Florida Retirement Buzz

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.

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