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When I lived in Rhode Island, 2 years ago some real estate guy, he was telling me that he just came back from FL and invested 7 million into apartment buildings in FL because Florida was behind 7 years on real estate.

Is this true, I guess he is comparing Florida to Rhode Island and North east.
 

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Florida real estate is still cheap compared with northeast and west coast imo.

Florida will be like NY & Calif. in 5-10 yrs as the boomers retire and move there in droves.

just my call
 

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^Probably not quite to that extent (the Cally price structure is looney tunes), but it will start to get pretty ridiculous in some cities.

I fear this will really hurt the state's viability, as we are becoming less and less attractive to working age folks and especially families. The whole state is growing like gangbusters (our numerical growth now eclipses Texas's, and is almost on pace with Cally's), yet the state is woefully behind with infrastrcuture growth and cultural amenities to lure businesses, and our education system is a joke... Worse yet, all of the monied retirees are skewing the real estate market upwards considerably, and generally stagnant wages mean mewcomers, especially families, will have an increasingly hard time affording the kind of place they want... In short, our cost of living is starting to get seriously out of whack with our quality of life. At least it is IMO as part of a young, professional family.
 

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I think you're right on, Jason. Cheap real estate prices, and often times cheap waterfront property, is a large part of what has made Florida what it is today, which is not necessarily a good thing. Nonethless, I would dearly hope we don't see much more price increasing in the residential sector because as soon as interest rates return to normal levels, prices for a decent home are going to be unattainable for most, as if they aren't already. Just because the Northeast is even pricier, doesn't mean that those prices are healthy.
 

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Wages in the northeast are much higher too (but then again so are taxes). 2 years ago Florida was about 7 years behind the northeast in pricing but I think it wont take 7 years to catch up.
 

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Florida is far and away one of the primary places in the country for real estate price escalations over the next like 20 years. Simply put, the baby boomers are coming, and they have plenty of money to spend. especially allof the ones coming from pricey places like NYC, DC, CHI, PHI, BOS, even California... they are selling houses worth $500k or more, and they're going to be willing to spend probably the same or more to get the house they want in the location they want down here. People who retire are not in the mood to make compromises for the future anymore, because they're at the future.

And btw, taxes will inevitably rise here considerably as the bills come due for things put off int he past, and to vainly try and keep up with growth. The cost of growth can only be put off for so long, before the bill finally comes due and must be paid... And besides, I don't think owning a house is all that cheap in Florida as it is already. I myself live in a place worth only a bit more than $150k, and pay nearly $3k a year in just property taxes. IMO, that is not cheap. For me, my taxes, insurance and fees cost almost the same as the mortgage itself (only $40 a month less). This trend will only get worse in time.
 

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Jasonhouse said:
^Probably not quite to that extent (the Cally price structure is looney tunes), but it will start to get pretty ridiculous in some cities.

I fear this will really hurt the state's viability, as we are becoming less and less attractive to working age folks and especially families. The whole state is growing like gangbusters (our numerical growth now eclipses Texas's, and is almost on pace with Cally's), yet the state is woefully behind with infrastrcuture growth and cultural amenities to lure businesses, and our education system is a joke... Worse yet, all of the monied retirees are skewing the real estate market upwards considerably, and generally stagnant wages mean mewcomers, especially families, will have an increasingly hard time affording the kind of place they want... In short, our cost of living is starting to get seriously out of whack with our quality of life. At least it is IMO as part of a young, professional family.

^^I'm afraid you're right. I think these things have a way of correcting themselves out, but in Florida's case, that could be awhile. And when these corrections happen, its usually not pretty.
 

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i agree with jason. while we have been catching up to the north in terms of housing costs, florida remains cheap but at a high cost to future generations who will have to deal with environmental, development and cultural issues that are on the back burner. however, in places where issues like the culture and environment are being addressed and where boomers have already started moving to for retirement (sarasota, for instance) costs have esclated tremendously. It used to be you could get a new, large house on two acres for 300,000, and now that same house costs 2 million. Even a studio in a condo tower now starts at 500,000.
 
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