We are thinking of becoming snowbirds and buying in Florida to spend our winters on a B2 visa.Is the time right now or should we wait to see if the prices drop even lower?
I really don't mean to be flippant, but had you considered somewhere that perhaps wasn't threatened by multiple hurricanes every year, and where most places aren't below 50 metres elevation?
Mainherd, Your money + your choice. There are certain areas of FLA which are best avoided at present. The US real estate market is in a state of fluctuation to put it mildly. My wife is from FLA (although New York born) and I've lived there. Trying to guess exactly when a given market has hit the bottom and will it continue to bounce along or begin the climb back up is a tortuous science and one which has escaped all those but the luckiest. (Thus far the exact moment has escaped me too) I get the impression this is more for you to live in than as an out and out investment vehicle. So, when you feel comfortable with the signs, having done a little basic research, would be the right time for you. More important for you to choose the right place. This you can only do by going over and seeing for yourself. If you are in a position to do so go over for a few months rent in the area and see how it suits you. Then and only then consider looking for your own place. The area around St Augustine is lovely (although pricey). Just North of Tampa from say Tarpon Springs through North of Crystal River is lovely. Gainsville is an interesting prospect for retirement - inland but a thriving university town with much to do for young and old once you've become a little jaded with the beach. Surrounded by woodland and parks - nice spot (again - not the cheapest in Fla) Going North the area in and around Tallahassee (State capitol) is a little cheaper and my choice would be just outside in the hills (Hills by FLA standards not by ours) There are many communities along the Panhandle which may suit your needs - some of the best beaches in the world with little fishing ports, forestry and a smattering of larger towns should you need their facilities. Incidentally don't rule out Georgia and S Carolina - in most cases cheaper than Fla and without the overdevelopment problems. My humble opinion is that Fla (parts of) have not seen the end of their woes yet and you have a little time to do your research and planning - don't be rushed into anything. If you have cash you are the king, don't get too hung up on the asking prices, offer low, be persistent and seem critical rather than enthusiastic. Resales are more often than not better value than the new build. Please don't get seduced by the developers flim flam and gimmicks. Good luck.
Originally posted by mainherd: We are thinking of becoming snowbirds and buying in Florida to spend our winters on a B2 visa.Is the time right now or should we wait to see if the prices drop even lower?
If you buy a $500K house, your anual taxes would be around $11000. To this you need to add another at least $10000 for insurance and other stuff.
Are you prepared to pay at least $21000/year for taxes+insurance? I bet it is much cheaper to rent for the 2-3 months/year you want to live over there...
It looks dicey to me - when the flight taxes go sky high for global warming, you might never be able to get there, and then not be able to sell - you might be better advised to buy closer to home, somewhere that you can reach by rail if the worst comes to the worst
