Vacation home turn permenant residency in panhandle (Tampa, Pensacola: real estate, foreclosures)

[cheriex333]

I've been reading through forums on this site and responses are extremely helpful (community, housing, job market, schools). I'm writing to solicit information that I wasn't able to find.

My husband and I are from the Washigton D.C. area looking to purchase a vacation home in the Florida panhandle. If we end up loving the area we'll most likely retire there as well. We've been working with a realtor, who has informed me of some information which I'd like feedback on, they include:

1. Agent states that Gulf Breeze homes are not flood insurable. Question: Is anyone aware of have knowledge of which areas are not flood insurable? We found a home 10 blocks from the beach which backs to a canal that is just perfect, but we're hesitant to move forward if there's no flood insurance coverage.

2. Agent states there are areas of Navarre (to the north) which has a tower that makes homes in that area less desirable to perspective buyers. Question: Do you know of any particular areas or sections of Navarre, Gulf Breeze, Fort Walton Beach, Niceville, Santa Rose beach that are not desirable for any reason?

3. From reading previous posters questions and comments, we've narrowed down our destination to the following areas. Navarre, Niceville, Gulf Breeze, Santa Rosa Beach, Fort Walton Beach
Are there any other areas which we should consider? We've eliminated Pensacola and Destin.

4. We are an Asian family with strong Christian values, and are on the conservative side. Do you think we'll be out of place in an area such as Navarre or Santa Rosa Beach? I grew up in a metropolitan area with lots of diversity and access to various international food markets, is there that kind of option within driving distance (30 mins - 1 hr)?

Thank you in advanced for reading and for your thoughtful responses!

[jhlcomp]

Just some friendly advice. I am not that familiar with the area, but do try to rent before buying anything. I moved from McLean to south Florida many years ago and that is what we did. I am so glad we rented first. It gave us the opportunity to really research our area and we made the right decision when we chose our home and location. Now we are ready, after many years, to make the move north to the panhandle. We will rent once again before making our final decision.

[beachmouse]

IIRC, the issue with Federal flood insurance is that it's supposed to only be used on primary residences that are occupied most of the year, and that it takes having homestead status for property purposes in order to be eligible. (But don't quote me on that.) However there are private companies these days that will write flood insurance at a non-subsidized price:

Two private insurers to offer flood insurance in Florida | Tampa Bay Times

I know Okaloosa County has flood zone maps up on its web site; I assume Santa Rosa County does the same.

I'm confused about the Navarre (which is essentially due east of Gulf Breeze) tower thing unless you're talking about the Air Force tower on land it controls on Santa Rosa Island.

In terms of undesirable areas, if/when the F-35 training mission fully gears up, the 'sound of freedom' could be rather intense in Valparasio, the SW part of Niceville, and a few parts of Shalimar. They're definitely louder than the previous generation of fighter jets.

There's actually a decent-sized Korean/Thai/Filipino population in greater Ft. Walton Beach (usual pattern is a 'war bride', a husband who got a civilian job in the area after he retired from active duty, and then a few family reunification visas later, the wife is running her own small business with those relatives as employees.) complete with specialty grocery stores, and I know I've seen signs for a Korean Christian church in the area.

[southernnaturelover]

Don't rule out Fairhope a little further to the west also.

[cheriex333]

Thank you all for your responses. Renting is ruled out since my husband and I are employed in the DC area, we can't leave our jobs. The most we can do is vacation for 1-3 weeks. I am going to slow down gear as my real estate agent advised of the floor insurance hike (quadruple!) in all of the state of Florida. I am not sure exactly the terms, but I reading where some folks insurance went from $3k to $20k/year. I think there are exceptions like if you do not have a mortgage, or if you're an existing owner. Anyways, I want to thread carefully because I don't want to be stuck with two mortgages and be in over my head.

[GreggT]

Have you thought about buying a condo and renting it out plus giving you the 1-3 weeks or more to visit?

[cheriex333]

GreggT - I am open to a rental income generating home. My first order is to find a good house, in a nice neighborhood which has affordable flood/hurricane insurance. So far I've seen a lot of foreclosures which look tempting but I am hesitant about the headaches that go with a foreclosed home.

[Rabflmom]

Originally Posted by cheriex333

GreggT - I am open to a rental income generating home. My first order is to find a good house, in a nice neighborhood which has affordable flood/hurricane insurance. So far I've seen a lot of foreclosures which look tempting but I am hesitant about the headaches that go with a foreclosed home.

The other thing to consider.....if this is going io be your full time home someday.......only certain areas allow short term rentals so someday you will be having a revolving door of tourists coming in and out of the houses around you making it really hard to get a neighborhood feel and friends living next door.

[marjean]

After living in pensacola for 23 years we moved to the dc area in 2000 for my husbands job. We are starting to think about moving back. (We live in sc now). It used to be an probably still is that if you live north of I10 insurance rates go down. You wouldn't have trouble fitting in anywhere in the area. We are also conservative Christians. Our boys went the pensacola Christian school and we attended a conservative baptist church.

[m1a1mg]

Originally Posted by Rabflmom

The other thing to consider.....if this is going io be your full time home someday.......only certain areas allow short term rentals so someday you will be having a revolving door of tourists coming in and out of the houses around you making it really hard to get a neighborhood feel and friends living next door.

Excellent point. There are areas that do not allow rentals of any kind, but you are going to pay for that luxury.