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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 01-16-2013, 08:38 PM
 
1 posts, read 640 times
Reputation: 10
Default Future in PSL or South Florida? Rental Market Etc?

Hi from up North. It's a balmy 43 degrees ..but we DO hope to someday relocate to FLA. In the meantime, torn between going into debt to purchase in PSL or South Florida? More for your dollar in PSL but we hear unfavorable reports of crime in PSL, WPB areas and high unemployment which plagues all of US but est 11% in PSL. (Ouch). We'd have to lease the unit/home for several years and not sure what the rental market is like at this time. We realize we cannot homestead so pay more in taxes/insurance.
For many, what we can try to spend is not big money, but is big for us and there's so many details and questions and we try to get as much factual information as possible. We are at a disadvantage trying to search long-distance but internet gives us at least a glimpse of some properties. They can't decide if real estate has hit bottom for FLA or not but I don't imagine that prices will go much lower. Any ideas on the best/safest areas of PSL and any other advice/info is sincerely appreciated. Thank you so much.
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Old 01-17-2013, 05:05 AM
 
Location: Port St. Lucie, FL
848 posts, read 607,869 times
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Welcome Rich! Glad you came here- there are alot of people that will try to help you as best as possible.

First of all, do NOT be concerned with crime in PSL. It is much less than WPB. I watch the news every morning, and there is a shooting down south of us almost everyday. Seems like PSL crimes have more to do with robbery or theft. But it really is not bad.

I don't know if you are retired or not, but unemployment is high in areas around here. If you are still working- do not move without securing a job first. Just my recommendation.

There is a huge rental market. If you want an idea, just check out craigslist under FL- treasure coast. PSL has a very depressed real estate market, and alot of owners have made their homes into rental property. Prices seem to have hit their low...realtors are seeing the prices stabilize.

Good luck and hope to hear more from you!!
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Old 01-17-2013, 05:16 AM
 
2,108 posts, read 1,383,574 times
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Definitely not the time for a first time or causal investor. There's money to be made for the well heeled pro, but I think you would be taking a hell of a chance.
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Old 01-17-2013, 07:20 AM
 
191 posts, read 141,522 times
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Quote:
Originally Posted by HarryWho? View Post
Definitely not the time for a first time or causal investor. There's money to be made for the well heeled pro, but I think you would be taking a hell of a chance.
I agree with Harry. Someone who lives close to me owns rental property with her husband in a few cities in South Florida, one of which is Port St. Lucie. She told me she has had a difficult time with the rental in PSL (the others, in Hollywood Beach and Weston have been fine) and if they had to do it over again, would not have purchased the home in PSL -- they thought they could get more, and rent it easier -- that was not the case.

With high unemployment and a glut of properties, it would not be a good time, IMHO, to purchase a home and try to rent it out -- especially if you have to increase your debt load.
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