Moving from Florida.. A good idea?? (Jacksonville, Miami: real estate, housing, condo)

[Weloveantiques]

I see alot of folks leaving Florida, I wouldn't mind being one of them. My only question is.... Long term finances..

Will my house values go up in NC, SC or TN like they probably will here? I mean if someone left California or Long Island or Florida or New Jersey 20 years ago and moved to the Carolinas, I don't think they would be as well off now financially as the neighbors they left behind that are now selling their houses for big $. I Know several people that sold their Florida homes 4 or 5 years ago and now can't afford to move back here.

What will my house in FL be worth in 20 years?? What will a house in the Carolinas be worth?? Wish I had a crystal ball!!!

[LauraerieL]

Many areas do not see that kind of increase in the value of their homes as they would if they were living in areas of high growth with little supply. My Dad's house in S.C. near the N.C. border (south of Charlotte, about 20 minutes) sold for not too much more that they bought it about 8-9 years before. My house in Rochester, NY sold for just less than $9,000 more from 7 years ago.

Most, but not all, areas have a sufficient amount of desirable land to build homes on, so your home will probably not go up in value in any amount that might be noteworthy as long as there is enough room for everyone and nothing changes to drastically drawn in new people.

The value of the housing market is driven by consumer's mindset on what they believe something is worth...basically, if an area has enormous growth, then that must signify there is something in that area that lots of people want. Consumers will begin to pay more...just as sellers will ask more.

Value is what someone sees in something. And It's not completely predictable. So, try to live where you are the happiest!! And...Enjoy!!

[beachpad]

There are other factors involved such as storms causing homeowners ins. in FL to go up over 500% because of storms and required high deductable "wind insurance" up over 200% with new increases now due every 6 months. Things can change slowly with real estate or overnight. Consider your question about CA. and the news story out that at any moment L.A. could experience an earthquake much larger than the one that leveled a good part of Norther CA back around 1906. How many people TODAY, in light of that news story, would want to pay a high price for real estate in CA? My late grandfather, who passed away back in 1962, had a 16 acre estate on the St, Johns river in Jacksonvile and a few years after he died a major storm destroyed much of his home and his dock house and boat house were in the water with only the very top of the roof of the dock house above the water level. Look over listings on this forum for today and notice the one about the couple trying to decide between Jacksonville and Gainesville, FL and note the recommendations for Gainesville because it is inland and further from the water. This is not to say people will still not like to live near the water only that its going to cost a lot more in Florida with State "assigned risk" insurance. Many like real estate in FL for reasons such as a creditor can't take your home as they can in other States but even for many of these people they consider moving more inland to higher ground and away from water. The exception to all this is rental property where rents can be raised to offset higher costs but for the average homeowner in Florida these are NOT good times and to answer your question more directly you may soon see real estate in other areas moving up not because of growth but because of location.

[beachpad]

Its now 9:15 p.m. Eastern time and if you go to www.yahoo.com homepage and check the news stories on the homepage there is one entitled 'Official: 7 arrested in Sears Tower plot' so one might be inclined to ask oneself since we hear of these plots being busted almost on a weekly basis then how many "other" plots are there going on that the authorities don't know about?
This relates to your question in the sense that property in Tn. Ala..N.C. or some small town in Florida and the other "out of the way" areas you have mentioned could all of a sudden become the new "hot spots" because there are no tall buildings around for terrorists to strike. If few would move to L.A. today because of current news story major earthquake due to strike anytime then how many would want to move to New york City knowing its a major terrorist target with the exception of those whos work required them to be there. Besides the usual factors that effect business in general such as supply and demand there are now "other" factors effecting real estate values such as higher interest rates, terrorist targets and by the way the above mentioned news story now at www.yahoo.com homepage has the criminal conspiracy against the Sears tower plot home based in Miami, Florida! For Florida real estate for a retired person who can live anywhere it might not be a bad idea to consider these out of the way locations that people are not rushing to, where the prices are cheaper, where the land is higher in elevation and away from water and where there are no tall buildings for terrorists to strike.

[Jewels36]

Originally Posted by LauraerieL

Many areas do not see that kind of increase in the value of their homes as they would if they were living in areas of high growth with little supply. My Dad's house in S.C. near the N.C. border (south of Charlotte, about 20 minutes) sold for not too much more that they bought it about 8-9 years before. My house in Rochester, NY sold for just less than $9,000 more from 7 years ago.

Most, but not all, areas have a sufficient amount of desirable land to build homes on, so your home will probably not go up in value in any amount that might be noteworthy as long as there is enough room for everyone and nothing changes to drastically drawn in new people.

The value of the housing market is driven by consumer's mindset on what they believe something is worth...basically, if an area has enormous growth, then that must signify there is something in that area that lots of people want. Consumers will begin to pay more...just as sellers will ask more.

Value is what someone sees in something. And It's not completely predictable. So, try to live where you are the happiest!! And...Enjoy!!

I don't think FL and CA are the only places seeing such property increases. I think there are many areas in many states also experiencing large increases. Both NC and TN are being flooded with people moving from FL and CA because they can no longer afford to live in these states. Most of these people flock to the larger cities in NC and TN, as a result these areas are starting to see a housing shortage and properties and taxes are increasing drastically.

We currently live in a small town in KY. We bought our home new 2 years ago. Since then the homes in our neighborhood have gone up $40-50K. I'd say that is a pretty healthy increase. I am aware that in FL and CA people may be seeing larger increases in property value but I am also aware that these areas are also starting to see a slow down on sales. In the time we have started looking for a home in the Tampa area (about 1 month), I have noticed many sellers reducing their sales price by $20-30k just to try and sell their homes. I have also noticed newer lisitngs entering the market coming in much lower than they were just 3 weeks ago. Truth is the housing market in FL was and is over inflated and it is starting to see a correction.

Beachpad is right when he says there are other factors to be considered. Low cost of living and housing expenses can often outweigh the possible increases in property value. In my area in KY we get a lot more home for $200k than you can get in FL and we only pay $546 a year in insurance and our taxes are only $900 or so a year. We have really low utility bills compared to other places too. And our property still appreciated quite a bit.

The only benefit I can see to owning a home in FL and CA that is taking on huge increases is if you are selling it. Of course, you won't be able to buy another home in the area afterwards because they have all appreciated at the same rate.

[summergal]

Originally Posted by Weloveantiques

I see alot of folks leaving Florida, I wouldn't mind being one of them. My only question is.... Long term finances..

Will my house values go up in NC, SC or TN like they probably will here? I mean if someone left California or Long Island or Florida or New Jersey 20 years ago and moved to the Carolinas, I don't think they would be as well off now financially as the neighbors they left behind that are now selling their houses for big $. I Know several people that sold their Florida homes 4 or 5 years ago and now can't afford to move back here.

What will my house in FL be worth in 20 years?? What will a house in the Carolinas be worth?? Wish I had a crystal ball!!!

You sound like you are afraid to move because you will lose all that money (you assume) your home will bring you 20 years from now. Well unfortunately we don't have a crystal ball (although it would be especially handy in hurricane season! lol), so living in the reality of this moment, not an imagined time down the road is were your true answer may be. It's possible that the things you dislike in Fla are going to be the same type of things that will be part of your life in another location where the prices are rising rapidly, like traffic and rising crime... Doesn't it make more sense to ask yourself what lifestyle and environment you would like to live for the next 20 years of your life? It reminds me of the guy who works 90 hours a week to provide the "best" of everything for his family, then 20 years later his kids are married and moved to places all over the country and never sees them and he realizes he lost all those precious years of "living" chasing an imaginary prize. His real prize was the "living" part that was pushed aside.

Hon your prize is a better life. If you don't love living in FL, get the heck out and put yourself in a place that you will love. If the place you decide to move to doesn't have big housing profits, what does it really matter? You will be enjoying the next 20 years in a place you love and likely wouldn't want to sell it anyway. Don't overthink it. Just get on with the "living" part

[pslOldTimer]

Wow, great advice, Summergal. My wife has a similar bit of advice for job seekers; as long as you can provide for your basic needs, loving the work you do is much more important than getting the highest salary. When I was younger I don't think I agreed with her, but now, looking back with the wisdom of age, I understand that she was exactly correct.

I have friends who comment, "I can't afford to leave all that profit sitting in my house. I'm selling and moving somewhere where the costs are lower." I reply, "As your friend, I feel compelled to remind you that there is usually a reason why the costs are lower somewhere else; usually it's because not enough people want to live there. Maybe they know something you don't."

[macguy]

Originally Posted by pslOldTimer

Wow, great advice, Summergal. My wife has a similar bit of advice for job seekers; as long as you can provide for your basic needs, loving the work you do is much more important than getting the highest salary. When I was younger I don't think I agreed with her, but now, looking back with the wisdom of age, I understand that she was exactly correct.

I have friends who comment, "I can't afford to leave all that profit sitting in my house. I'm selling and moving somewhere where the costs are lower." I reply, "As your friend, I feel compelled to remind you that there is usually a reason why the costs are lower somewhere else; usually it's because not enough people want to live there. Maybe they know something you don't."

I don't know about that. People want to live there but there is an abundance of land such as in the Florida panhandle. and property does not go up. I live in fort Lauderdale which is built out. They have to tear something down to build something new. When that becomes the case property may fluctuate but it never goes into the crapper because there is just not that much of it. I live in a house my father bought in 1955 for $14,000.00. I turned down $350,000. a few years ago. Today I expect to get an offer above a million when we put it on the market around the beginning of the year. Unfortunately it will be torn down for luxury town houses but that is the way it is. I have been looking at stuff in the panhandle and I find nice houses on acreage for about what my guest house is worth here. I look at it a a step up in lifestyle. I just got back from the bank, it's two miles away and took me 45 minutes before I was home due to the traffic.

I'm not the only one thinking like this. There is a project being developed right now with 15 and 20 acre gentleman farms being marketed to the wealthy. They start close to a million, I think Disney may be involved. I know the St Joe company is. I think the name of the project is called White Fence Farms or something like that. It may not be that bad in investment moving to north Florida. Some of those small towns such as Bristol and Paxton have projected growth of 29 to 32% over the next few years.

[summergal]

Thanx pslOldTimer. Your wife sounds very wise. Very much the type of things my grandmother used to say. Growing up in the hills, there was alot of great wisdom around you... simple, uncomplicated yet profound. Like you say, although some of us (myself) take a little longer for it to sink in...lol But I do understand it now that I'm older.

I know this is very hard for some people to understand, but ya know not everyone is interested in moving to a place with "growth". To me there can be a gain by buying in an area with low home prices and small growth. You can buy a home for cash from the profit from your Florida/NYC/Wherever home and not worry about a condo going up behind you next year. A paid off house in the country could give you peace of mind as well as peace and quiet

[macguy]

Originally Posted by summergal

Thanx pslOldTimer. Your wife sounds very wise. Very much the type of things my grandmother used to say. Growing up in the hills, there was alot of great wisdom around you... simple, uncomplicated yet profound. Like you say, although some of us (myself) take a little longer for it to sink in...lol But I do understand it now that I'm older.

I know this is very hard for some people to understand, but ya know not everyone is interested in moving to a place with "growth". To me there can be a gain by buying in an area with low home prices and small growth. You can buy a home for cash from the profit from your Florida/NYC/Wherever home and not worry about a condo going up behind you next year. A paid off house in the country could give you peace of mind as well as peace and quiet

Your exactly right. Places like Bonifay, Chipley, Cottondale and other cities, what you can buy will knock your socks off. Add to that low crime rate, air you can breath, Bristol has one of the highest ratings for it's air quality in the country. Quality of life should be number one. A lot of people have gotten a nice ride on the home inflation train. With today's tax laws they can sell a house and walk away in most cases with the capitol gain tax free or at the worst a small portion of it taxed at 15%.

Just everyday working people today with a house, can end up with more money in their pockets then they ever dreamed of and like you said, in a different market pay cash for a house and stick a few hundred thousand in the bank with no debt or money troubles for maybe the first time in their lives while living a better life style. It is just a matter what you want and a plan.