When Life Gives You Lemons – Buy a Waterfront Condo
This is a true story. My clients – Mr. & Mrs. XYZ are Gen-Xers living comfortably in New Jersey but hating the winters. They always planned on retirement to live in South Florida but with retirement many years away they accepted a job offer in Atlanta and sold their New Jersey home. Then COVID hit. The Atlanta job fizzled and went out and they found themselves in the precarious position of no home and no job. Luckily, they were able to find re-employment and a rental in New Jersey where they hunkered down and prepared to weather the pandemic storm.
Then they had an ‘aha’ moment - why not go ahead and buy the retirement home they always dreamed of? Today they are proud owners of a beautiful Florida waterfront condo that they escape to whenever they can. They are enjoying their second home, making friends and paving the way for a good retirement experience when that day comes.
Mr. & Mrs. XYZ are not alone in rethinking their real estate plans. Many homeowners nearing retirement are changing their retirement time-line and retiring earlier than planned. Some may have lost their jobs during the pandemic and decided not to go job-hunting. With widely available, more flexible work arrangements, others are semi-retiring and can work from home anywhere.
Also changing plans are young adults and families faced with increasingly high rentals in both urban and suburban areas. In Florida, first-time homebuyers, active military and veterans can benefit from a range of programs aimed at helping them achieve home-ownership.
In today’s uncertain economy, if Plan A fails and Plan B looks dicey, investing in real estate is a really good option and, as many out-of-state buyers are finding, South Florida is an excellent choice. Some of the many plusses – no state income tax, affordable homes in attractive, low-density communities with readily available education and social amenities, year- round sunshine and beautiful beaches.
Changes in housing plans and the current wave of migration from high-density northern cities, make for a very dynamic real estate industry in South Florida.
The make-up of this wave of migration is varied. As well as our always welcome retirees, we are attracting young singles and families, entrepreneurs ready to set up businesses, entertainment stars and moguls, out-of-state and foreign investors.
The sleepy, laid-back Florida is still here but Broward and Palm Beach cities also have all the most desirable modern amenities – economic opportunities, lively arts, entertainment and sporting facilities, and attractive urban and suburban communities with a wide range of housing options.
To buy or sell your place in the Florida sun call me at 954-295-9282.