Beach-house bargains is a good read for retirees contemplating relocating or purchasing second homes.
I still believe that retirees should first try to experience lodging in different locations by renting before plunging to make large investments in relocation or second homes. With younger people still in active employ this should not be a great problem as much of the work atmosphere circles around the new social life in a new location (all else being equal ,like schooling for children and spouse concerns).
The sentiment is that Florida condo prices have fallen by 25-30% with the mortgage crisis and speculation is that the crisis can deepen even further. Other areas of the country may be different. Usually, in the posh areas the grade of decline in property prices is much less, it is like owning a good stock.
Other issues to consider in addition to property prices is real-estate taxes and in a place like Florida or parts of California and others are the risks of natural disasters (hurricane, etc) that price into lofty property insurance premiums. Some scientists are concerned of a 3' projected sea levels rise in Florida that could swamp Florida beaches 20 years from now making it difficult to sell in the future, but hey, if you are over 60, you should not worry about 20 years from now.
Disclaimer: References to Personal Finance are strictly for "educational purposes" and does not hint or offer any specific financial or tax advice or real estate advice. For financial advice or property acquisitions, please seek the advice of a professional if you feel unable to handle your own finances/taxes or real estate issues.
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