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<blockquote id="quote" class="ffs">quote: Robert, I can assure you that many older Americans are coming to Orlando - it is a far larger area than just Disney World. You might be surprised at how few Orlandoans even go to the parks each year. In fact, many of the principle buyers of downtown Orlando new condo construction are middle age and above Americans. I've seen the figures. Even more rural areas, such as in Seminole county are seeing "starter homes" starting at close to $300,000. The builders are touting the promise that even if the house is beyond the long term means of the buyers, if they will hold onto it for a year they will "make" $50,000 on appreciation. I visited a condo project in Jacksonville two weeks ago, located on the south side of town next to a strip shopping center, no fabulous amenities and in 12 steps you could walk across the units being sold for nearly $150,000. Buyers lined up for them. [/quote]
Seminole,
Why would I be surprised? The whole point I was making is that the Parks are not any form of incentive for Americans to move to the Orlando area.
I obviously agree with you about the high prices in the Orlando area; indeed that is the basis of this 'debate'. My post was disputing your contention that floods of retirees would be moving to the already high priced Orlando area and driving up prices further.
I know the area well and have a few American relatives in the area, 2 of whom are realtors. Their views is exactly the same as that of Chrizzy100.
If we keep to the subject of those retiring to Florida, why would they chose to live in the high priced Orlando area? What are the attractions over other parts of Florida?
The main reason for retiring to Florida, apart from the weather, is they want to release equity. Also, as you are aware, property tax is an ever increasing financial burden and this is directly related to the purchase price.
I am not sure what point you are making about the $150k condos in Jacksonville? Surely that is what Chrizzy and I are saying.
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<blockquote id="quote" class="ffs">quote:Originally posted by florida4sun
There isnt as much as it looks, a very low percentage of Florida land is suitable for building. If I remember correctly the figure is around 20%, aloty of it is very unstable lime stone and sand, you can see this when you fly in and see the 1000s of sink holes.
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By the way, how do you conclude there is "so little land available for development" in Orlando? There is masses.
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But some builders are using unsuitable land.......our builder looked into buying some land on the 27 which he later found to be unstable for building after paying out large amounts of money to find out if it was good building land or not......he dropped it...and within days it was picked up by an out of State builder and now it has homes going up on it....I wonder how land like that is getting passed for building on.......
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Many americans are buying property in Orlando as they come towards retirement. At that stage they have tghe money to buy and look at orlando as somewhere to invest and easy to rent the property out until they are ready to use it. I sold many homes over there and around 40% were retirees or coming up to retirement.
There is a very high percentage of work available for retiress in Orlando which appeals. Disney, universal and all of the parks are major employers of retirees, so that is a draw for them too.
As for freeing up equity. I usually found they were trying to tie it up by buying even more property.
<blockquote id="quote" class="ffs">quote:Originally posted by Robert5988
<blockquote id="quote" class="ffs">quote: Robert, I can assure you that many older Americans are coming to Orlando - it is a far larger area than just Disney World. You might be surprised at how few Orlandoans even go to the parks each year. In fact, many of the principle buyers of downtown Orlando new condo construction are middle age and above Americans. I've seen the figures. Even more rural areas, such as in Seminole county are seeing "starter homes" starting at close to $300,000. The builders are touting the promise that even if the house is beyond the long term means of the buyers, if they will hold onto it for a year they will "make" $50,000 on appreciation. I visited a condo project in Jacksonville two weeks ago, located on the south side of town next to a strip shopping center, no fabulous amenities and in 12 steps you could walk across the units being sold for nearly $150,000. Buyers lined up for them. [/quote]
Seminole,
Why would I be surprised? The whole point I was making is that the Parks are not any form of incentive for Americans to move to the Orlando area.
I obviously agree with you about the high prices in the Orlando area; indeed that is the basis of this 'debate'. My post was disputing your contention that floods of retirees would be moving to the already high priced Orlando area and driving up prices further.
I know the area well and have a few American relatives in the area, 2 of whom are realtors. Their views is exactly the same as that of Chrizzy100.
If we keep to the subject of those retiring to Florida, why would they chose to live in the high priced Orlando area? What are the attractions over other parts of Florida?
The main reason for retiring to Florida, apart from the weather, is they want to release equity. Also, as you are aware, property tax is an ever increasing financial burden and this is directly related to the purchase price.
I am not sure what point you are making about the $150k condos in Jacksonville? Surely that is what Chrizzy and I are saying.
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<blockquote id="quote" class="ffs">quote:There is a very high percentage of work available for retirees in Orlando which appeals. Disney, universal and all of the parks are major employers of retirees, so that is a draw for them too.
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Martin,
Your definition of a retiree is obviously not the same as mine.
I go with The Shorter Oxford English Dictionary version.
"to give up one's business or occupation in order to enjoy more leisure or freedom"
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People who still need to work when they retire .....would not be able to buy the homes we are talking about......maybe up to a few years ago they could....we did it ourselves....but only picked Orlando because the houses were then very cheap....we would not do that now...we would look elsewhere.....we have talked to a few of the older people working in Disney...a few had good paying jobs in FL before losing them...and find working in Disney fine because they already own their homes......they said that a common thing with a lot of their older work mates....
I just believe its a bad thing to let people buying new homes in STR areas for $300k plus think that they will have loads of retired Americans flocking to buy their homes if they wish to sell.....because I don't believe that will happen.....we are not talking about people retiring to FL and buying smaller places to live in the Orlando area so they can carrying on working...that is of no interest to people here....because they don't have cheap small homes to sell in the future....
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Robert, I believe that Chrizzy and Martin have both made my points in response to your comments.
I don't want to split hairs about the meaning of "retiree". The fact of the matter is that older Americans who have largely retired from their primary lifetime occupation and who have substantial assets are in fact buying expensive properties in Orlando. I believe Martin was a realtor for many years in Central Florida and speaks from personal experience and I am as well. Absurdly small condos at 150k do not, I think, make your point but perhaps highlight the ever increasing per square foot increase in property values.
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<blockquote id="quote" class="ffs">quote: Robert, I believe that Chrizzy and Martin have both made my points in response to your comments.
I don't want to split hairs about the meaning of "retiree". The fact of the matter is that older Americans who have largely retired from their primary lifetime occupation and who have substantial assets are in fact buying expensive properties in Orlando. I believe Martin was a realtor for many years in Central Florida and speaks from personal experience and I am as well. Absurdly small condos at 150k do not, I think, make your point but perhaps highlight the ever increasing per square foot increase in property values.[/quote]
Seminole,
I was aware that Martin was a realtor; but don't know how long ago that was.
However do I take it that from your "personal experience" you are also a realtor? If so that explains a lot.
As for Chrizzy having "made your points". Well Chrizzy can obviously speak for herself(and I hope she will) but my reading of her posts is that she, like myself, profoundly disagrees that there will be a queue of retired Americans buy in the high priced Orlando area. Viz:
<blockquote id="quote" class="ffs">quote:I just believe its a bad thing to let people buying new homes in STR areas for $300k plus think that they will have loads of retired Americans flocking to buy their homes if they wish to sell.....because I don't believe that will happen..
I sure that if everyone looked around where their STR homes is....they would be hard pressed to find a retired person
but I can't see many Americans picking up homes in STR areas in Orlando to retire
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American businessmen are not slow to miss an investment opportunity. However I am not aware of many buying in STR areas - and neither are my realtor contacts. If it was such a sure-fire thing they would be there in droves.
It is a different story on beachfront properties which are snapped up at pre-construction prices and 'flipped' by these investors.
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This does not mean that they would not work part time as many retired people like too. Both of my parents are retired from there full time occupations and taking pensions, yet they still choose to work part time, even though they do not have. The description below does not eliminate this.
<blockquote id="quote" class="ffs">quote:Originally posted by Robert5988
<blockquote id="quote" class="ffs">quote:There is a very high percentage of work available for retirees in Orlando which appeals. Disney, universal and all of the parks are major employers of retirees, so that is a draw for them too.
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Martin,
Your definition of a retiree is obviously not the same as mine.
I go with The Shorter Oxford English Dictionary version.
"to give up one's business or occupation in order to enjoy more leisure or freedom"
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I am not a realtor but why would that "explain a lot"? Frankly, I would think the realtors would be downplaying the escalating prices.
I am somewhat puzzled by your insistence on rejecting comments of first hand observers of the market in Florida. Is it clearer 4000 miles away?
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<blockquote id="quote" class="ffs">quote:Originally posted by florida4sun
Many americans are buying property in Orlando as they come towards retirement. At that stage they have the money to buy and look at orlando as somewhere to invest and easy to rent the property out until they are ready to use it. I sold many homes over there and around 40% were retirees or coming up to retirement.
There is a very high percentage of work available for retiress in Orlando which appeals. Disney, universal and all of the parks are major employers of retirees, so that is a draw for them too.
As for freeing up equity. I usually found they were trying to tie it up by buying even more property.
<blockquote id="quote" class="ffs">quote:Originally posted by Robert5988
<blockquote id="quote" class="ffs">quote: Robert, I can assure you that many older Americans are coming to Orlando - it is a far larger area than just Disney World. You might be surprised at how few Orlandoans even go to the parks each year. In fact, many of the principle buyers of downtown Orlando new condo construction are middle age and above Americans. I've seen the figures. Even more rural areas, such as in Seminole county are seeing "starter homes" starting at close to $300,000. The builders are touting the promise that even if the house is beyond the long term means of the buyers, if they will hold onto it for a year they will "make" $50,000 on appreciation. I visited a condo project in Jacksonville two weeks ago, located on the south side of town next to a strip shopping center, no fabulous amenities and in 12 steps you could walk across the units being sold for nearly $150,000. Buyers lined up for them. [/quote]
Seminole,
Why would I be surprised? The whole point I was making is that the Parks are not any form of incentive for Americans to move to the Orlando area.
I obviously agree with you about the high prices in the Orlando area; indeed that is the basis of this 'debate'. My post was disputing your contention that floods of retirees would be moving to the already high priced Orlando area and driving up prices further.
I know the area well and have a few American relatives in the area, 2 of whom are realtors. Their views is exactly the same as that of Chrizzy100.
If we keep to the subject of those retiring to Florida, why would they chose to live in the high priced Orlando area? What are the attractions over other parts of Florida?
The main reason for retiring to Florida, apart from the weather, is they want to release equity. Also, as you are aware, property tax is an ever increasing financial burden and this is directly related to the purchase price.
I am not sure what point you are making about the $150k condos in Jacksonville? Surely that is what Chrizzy and I are saying.
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