Florida - Retire/Vacation Home fbo Cruising

[Capt_BJ]

this is getting to be funnier than Big Bang Theory!

 

btw many houses around here are in a 'deed limited' community overseen by an HOA .... my HOA fees compare to most beachside condos ... what one pays mort' monthly is EXTREMELY variable

 

and I believe the article said that sat' company was 'considering'

 

isn't is a SHAME there is no BANKING business in Florida . . . Miami ... Brickell area . . .

Edited April 22, 2016 by Capt_BJ

[John&LaLa]

this is getting to be funnier than big bang theory!

 

tgif

[iceleven]

The OP is looking at moving from Kentucky. Kentucky, anywhere in the state is going to be cheaper than almost anywhere in Florida on either coast Sarasota/Palm Beach and south.

 

Apples to oranges Kentucky to the Bay area.

 

I know that. I'm just adding my own personal spin on the topic of retirement in South Florida.

 

We basically are looking for a place close to a cruise port so that we can cruise more often and even "last minute" if we chose to. I like the idea of having a ocean view as this is something we currently enjoy, overlooking the Pacific Ocean, in a condo, with steep condo fees. It's something we are used to and wouldn't want to give up. In no way do we want to live in a house with house and yard maintenance. Been there--done that. The condo fees are well worth it. I've never heard of a condo with the fees being higher than the mortgage.

 

FireOfficer5 - Can you actually buy a house with a mortgage less than $500-$600?

 

I like the idea of Florida because of their non-existant income tax laws. More of our retirement money will stay in our pockets. I have nothing against paying taxes but once retired I would like to keep more of it than when we are working. Plus lower sales tax. Our is somewhere around 9%, depending on which county you live in.

 

If my husband wanted to continue to work, he could stay with his company (IT/high tech) and work from home or cut back and work only in a consultant capacity.

 

We need to physically explore Florida. So far I have only explored it through Trulia and Zillow. Have also studied land values. I actually thought the gulf side would be great until I started reading all about the sink holes :eek:. And which side tends to get the major hurricanes? My husband keeps teasing me about these giant pythons that are known to be getting into everything down there, too. That's when I tell him we will buy a high floor in a condo. LOL All in all, I think South Florida is still worth a try.

 

I'm totally open to opinions and experiences.

[iceleven]

While it is true tourism is our number one industry (we had over 100 million people visit Florida in 2015), the largest employer, Disney, is one of the worst paying companies.

 

I also agree healthcare is up there but again, the pay is dismal if you don't have a bachelor degree'd position or higher.

 

Someone coming from Boston making $20 an hour as a caregiver, will be lucky to make $8.50 an hour with a similar cost of living in South Florida.

 

Skilled positions pay but an accountant without a CPA isn't looking at much per hour unless they bring their job with them.

 

It's the sunshine tax.

 

Here's a fun website to check various differences of cost of living - http://money.cnn.com/calculator/pf/cost-of-living/

[BlueHerons]

 

 

 

We need to physically explore Florida. So far I have only explored it through Trulia and Zillow. Have also studied land values..

 

Please don't use Trulia and Zillow. Much of the time, their information is incorrect and anyone can post on there.

 

We are having problems in South Florida of people taking legitimate listings off other sites and putting them on Zillow or Trulia and the person getting scammed.

 

Use http://www.Realtor.com as their information comes straight off the MLS and is owned by the National Association of Realtors.

 

Also, Zillow's zestimates and property values are taken by averaging the LISTING price of homes in the neighborhood not the actual sales price.

 

Chances are the home you are looking at was sold 6 months ago.

[SteerageJoe]

Have you considered short term rentals from AirBnB or RV stays in different parts of Florida to get to know it better?

 

We have an RV and visited/stayed in several areas before settling on Cape Canaveral as our new home. We found areas north of Orlando/Daytona to be too cold for our liking in winter, the inland areas are too hot in summer and so on...

[John&LaLa]

Have you considered short term rentals from AirBnB or RV stays in different parts of Florida to get to know it better?

 

We have an RV and visited/stayed in several areas before settling on Cape Canaveral as our new home. We found areas north of Orlando/Daytona to be too cold for our liking in winter, the inland areas are too hot in summer and so on...

 

So are you two down here full time now?

[SteerageJoe]

So are you two down here full time now?

 

Yes! Getting our driver licences next week actually!

[John&LaLa]

Yes! Getting our driver licences next week actually!

 

There goes the neighborhood. :eek:

[SteerageJoe]

There goes the neighborhood. :eek:

 

Indeed! The rich folk down in Cocoa Beach took one look at us and said no thank you. But, you can go live in Canaveral they said! And so we did!

[Capt_BJ]

Can you actually buy a house with a mortgage less than $500-$600?

 

yes

 

it is called buy with cash . . .

 

sorry if you can't

[jb456]

If your current income allows consider investing in a foreclosed handyman special home. Decent homes at a cheap price. If anyone in your family is in construction then even better low cost to renovate ;)..

 

Then rent it out either full time or if it's in a good location for tourists rent it out to snowbirds for more $$$... By the time you retire in 10 years it will be paid off. If you still like the area in 10 years move in to it and enjoy retirement or sell it for another place or keep it for additional income.

 

We have 3 down in South Florida all paid off by the lovely renters. One of them we only rent out to snowbirds so when we want to go down for a couple months it's available.

 

Lots of great places and suggestions on this thread. You would really need to spend time visiting different areas to see what type you like best.

[BlueHerons]

If your current income allows consider investing in a foreclosed handyman special home. Decent homes at a cheap price. If anyone in your family is in construction then even better low cost to renovate ;)..

 

 

 

Foreclosed/handyman specials aren't really a thing here any longer. From Tampa South, all the way around the state up to about Ft. Pierce, anything that is $250,000 or less is snapped up by a hedge fund in cash which does the minimal amount required, then puts it on the rental market.

 

I've been in countless multiple bid offers with Fannie Mae for these distressed properties for my client who is an investor.

 

When they get put on the market, they go quick.

 

If the house is on the market for $200K in a neighborhood of $300K homes, the house will need $100K worth of work just to be habitable.

[iceleven]

Can you actually buy a house with a mortgage less than $500-$600?

 

yes

 

it is called buy with cash . . .

 

sorry if you can't

 

Well then THAT is NOT a mortgage now is it? :p And why be so presumptuous?

[John&LaLa]

Well then THAT is NOT a mortgage now is it? :p And why be so presumptuous?

 

Something like 75% of the condos here go for cash.

[iceleven]

Please don't use Trulia and Zillow. Much of the time, their information is incorrect and anyone can post on there.

 

We are having problems in South Florida of people taking legitimate listings off other sites and putting them on Zillow or Trulia and the person getting scammed.

 

Use www.Realtor.com as their information comes straight off the MLS and is owned by the National Association of Realtors.

 

Also, Zillow's zestimates and property values are taken by averaging the LISTING price of homes in the neighborhood not the actual sales price.

 

Chances are the home you are looking at was sold 6 months ago.

 

Yes, I agree with you about Zillow and Trulia. I only use them on line for obtaining ideas of how much space any given unit in specific buildings and locations have, i.e., cost per sq.ft. I also get an idea what the going condo rates are for the buildings. And thank you for the realtor website. It's just a bit harder to navigate but there definitely are more listings available. I've got some homework to do. I'll be in Ft. L. in November for a cruise and plan to just look around a little.

[iceleven]

Something like 75% of the condos here go for cash.

 

Yes, and I can see why. So many emptynesters buying "down" (size wise) with mortgage money from their previous homes.

[royalcruz]

Some of the condos in Ft Lauderdale have maintenance fees around $2000/month, and it's not unusual to pay $10,000 yr in property tax. It can get expensive to live here, especially waterfront.

[John&LaLa]

Yes, and I can see why. So many emptynesters buying "down" (size wise) with mortgage money from their previous homes.

 

Partially true. The other is the difficulty in obtaining financing. Banks don't like condos very much it seems.

[Roz]

Where I live, high rise condos with elevators and parking garages have much higher maintenance fees than condo complexes with one or two story units or townhomes. Of course, no waterfront property here unless you're referring to the Cumberland River or a Corps of Engineers lake. :D

 

Roz

[Swampbabe]

Healthcare is everywhere, not really an industry, a necessity.

 

Living in Melbourne is nothing like Tallahassee, Gainesville, Ocala etc.

 

The tech industry is tiny in Fl.

Most come here for some tax benefits, then leave for other taxpayer funded

incentive states.

 

Industries are defined as a productive enterprise.

 

Also condos have a maintenance fee.

Usually higher amount than the mortgage.

 

Pretty well versed in Gainesville weather, lived there for four years. Second kid graduating on Friday. Not like the weather in Kentucky, again, simply an absurd statement.

 

The rest of the state is very different than South Florida. Grew up there and you couldn't pay me enough to live there again. :cool:

[BlueHerons]

Some of the condos in Ft Lauderdale have maintenance fees around $2000/month, and it's not unusual to pay $10,000 yr in property tax. It can get expensive to live here, especially waterfront.

 

Easily $2000 a month. The new properties going up in Fort Lauderdale, Riva, Paramount, etc are at about $1.25 per square foot.

 

In a high rise not on the ocean, like River House, Water Garden, Las Olas Grand that are on the New River on Las Olas, about $500 a bedroom.

 

They also include a lot, insurance from the pipes out (you usually only need content), water, cable, trash, internet, sometimes electric/AC.

 

Older buildings $200-$250 a bedroom.

 

Partially true. The other is the difficulty in obtaining financing. Banks don't like condos very much it seems.

 

Banks are losening up with condo buildings down here and financing. A lot of it depends on their books and the amount of foreclosures.

[janetz]

If your current income allows consider investing in a foreclosed handyman special home. Decent homes at a cheap price. If anyone in your family is in construction then even better low cost to renovate ;)..

 

Then rent it out either full time or if it's in a good location for tourists rent it out to snowbirds for more $$$... By the time you retire in 10 years it will be paid off. If you still like the area in 10 years move in to it and enjoy retirement or sell it for another place or keep it for additional income.

 

We have 3 down in South Florida all paid off by the lovely renters. One of them we only rent out to snowbirds so when we want to go down for a couple months it's available.

 

Lots of great places and suggestions on this thread. You would really need to spend time visiting different areas to see what type you like best.

 

Our son and his wife have 6 homes, one they live in. South Daytona, and south.

Bough cheap, redid each one and now they rent them. They have a mortgage left on one. They do very well.

[Lois R]

Pretty well versed in Gainesville weather, lived there for four years. Second kid graduating on Friday. Not like the weather in Kentucky, again, simply an absurd statement.

 

The rest of the state is very different than South Florida. Grew up there and you couldn't pay me enough to live there again. :cool:

 

I live near you and you are correct:)......We (North Florida) are like a

different state......there is North Florida, then there is Mickeyland,

The Gulf area (Tampa) and then.......Palm Beach/Broward/Dade.

 

I have lived in this area all of my life (well, except for 3 years back in

the very late 80s.....I lived in North Miami).

I wouldn't move back down there either but then again, I own my condo

and don't have a mortgage so I probably would not move anywhere else anyway;)

 

Oh...you are in Melbourne now? Thought you were still in Gainesville....but I am sure

you get my post:)

Edited April 23, 2016 by Lois R

[Capt_BJ]

CHILLLLLLLLL

 

OP is 10 years OUT!