Certain areas of the real estate market are suffering. We know that condos around the St Petersburg-Tampa area are selling at $30,000. We also know that Venice, Florida is a huge retirement community, often for those with little retirement income. If you want to move from Venice, Florida for better opportunities, you might not want to pick Manhattan, Beverly Hills or South Florida. Miami-Dade County recently saw several homes in the millions of dollars price range sold on the market. It is showing that at least on the Atlantic side real estate is booming for those who have the money to spare. In one instance a penthouse was sold for $25 million. Another for $52 million is under contract and is expected to sell well.
Any time you want to relocate, you have to examine the area you are choosing for affordable living and the real estate market. Otherwise, you could be in a position where you leave an affordable city by moving from Venice, Florida to someplace like Miami where many of the properties on the market are overpriced. Relocation during retirement is a bit harder, since you will not have money coming in that is not related to your retirement funds or social security benefits. Making a move to a place that is more expensive could reduce the amount of funds you have for the rest of your life. In turn you might have to move back to somewhere more affordable, which can be just as costly. Consider where you move to and the current real estate markets.
Jon Huser
