year ago, while Miami’s was $146,100, down 50 percent. Tallahassee reported the sale of only one condo, down 83 percent from six units a year ago.
In Sarasota-Bradenton, 174 condos changed hands in February compared with 210 a year ago, a 17 percent drop, according to data from the Florida Association of Realtors released the week of March 24. It was the fifth biggest drop statewide. Meanwhile, Sarasota-Bradenton’s median sales price was $120,000 in February. That was down 43 percent from the same month a year ago, and about 23 percent from $156,700 in January.
Charlotte County-North Port saw a boost in home sales last month and its condo market went the same direction, with 33 units changing hands compared with 24 a year ago, for a 38 percent increase. The median sales price in the market was $88,300, down 20 percent from $110,000 a year ago.
Thus, there are signs of life in Florida’s real estate market. The main driver is clearly based on the foreclosure and short sale plague that is ongoing in Florida. Florida’s world class amenities are still here to enjoy and at “bargain basement” real estate prices
The housing price data from the Summer and Fall of 2009 look even more encouraging for individuals retiring in Florida.
Has the Florida real estate market bottom been reached?
In the newly updated, 2010 edition of “The Florida Retirement Book – An Insider’s Guide” we address this issue in more detail, along with dozens of timely topics critical for individuals investigating a move to the gorgeous Sunshine State.
For more assistance on retiring to Florida, refer to the most authoritative and up to date resource on the subject.
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There’s nothing like a ten best, worst, or whatever list to focus one’s attention. Recently, Business 2.0 magazine did such a study on the national real estate market. The astute planner can use this information to help them determine the best place to retire in Florida.
This study concluded with a list of the top ten cities to “buy now” . They are shown in the accompanying table:
Without getting into the criteria that they used to come to their conclusion, three of the top four cities are in Florida. Year after year it seems the attraction to Florida for one reason or another continues unabated.
After all there are still fifty states in the USA containing thousands of cities, but none of them are able to offer as many attractive locales as Florida. Let’s take a closer look at the best Florida Cities on the list:
Panama City is located in northern Florida’s panhandle area. This part of the state is poised for tremendous growth over the next decade. A new airport capable of handling the big jets will be operational by 2008 replacing the current local airport. Two bedroom, beachfront retirement condos are reportedly available for as little as $300,000, down by more than $100,000 from 2005. An increase in home prices of 72% is projected over the next five years. If you are one of those who have said that you love the “change of seasons” and would lose that if you chose to retire in Florida from up North, this area deserves your consideration. Northern Florida has frosts, snow infrequently, and some colorful foliage.
Vero Beach is a well established, very desirable city in Indian River County. Part of the city is on the barrier island which is home to many developments where the entry price for a home or condo starts at a million dollars. On the other hand, the mainland offers desirable Florida retirement communities where condos or double wide abodes can be had for less than $100,000. It is about an hour and a half north of Palm Beach, and is at about the northern limit for good warm summer weather (80’s) during the mid-winter months. The Gulf Stream veers away from the coast here. Vero Beach was put on the map for northeasterners after WW II when the Brooklyn (now LA) Dodgers established their Spring Training Facility here. ”Dodgertown” still exists today, though the Dodgers have moved their spring training programs to Arizona. But it is still a very popular venue that provides an added reason to retire to this area. The projected gain in home prices is pegged at 64% over the next five years.
Lakeland, Florida is located in the interior of the state between Orlando and Tampa. It is citrus grove country, many of which are disappearing to provide the land for the housing developments that are planned. It is just 30 minutes from Tampa which provides all of the services and amenities that megalopolis’ are noted for. Lakeland is the largest city in Polk County, with Winter Haven (Cypress Gardens) and Lake Wales (Bok Tower Gardens) being nearby. On average, houses sell for $178,000, a fifth less than the national median of $227,500, with a projected five year gain of 59%.
Now another list generated in this study was the “Top 10 Foreclosure Markets.” Two Florida cities made this list also. They were Miami at number 3, and Ft. Lauderdale at number 5.
These areas were rife with “flippers” during the boom years, especially in the condo markets. Now as prices have receded, many are exiting under duress.
One reaction to this data would be to say that those are places to stay away from when deciding on the best place to retire in Florida. However, a contrarian approach could be to explore whether there are any good values there that can be taken advantage of. Be mindful that legions of pros do this every day, so be realistic about whether your skills will allow you to compete successfully.
We’ve just updated (January 2010) the #1 Florida Retirement Book. Get your Hard Copy or Instant Download version with free updates (limited time only) by clicking book below:
If we move to Florida it will be moving north from Bolivia. The weather here is much like Florida. We are both retired but our move will be to escape the political problems here. We are moving to a strict dictatorship on the lines of Cuba. I saw online several weeks ago some communities north of Tampa that were much lower in price that would serve us as we are not millioners. A modest 2 bedroom with some trees in site and shopping nearby would do well for us. Thank you.
We have just ordered your book on Florida Retirement. If one idea or thought saves us a head ache it will be worth the price of the book. Location Location Location followed by good preperation! Can’t wait to get our book!
If we move to Florida it will be moving north from Bolivia. The weather here is much like Florida. We are both retired but our move will be to escape the political problems here. We are moving to a strict dictatorship on the lines of Cuba. I saw online several weeks ago some communities north of Tampa that were much lower in price that would serve us as we are not millioners. A modest 2 bedroom with some trees in site and shopping nearby would do well for us. Thank you.
The best places on your list are just too expensive for us to think about. Thank you.
We have just ordered your book on Florida Retirement. If one idea or thought saves us a head ache it will be worth the price of the book. Location Location Location followed by good preperation! Can’t wait to get our book!