The Next “Hot” Neighborhood (Chicago: middle-class, homeowners insurance, transfer)

[ChicagoDavid]

Originally Posted by chitown202020

but are you willing to pay average 750 HOA fees?

That’s just starting point in Florida.

[Larry Siegel]

Originally Posted by dtcbnd03

Chicago real estate does not get the news article traffic like the coastal cities...but we'd be foolish to think what's happening in NY and elsewhere isn't happening in Chicago. Vacancy in my high rise has hit 20%...

"New Yorkers Are Fleeing to the Suburbs: ‘The Demand Is Insane’. Over three days in late July, a three-bedroom house in East Orange, N.J., was listed for sale for $285,000, had 97 showings, received 24 offers and went under contract for 21 percent over that price."

https://mail.google.com/mail/u/0/?tab=wm&ogbl#inbox

Considering that $285,000 wouldn't buy you a one-bedroom apartment in Queens, I can see why the house in crappy East Orange was overbid. Or maybe they thought they were in West Orange.

[RamenAddict]

Originally Posted by ChicagoDavid

I wonder where chicagoans are moving to. South Florida is on fire right now. COVID no COVID does not matter. New Yorkers are not scared of Covid, not the ones moving down anyways. Everyone from New York is moving down as if they didn’t already. Boy do I regret not moving 18 years ago I’d be sitting on goldmine.

There are already difficulties there due to climate change. People have been moving from IL/NY to FL for years. This is nothing new. I say this as a Floridian, and I have several friends originally from IL. Someone from my workplace here actually went to school with a friend down in FL who moved after college.

[ChicagoDavid]

Originally Posted by RamenAddict

There are already difficulties there due to climate change. People have been moving from IL/NY to FL for years. This is nothing new. I say this as a Floridian, and I have several friends originally from IL. Someone from my workplace here actually went to school with a friend down in FL who moved after college.

South Florida? I’m down there quite a bit never once have I met anybody moving to South Florida. I read tribune article chicagoans are moving to Tampa area. South Florida is South New Yawk.

[ChicagoDavid]

Originally Posted by dtcbnd03

Great article. Really sad to see the Mod cut. rioting and looting is pushing out people from downtown though. I wonder how the Logan Square type outer hoods are doing on sale prices. Chicago prices always stay flat year over year but that cause it includes the poor hoods on the south and west sides.

Logan Square is still doing good. Protests have not effected property value. Price drops are based purely on supply/demand. There’s still not enough supply available m the market. A lot of people want to move but it’s not easy. You have to find a place first to move to. Suburbs are not cheap unless you go out by Kyle Rittenhouse. A lot of homeowners I’m sure have looked or thought about it.

[wjj]

Originally Posted by ChicagoDavid

South Florida? I’m down there quite a bit never once have I met anybody moving to South Florida. I read tribune article chicagoans are moving to Tampa area. South Florida is South New Yawk.

Illinoisans and other midwesterners tend to buy in Southwest Florida for the most part (Fort Myers, Naples, Cape Coral, Sanibel, Estero, Bonita Springs, Marco Island) - full or part time. Same for a lot of Canadians from Ontario. East coasters tend to move to South Florida (Miami, Fort Lauderdale, Palm Beach, Boca). It may be something as simple as who historically went to Florida down I 95 vs I 75 and familiarity with those areas. We looked at the space coast in addition to SWFL and to us, SWFL seemed to be more like home, so that is where we bought 9 years ago. Splitting time between SWFL and the NW burbs year round for now. Can pull the plug at any time. I know lots of people doing the same thing. Life boat is already in place.

[ChicagoDavid]

Originally Posted by wjj

Illinoisans and other midwesterners tend to buy in Southwest Florida for the most part (Fort Myers, Naples, Cape Coral, Sanibel, Estero, Bonita Springs, Marco Island) - full or part time. Same for a lot of Canadians from Ontario. East coasters tend to move to South Florida (Miami, Fort Lauderdale, Palm Beach, Boca). It may be something as simple as who historically went to Florida down I 95 vs I 75 and familiarity with those areas. We looked at the space coast in addition to SWFL and to us, SWFL seemed to be more like home, so that is where we bought 9 years ago. Splitting time between SWFL and the NW burbs year round for now. Can pull the plug at any time. I know lots of people doing the same thing. Life boat is already in place.

That would make much sense. Good for you, you get the best of both worlds. I have not checked the real estate markets there so I don't know much about the area. I like Naples, Sanibel, Estero. I heard Marco Island is nice but never got around to it. Fort Myers, I thought people there were a little too hillbillish(I do not mean to talk them down, I don't know what else to call them, nice people but not my cup of tea). I like little bit of cosmopolitan.

[ChicagoDavid]

Originally Posted by wjj

Illinoisans and other midwesterners tend to buy in Southwest Florida for the most part (Fort Myers, Naples, Cape Coral, Sanibel, Estero, Bonita Springs, Marco Island) - full or part time. Same for a lot of Canadians from Ontario. East coasters tend to move to South Florida (Miami, Fort Lauderdale, Palm Beach, Boca). It may be something as simple as who historically went to Florida down I 95 vs I 75 and familiarity with those areas. We looked at the space coast in addition to SWFL and to us, SWFL seemed to be more like home, so that is where we bought 9 years ago. Splitting time between SWFL and the NW burbs year round for now. Can pull the plug at any time. I know lots of people doing the same thing. Life boat is already in place.

Since you go back and forth, so what do you think? would you say you saved alot of money? I think the area you are in, I would presume you would see a benefit. I presume you have your vehicles registered in great state of IL?

[wjj]

Originally Posted by ChicagoDavid

Since you go back and forth, so what do you think? would you say you saved alot of money? I think the area you are in, I would presume you would see a benefit. I presume you have your vehicles registered in great state of IL?

Actually, for us, it is a wash right now. We have cars registered in both places. Since we are both retired, income tax, which is a big issue for most, is not a big issue for us because Illinois does not tax retirement income. We may flip the switch soon before that changes. Also, there is no estate tax in Florida but there is in Illinois and it kicks in at a much lower threshold than the federal estate tax (this alone causes many to leave Illinois). Insurance of all kinds is quite a bit higher in SWFL. But real estate taxes are significantly lower. Waaaay lower. But since we are keeping both houses at least for now, that doesn't matter. Utilities are about the same. Sales tax is lower at 6-7% depending on where you are at. Price of goods is about the same but cost of services is much lower in SWFL. Much more relaxed every day living environment in SWFL. Though we both have lived around Chicago are entire lives, we find living here now to be exhausting. If we were to sell our house up here and move down to SWFL more or less full time, the biggest savings would be real estate taxes (over $15K annual savings at least) and paying lower sales taxes and having no estate tax to have to plan around. The rest is kind of a wash. Higher insurance but lower cost for services.

[ChicagoDavid]

Originally Posted by wjj

Actually, for us, it is a wash right now. We have cars registered in both places. Since we are both retired, income tax, which is a big issue for most, is not a big issue for us because Illinois does not tax retirement income. We may flip the switch soon before that changes. Also, there is no estate tax in Florida but there is in Illinois and it kicks in at a much lower threshold than the federal estate tax (this alone causes many to leave Illinois). Insurance of all kinds is quite a bit higher in SWFL. But real estate taxes are significantly lower. Waaaay lower. But since we are keeping both houses at least for now, that doesn't matter. Utilities are about the same. Sales tax is lower at 6-7% depending on where you are at. Price of goods is about the same but cost of services is much lower in SWFL. Much more relaxed every day living environment in SWFL. Though we both have lived around Chicago are entire lives, we find living here now to be exhausting. If we were to sell our house up here and move down to SWFL more or less full time, the biggest savings would be real estate taxes (over $10K annual savings at least) and paying lower sales taxes and having no estate tax to have to plan around. The rest is kind of a wash. Higher insurance but lower cost for services.

About what I thought. Didn’t know about the estate taxes. Thanks for the great insight and happy retirement.