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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 02-05-2009, 10:09 AM
 
Location: michigan
19 posts, read 56,837 times
Reputation: 13

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I am looking to buy a home either in the Kissimmee area or the Port St. Lucie area.

Any opinions on what would be a better market for me to rent the home and/or the possibility for price appreciation of the home when (or if) the market turns around.

Thanks for all the help.....looking forward to your responses.
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Old 02-05-2009, 05:14 PM
 
14 posts, read 52,090 times
Reputation: 12
I have been on the central Orlando forum and it would appear that people are happier with the Port St. Lucie area. I saw some unbelievably priced low cost homes (some new) in Kissimmee and mostly Poinciana - nearby. Both areas are not considered to be above average. You may be better in PSL. Good luck.
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Old 02-07-2009, 09:51 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,204,029 times
Reputation: 1999
Prices in PSL are great right now and so is financing. Many people live here for the cost factor and commuite to West Palm for business. Friendly area to retire to later
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Old 02-07-2009, 10:10 AM
 
12 posts, read 23,948 times
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Quote:
Originally Posted by FlaLadyB View Post
Prices in PSL are great right now and so is financing. Many people live here for the cost factor and commuite to West Palm for business. Friendly area to retire to later
FlaLady, is this a bad time for me to consider renting out my home? I'm possibly looking to move and want to wait for the economy to improve before selling. Since home prices are so reasonable, I'm thinking it would be near impossible to find a renter. What are your thoughts?
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Old 02-08-2009, 08:02 AM
 
Location: Port St. Lucie, Florida
4,507 posts, read 9,204,029 times
Reputation: 1999
I personally do a LOT of rentals in this area. Considering that a lot of homeowners were forced in to foreclosure that made the rental market the only way they could go. Many of the homeowners are doing exactly what you are doing- waiting for the economy to improve before selling and renting out their homes in the meantime for income. I have business 7 days a week because of this.
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Old 02-10-2009, 05:40 AM
 
12 posts, read 23,948 times
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Thanks for the info. I guess my husband and I have some decisions to make.
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Old 02-10-2009, 10:39 AM
 
Location: Pittsburgh, PA
1,304 posts, read 3,036,171 times
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You will not be pleasantly surprised by the costs of being an out-of-state owner attempting to rent your residence in Florida. In most cases, it is cost prohibitive. By the time you calculate the mortgage costs of a bank defined second home, the taxes, the maintenance, the HOA fees, the insurance, etc., you are virtually buying a money pit. Couple this with the fact that the property that you are attempting to buy may not appreciate, and you will find yourself in the dilemma of many owning Florida real estate.... owing more on your house than your mortgage. Despite what might appear to be a "buyers market", the end results can be very deceptive.
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Old 02-10-2009, 10:51 AM
 
3,566 posts, read 3,733,875 times
Reputation: 1364
Quote:
Originally Posted by Retiredcoach View Post
You will not be pleasantly surprised by the costs of being an out-of-state owner attempting to rent your residence in Florida. In most cases, it is cost prohibitive. By the time you calculate the mortgage costs of a bank defined second home, the taxes, the maintenance, the HOA fees, the insurance, etc., you are virtually buying a money pit. Couple this with the fact that the property that you are attempting to buy may not appreciate, and you will find yourself in the dilemma of many owning Florida real estate.... owing more on your house than your mortgage. Despite what might appear to be a "buyers market", the end results can be very deceptive.
We were considering doing what the OP proposed but our time frame for moving to FL is shorter--3 years. But we decided against it. Three years is a long time. A lot can happen--good and bad-- in that period of time. Although many expect this recession to last only another 12 months many experts are predicting a much longer recessionary period. Indeed some are even predicting that the economy could slide into depression. If that happens you don't want to be caught holding two homes. Too many unknowns out there right now.
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