Category: Active adult communities
March 10, 2025 — The 2021 Surfside Towers collapse near Miami killed 98 people and injured many more. The Florida legislature’s response was swift and strict. Now, as those laws go into effect, backlash from the hardships they created is leading to efforts to soften the regs.
Already burdened by exploding insurance premiums, condo owners now also face huge assessments to catch up on their new reserve requirements. Added to those woes, newly required building inspections have discovered costly building repairs that need to be made. All of these combined factors have led to special assessments and/or significant dues increases. The result is a spate of homeowners who are unable to pay. Many have no choice but sell and and then find a new, more affordable place to spend the remainder of their retirement years.
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Published on March 9, 2025
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Category: Retirement Real Estate
March 1, 2025 — It looks like the messages of doom for Florida real estate might actually be starting to come, according to the real estate firm Redfin. The number of homes for sale in Florida hit 172,209 at the end of January (up 22.7%). This is the highest number…
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Published on February 28, 2025
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Category: Real Estate Listings
what the NAR real estate settlement means
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Published on April 8, 2024
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Category: Retirement Real Estate
February 8, 2023 -- Florida might not appeal to everyone, but it sure does attract more retirees than just about anywhere else in the USA. Its huge coastline, countless lakes, lack of a state income tax, and warm winter climate are magnets for overtaxed retirees with a hankering to get away for the winter (or all year round).
The cheapest and most expensive towns in Florida
For purposes of this article we used data from the National Association of Realtors®, which reports on 19 Florida markets. To generalize about Florida, the further one goes south, and the closer to the coast, the more expensive it gets. Naples and Miami hold an overwhelming lead when it comes to costly places for retirement real estate.
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Published on February 7, 2024
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Category: Real Estate Listings
October 11, 2023 -- The key to getting your dream home for retirement is to find the right real estate agent. Maybe you know where you would like to retire (region, state, or even town) and the lifestyle you want to pursue. But how do you find the right real estate agent to help you reach that dream? A place to retire that comes at the right price, and one you can afford. In a neighborhood that suits you, and that will be a good investment down the road. And most importantly, a home that makes you happy, not having to worry that you might have made a mistake.
One of the best ways to find your retirement dream is to make sure you know how to find the right real estate agent. That is not always that easy, particularly when you move to an area far away, and unfamiliar to you. In that situation, any contacts you already have are probably of no use.
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Published on October 10, 2023
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Category: Active adult communities
July 18, 2023 — As with everything in life, some companies are better at what they do than others. Tesla makes great electric cars, Titleist is terrific in golf, Gucci’s shoes are amazing, etc. But when it comes to the best 55+ communities, which company does the best job? Since…
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Published on July 18, 2023
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Category: Downsizing
December 11, 2022 -- One of the best pieces of advice we have heard is to think about downsizing in retirement. Finding a smaller, lower maintenance place to retire can unlock equity in your home so you can maintain a great lifestyle with less income. It can also simplify your life. Less maintenance and yard work, smaller utility bills, lower property taxes, and more time to enjoy retirement, are just some of the benefits. But downsizing is not always quite as easy as it seems. Here we outline some of the costs and headaches that many people do not consider when they start the downsizing process.
Costs to fix up your home for sale. Either you or the buyer might decide to make costly improvements before the sale, such as radon mitigation, roofing, HVAC, structural, etc. These expenses can cost a lot more than you imagined when you put the home on the market.
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Published on December 10, 2022
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Category: Active adult communities
Update June, 2023 - In another development, Governor DeSantis recently signed the much anticipated Surfside Glitch Bill, SB 154, into law. The bill relieves some of the ambiguity in SB 154. It also provided relief for some provisions of the law such as allowing a Milestone Inspection to be provided by a team of professionals with an architect or an engineer acting as a registered design professional in charge of the report (the supply of inspectors was an issue). Other clarifications had to do with reserve requirements. In one provision, reserves are not needed for replacement costs for items for which the estimated remaining useful life exceeds 25 years (but reserves are still required for deferred maintenance for those items).
November 13, 2022 -- Hurricanes Ian and Nicole were bad enough, destroying thousands of homes, changing the coastline, and scaring residents and real estate buyers alike. But a new Florida law, SB 4-D: Building Safety, is about to provide a potential killer wave to the Florida condo market.
The Building Safety Law is a reaction to the tragic Surfside building collapse in Miami in 2021. It has several key requirements for condominium associations that most are not yet aware of, especially how fundamentally those will affect their finances. This article will attempt to give a quick snapshot of what is now required, and how things will change. We recommend that if you are on a condo board you get familiar with the law now, because it has several new requirements. As it spells out clearly, failure to meet them is a breach of an officer’s and director’s fiduciary relationship to the unit owners. Sadly, the jailhouse humor going round is that it could cause mass resignations of board members across the state. Even if you are not a board member, you should make sure that your board is working on this issue.
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Published on November 12, 2022
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Category: Best Retirement Towns and States
August 3, 2022 -- Since the pandemic began a housing boom has churned markets across the country. Big cities have lost out, and smaller ones with better quality of life and cheaper housing prices have gained. The Wall Street Journal/Realtor.com Emerging Housing Markets Index is a list of the top metro areas for a strong local economy, appealing lifestyle amenities, and an appreciating housing market in this year's second quarter. This index comes as home prices have fallen in most parts of the country for the past few months, finally succumbing to higher mortgage rates and an overheated housing market.
Although the study was mostly oriented toward young working people looking for a better lifestyle, an easier commute, and lower real estate prices, many of the markets that came out on top are quite suitable for baby boomers and people of retirement age. That is not only because these housing markets bode well for the future, but mainly because many of them, such as Billings, Montana, offer exceptional outdoor recreational opportunities. The index's top-ranked market for the quarter was Elkhart, IN with its 206,000 people. After that came Burlington, NC; Johnson City, TN; Fort Wayne, IN; and Billings, MT. Indiana had two cities in the top 10, as did North Carolina.
Here are the WSJ's top 10 Emerging Housing Markets:
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Published on August 2, 2022
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Category: Retirement Real Estate
June 28, 2022 -- Back in 2018 Pamela shared her ideas on looking for an amenity-lite active community. That article, When Amenity Rich Is Not the Answer, was clearly relevant to many of our Members and sparked 60 Member Comments (which were turned into another article: "When Amenity Lite Is the Answer"). Recently we heard back from Pamela on a related topic. She recounted her experience in selling her home in 2020, along with its aftermath and sellers remorse. We are grateful for her sharing her story; it is always fascinating to hear about actual experiences in the retirement world. We wish her and anyone else in this tough market who has faced challenges well. Note: This article makes an excellent counterpoint and addition to last week's "Time to Sell Your Home and Rent" post.
Here is her story (with minor edits):
Pamela: I am still dealing with the absolute worst mistake of my life - selling my home that I owned for 28 years and lived in since it was new. Since you're always looking for new topics to write about, I wanted to update you on my situation, hopefully generating some helpful insights and advice from your great subscribers.
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Published on June 27, 2022
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