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Old 11-04-2015, 07:25 AM
 
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We are relocating from CT with its unfunded public Union pension plans to PVB. I have been reading that Jacksonville also has significant unfunded public Union pension fund liability. Is this true of PVB? How do you see this impacting homeowners and citizens going forward?
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Old 11-04-2015, 10:03 AM
 
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Very conservative.

The teachers unions are not as powerful in FL as they are in NY/NJ/CT (they aren't required to be in Union and participation is lower; nor do they negotiate so hard with local school boards, etc; and I don't think they are tenured). Don't know about other unions.
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Old 11-04-2015, 12:05 PM
 
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Originally Posted by AnnieCt View Post
We are relocating from CT with its unfunded public Union pension plans to PVB. I have been reading that Jacksonville also has significant unfunded public Union pension fund liability. Is this true of PVB? How do you see this impacting homeowners and citizens going forward?
Ponte Vedra Beach is in St Johns County. The pension is for Jacksonville/Duval County Police and Firefighters.
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Old 11-04-2015, 01:32 PM
 
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Originally Posted by jwolfer View Post
Ponte Vedra Beach is in St Johns County. The pension is for Jacksonville/Duval County Police and Firefighters.
I know. I was just wondering if Ponte Vedra was going to be facing some of those issues.
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Old 11-04-2015, 02:52 PM
 
Location: Ponte Vedra Beach FL
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Originally Posted by AnnieCt View Post
I know. I was just wondering if Ponte Vedra was going to be facing some of those issues.
Ponte Vedra Beach is unincorporated. So any pension liabilities would be those of St. Johns County - or the State of Florida in general. And the simple answer is I don't think anyone knows right now what the situation will be 10-20+ years down the road. I suspect things won't be fantastic. Simply because so many government bodies are (grossly) overestimating the projected returns on their pension investments.

I buy a lot of municipal bonds and am therefore aware of the dismal situation in Connecticut (whose bonds I avoid - even GOs). The situation in Connecticut caught me by surprise because the state as a whole is so affluent. I am still buying Florida GO munis (among others) - so I guess that is a vote of confidence in our state . I would never buy something like SJC muni bonds (regardless of agency ratings). Robyn

P.S. The situation in Jacksonville/Duval County (the city and county are co-extensive) is a really big (disgusting IMO) mess now.
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Old 11-04-2015, 03:21 PM
 
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Thanks Robin, that's a helpful answer. CT's problems e ceded their pension obligations. We are overtaxed, over burdened with government regulation and have a governor who could have written a book on crony capitalusm. We are also in a tough housing market.
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Old 11-04-2015, 03:52 PM
 
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I don't know anything about the pension plans but just wanted to say I moved from Berlin, CT 3 months ago. Welcome! I love it here. I had a horrible time selling my CT house which was completely remodeled from top to bottom and sold it for WAY less than I ever thought. I am closing on a new house here of the same value in a few days and my real estate taxes are half of what they were in Connecticut! Such a pleasant surprise.
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Old 11-05-2015, 09:32 AM
 
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Originally Posted by canajo View Post
I don't know anything about the pension plans but just wanted to say I moved from Berlin, CT 3 months ago. Welcome! I love it here. I had a horrible time selling my CT house which was completely remodeled from top to bottom and sold it for WAY less than I ever thought. I am closing on a new house here of the same value in a few days and my real estate taxes are half of what they were in Connecticut! Such a pleasant surprise.
Welcome!

Do you think Fairfield County is having the same housing market slowdown? (ie, NYC commutable suburbs)
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Old 11-05-2015, 06:36 PM
 
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Originally Posted by snuffybear View Post
Welcome!

Do you think Fairfield County is having the same housing market slowdown? (ie, NYC commutable suburbs)
Fairfield usually is a totally different market normally but I could not say for sure. We are all shocked at just how bad the market is for selling so who knows if Fairfield is surviving! I can tell you that it is affecting my friend who is trying to sell in New Hartford in the Northwest corner and very often protected in bad markets. Many people from NYC have 2nd homes in the Northwest corner. I lived in Central Connecticut and my agent said she has never, in 28 years, seen as many houses on the market in my town.
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Old 11-05-2015, 06:41 PM
 
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Originally Posted by canajo View Post
Fairfield usually is a totally different market normally but I could not say for sure. We are all shocked at just how bad the market is for selling so who knows if Fairfield is surviving! I can tell you that it is affecting my friend who is trying to sell in New Hartford in the Northwest corner and very often protected in bad markets. Many people from NYC have 2nd homes in the Northwest corner. I lived in Central Connecticut and my agent said she has never, in 28 years, seen as many houses on the market in my town.
Is the Hartford economy not in good shape right now - companies laying off?
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