Are people still moving to Florida?

[Anonymous]

Anonymous wrote:It is almost free to live in Florida. I say that as my empty Nestor brother who WFH moved there. He makes 500k a year.

In NY with 8 percent tax he saved 40k. Plus saves another 12k a year on property tax.

He has around 5 million in 401k. He is 62 and did max since 22. His wife did 15 years in 401k. That is 55 years of 401ks!

By time he does RMDs NY taxes would kill him. He has to start then at 73 which is around a 25 year life expectancy. He might be at 10 million by ten. Which is $400k RMD. 50k SS between him and wife and he already has around 5 -7 million after tax paying close to $500k a year on interest and dividends.

He will be at one million a year income at 74! That’s 80k a year.

Why old folks in Florida

Tell about how to live for free in Florida. Basic houses in decent Miami area all over $1.5M; 2% property tax per year. Public schools underfunded, private is $45k per child. Activities like horseback riding twice as expensive as in NYC surroundings. Need at least 2 cars plus driving nanny. Groceries at Publix same price or more than NYC. I want to live for free like you brother Nestor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is almost free to live in Florida. I say that as my empty Nestor brother who WFH moved there. He makes 500k a year.

In NY with 8 percent tax he saved 40k. Plus saves another 12k a year on property tax.

He has around 5 million in 401k. He is 62 and did max since 22. His wife did 15 years in 401k. That is 55 years of 401ks!

By time he does RMDs NY taxes would kill him. He has to start then at 73 which is around a 25 year life expectancy. He might be at 10 million by ten. Which is $400k RMD. 50k SS between him and wife and he already has around 5 -7 million after tax paying close to $500k a year on interest and dividends.

He will be at one million a year income at 74! That’s 80k a year.

Why old folks in Florida

Tell about how to live for free in Florida. Basic houses in decent Miami area all over $1.5M; 2% property tax per year. Public schools underfunded, private is $45k per child. Activities like horseback riding twice as expensive as in NYC surroundings. Need at least 2 cars plus driving nanny. Groceries at Publix same price or more than NYC. I want to live for free like you brother Nestor.

Not the pp, but what I think she may be saying is that the tax savings cover your mortgage/rent. We recently moved to FL, and the tax savings covers the rent for our apartment. That made it worth it to move here and rent while we look for a house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I read an article within the last couple months that said that the pandemic boom of moving to FL is over. Now FL is just seeing regular influx, which is still a lot of people because people have always moved to FL for retirement, work, etc. However, population growth wasn't actually a lot during the pandemic because the birth rate was much lower and the death rate much higher than average. Now there's little to no population growth and a forecasted growth of just over 1% over the next several years.

I'm house hunting in Central FL, and there's a disconnect between buyers and sellers right now. Sellers still want close to peak pricing but buyers won't pay it, so homes are just sitting. Lots of homes that go under contract go back on the market. Prices have softened here and I'm betting that they'll continue to fall quite a bit more. They went up so much during the pandemic, so there's a lot of room to fall.

I am seeing the same. I assume the properties don’t appraise and buyers can’t get loans.

+1 pp here and I think it's those things plus buyers simply won't pay the higher prices now that we know that prices will continue to fall. We're cash buyers, but I have no desire to pay more than I would have to if I waited.

[Anonymous]

Over the past week a bunch of stuff near me (NE FL) has gone "pending" or "contingent" for no apparent reason whatsoever. Weird. Some of these homes have been on market for months, just sitting there. Did something happen over the past week to motivate buyers? If so, I missed whatever that was. Not seeing much in the way of new inventory, either...maybe that's the reason and people just ran out of patience? Patience is your best friend right now.

[Anonymous]

The question is, how many people would move there if not for the tax advantages?

[Anonymous]

In huge numbers. Builders cannot keep up. On my cul-de-sac alone, we had three homes sell in the last six months (new homes). My new neighbors are from (1) NYC (2) NJ (3) DC. We still own our home near DC. Our renters are moving to Florida this summer. Florida is full, people. And you hate it, remember? Stay up north. It’s so much better.

[Anonymous]

Yep, we are planning on it in the summer. Several friends that left DC and bought there during covid are loving their lives and staying. Biggest change they report is lack of stress that came with living in the DMV. I believe the market there stays busy in the winter because of retirees. Where we’re looking cooled off very little.

[Anonymous]

Anonymous wrote:In huge numbers. Builders cannot keep up. On my cul-de-sac alone, we had three homes sell in the last six months (new homes). My new neighbors are from (1) NYC (2) NJ (3) DC. We still own our home near DC. Our renters are moving to Florida this summer. Florida is full, people. And you hate it, remember? Stay up north. It’s so much better.

In which town? Nothing is selling in Miami.

[Anonymous]

Anonymous wrote:Over the past week a bunch of stuff near me (NE FL) has gone "pending" or "contingent" for no apparent reason whatsoever. Weird. Some of these homes have been on market for months, just sitting there. Did something happen over the past week to motivate buyers? If so, I missed whatever that was. Not seeing much in the way of new inventory, either...maybe that's the reason and people just ran out of patience? Patience is your best friend right now.

Some sellers have been offering to buy down the buyer's mortgage rate, pay buyer's closing costs, give cash back at closing, etc. And now that inspections are more frequent, some buyers make offers knowing they'll demand price reductions after the inspection.

I agree that patience is key now.

[Anonymous]

Anonymous wrote:Only Repub boomers.

Six people out of my very Democratic book club have moved from Arlington to various places in Florida. Most are keeping a place in Arlington so that they can continue to vote here. The old hippies just can't release their grip on making Arlington as weird as Portland.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In huge numbers. Builders cannot keep up. On my cul-de-sac alone, we had three homes sell in the last six months (new homes). My new neighbors are from (1) NYC (2) NJ (3) DC. We still own our home near DC. Our renters are moving to Florida this summer. Florida is full, people. And you hate it, remember? Stay up north. It’s so much better.

In which town? Nothing is selling in Miami.

+1 Most builders stopped new projects once the Fed announced the plan to increase rates or by early 2022 latest. Builder confidence has been dropping all year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In huge numbers. Builders cannot keep up. On my cul-de-sac alone, we had three homes sell in the last six months (new homes). My new neighbors are from (1) NYC (2) NJ (3) DC. We still own our home near DC. Our renters are moving to Florida this summer. Florida is full, people. And you hate it, remember? Stay up north. It’s so much better.

In which town? Nothing is selling in Miami.

+1 Most builders stopped new projects once the Fed announced the plan to increase rates or by early 2022 latest. Builder confidence has been dropping all year.

Must be the local realtors trolling like crazy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In huge numbers. Builders cannot keep up. On my cul-de-sac alone, we had three homes sell in the last six months (new homes). My new neighbors are from (1) NYC (2) NJ (3) DC. We still own our home near DC. Our renters are moving to Florida this summer. Florida is full, people. And you hate it, remember? Stay up north. It’s so much better.

In which town? Nothing is selling in Miami.

We are about an hour from Tampa near Inverness.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Only Repub boomers.

Six people out of my very Democratic book club have moved from Arlington to various places in Florida. Most are keeping a place in Arlington so that they can continue to vote here. The old hippies just can't release their grip on making Arlington as weird as Portland.

Their votes would matter more in Florida - please encourage them to change their registration

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In huge numbers. Builders cannot keep up. On my cul-de-sac alone, we had three homes sell in the last six months (new homes). My new neighbors are from (1) NYC (2) NJ (3) DC. We still own our home near DC. Our renters are moving to Florida this summer. Florida is full, people. And you hate it, remember? Stay up north. It’s so much better.

In which town? Nothing is selling in Miami.

+1 Most builders stopped new projects once the Fed announced the plan to increase rates or by early 2022 latest. Builder confidence has been dropping all year.

Must be the local realtors trolling like crazy.

I’m a Florida poster, but not a realtor. I think it is very location specific. Homes in my community are still selling very quickly. Mostly new builds. It does seem to be slowing down some. I helped a friend buy a house in my community and it took months for her to finally get the house. Multiple offers. It went for over asking, but not by a crazy amount like homes did a few months ago. We have had people knock on our door to ask if we would consider selling several times over the last year.