Is SW Fla affordable? (Tampa, Weston: car insurance, new home, buyers)

fischfam · 12-31-2006, 11:36 AM

My wife an I are looking to relocate from the NJ to the gulf coast and are looking to have our house either paid off or a very little mtg. We are still in our 40's and looking for a low key lifestyle. From what I hear jobs are either hard to find or low pay. I also hear that avg homeowners ins is like 10K/yr. Is it possible to make it down there and still have a good lifestyle? I have two kids one going into HS the other going into college. We are looking into the Sar area around North Port. and BTW old folks don't scare us too much. Comments please!

firemed · 12-31-2006, 12:05 PM

The best thing to do is check out the area you are looking to move to. Like NJ you have good and bad areas. I would like to know why Florida, The south is a big area and prices are cheaper in GA.SC.and NC. But come down and check it out.

fischfam · 12-31-2006, 12:34 PM

we are planning on taking many trips prior to deciding. The main reason is we have been there in the past and enjoy the areas of the gulf more the the east. It seems laid back and affordable but SC anbd NC are still not out of the picture.

jhlcomp · 12-31-2006, 12:59 PM

Oh boy, where to begin. Like any area, it is best to do your research and come down and check things out.

I have lived here for 19 years. The housing market, like around the US, is turning into a buyers market. That doesn't mean you will see huge drops, not al all. South Florida is almost built out and some will say we are already there. Housing will go up again.

Here is what is happening. Property taxes are high and may be absurdly so depending on where you are coming from. The real catch is insurance. All of us have seen our insurance increase by 2 or three times. We live 23 west of the ocean in an area called Weston. Example, we live in a 2800 sq. ft home on a lake. We purchased this home in 1994 for $182,500. We can sell it today for $710,000 (even in this market). Insurance was $3000 per year (not including flood). It has just gone up to $6,000 per year. Some folks are seeing $9000 per year and more.

If you are a new home buyer and and purchase a home for say $500,000 expect to pay around $9000 for taxes (may be conservative) plus whatever insurance will cost, etc. Best thing to do is call one of the insurance companies down here to get more accurate figures.

We love our home and don't really want to leave, but are seriously considering moving west such as AZ, NM, NV.

I am not trying to discourage anyone from moving here. Hurricanes have made a huge impact on insurance rates. Car insurance is high as well, but again it depends on where you are coming from.

firemed · 12-31-2006, 01:12 PM

Quote:

Originally Posted by jhlcomp

Oh boy, where to begin. Like any area, it is best to do your research and come down and check things out.

I have lived here for 19 years. The housing market, like around the US, is turning into a buyers market. That doesn't mean you will see huge drops, not al all. South Florida is almost built out and some will say we are already there. Housing will go up again.

Here is what is happening. Property taxes are high and may be absurdly so depending on where you are coming from. The real catch is insurance. All of us have seen our insurance increase by 2 or three times. We live 23 west of the ocean in an area called Weston. Example, we live in a 2800 sq. ft home on a lake. We purchased this home in 1994 for $182,500. We can sell it today for $710,000 (even in this market). Insurance was $3000 per year (not including flood). It has just gone up to $6,000 per year. Some folks are seeing $9000 per year and more.

If you are a new home buyer and and purchase a home for say $500,000 expect to pay around $9000 for taxes (may be conservative) plus whatever insurance will cost, etc. Best thing to do is call one of the insurance companies down here to get more accurate figures.

We love our home and don't really want to leave, but are seriously considering moving west such as AZ, NM, NV.

I am not trying to discourage anyone from moving here. Hurricanes have made a huge impact on insurance rates. Car insurance is high as well, but again it depends on where you are coming from.

South Florida is far from built out. I have been here all my life and fly over the area all the time. There is a lot of swamp left.

jhlcomp · 12-31-2006, 01:15 PM

Yes, there is lots of acerage and swamp land, but that is supposed to be protected land and/or wetlands and can not be built upon.

mmccool719 · 12-31-2006, 01:24 PM

I am in Naples and luckily bought in Naples in 2001 for under 250k. Although it is a buyer's market, it is still tough to find a house large enough for a family for less than $400K, and your lot size is about as big as a postage stamp. We are, along with masses of other young families are leaving in the near future because if you don't make the big bucks here, you just can't get ahead. I do think there are lots of jobs here and they also pay better than most parts of Florida because employers are FINALLY recognizing the cost of living is high. If you get your heart set on this area, you should maybe consider Estero area, there's lots of family oriented places being built and a ton of growth happening thanks to FGCU. Oh and insurance?? I just got a cancellation notice that my company won't even cover Florida anymore. But we have all just about tripled in rates in the last 5 years. I pay close to $4000 a year. Good luck, but really look at the housing before you decide.

firemed · 12-31-2006, 01:27 PM

Quote:

Originally Posted by jhlcomp

Yes, there is lots of acerage and swamp land, but that is supposed to be protected land and/or wetlands and can not be built upon.

anything south of Tampa is the swamp. Protected land is very small south of Naples or babcock ranch ( sold to a developer that said he would protect some of it ). all the areas you see near the coastline are filled with sand/rock and is still swamp and there is still alot of it left.

Anne1125 · 12-31-2006, 01:34 PM

We're in New Jersey and will be retiring and moving to Englewood FL in about 13 years.

We own a lot and will build when we can.

Englewood is quiet and lots of retirees, but that is what we want.

covebound · 12-31-2006, 01:56 PM

South Gulf Cove is also a nice area and the home prices are not as high as in Naples and surrounding areas. You can have a nice home on the water for a bit less there. Taxes can range from $3500 to $6000 depending on the type of property you purchase. North Port is an up and coming area. There is a brand new High School and many new things being built to accomodate the growing population of younger families. There too you can purchase a home at a bit lower price then Estero, Naples and the East Coast of Florida.
Weston is basically on the east coast near Rt. 75. The home prices are much much higher there.
You really need to come down and get a feel for the area before you decide.
Englewood is also a nice area which is located right on the gulf. It is not far from South Gulf Cove.
Welcome!