A
Florida Retirement Alert "Special
Report"
Date:
From: Robert Cotter,
Ph.D.
Re: Your Florida Retirement
Thank
you and congratulations on requesting
this critical information.
In
doing so, you are way ahead of the masses
of individuals heading unprepared into
Florida retirement. Your diligent planning will
pay dividends far beyond what you
can imagine.
Florida
is a beautiful state and is still the
#1 destination for those lucky enough
to be retiring.
The
changing real estate conditions in the
state are also making it a historic time
for many new retirees.
The
papers are filled with incredible incentives
for new retirees, and land developers
and real estate agents are "laying
out the red carpet" for your business.
Yet,
as we enter our 20th year of retirement,
we are constantly meeting retirees with
sad stories of disappointment due to
under planning and poor choices.
It's
tragic to see decent, hard working individuals
in turmoil with their retirement
savings at risk due to lack
of information and uninformed decisions.
So let's
get right to a real example of a Florida "Real
Estate Trap":
If
you are investigating retirement in Florida, you
will no doubt will be dealing with a
realtor.
Inside
the gates of some of Florida's larger
retirement villages communities, traditional
realtors will take the form of selling
agents ready to fit you with "rose
colored glasses" as you stroll the
grounds and explore the homes.
So
here's a very important question you
should be asking your agent:
How
many units in the building (or complex)
are unsold and vacant?
Ask
for the total number of units in the
complex and total vacant units, or the
percentage that are unoccupied.
Now
most importantly, your follow-up question
should then be:
In
view of the vacancy rate, does the
governing association have enough funds
to cover the promised services without
exorbitant rate increases for the
current (or near future) residents?
Due
to the market collapse, some retirement
communities have 25-50% of units that
are in foreclosure or unsold (in new
communities).
Now
this can be great for bargain price hunting.
But
as a current or future resident, who
is going to pick up the Community
Fees tab for the empty units' owners?
If
the development is new and under construction,
the developer/builder will typically
cover monthy fee expenses of the unsold
units. But what
if he/she is going bankrupt??
If
a property is in foreclosure, then the
ex-owner is certainly not going to pick
up his share of the month tab.
So,
for example, if the condo fees of a prospective
property are $400/month, ask your agent
if that is likely to stay the same in
the coming year given the vacancy rate.
If
he or she doesn't know (or care to know),
ask then to find out.
Or
attend a meeting of the Community Governing
Board. These are often held monthy and
open to prospective residents.
Also,
don't hesitate to bring up some of these
issues with any residents you encounter
during your visit. This may be a sore
issue that they are happy to vent about.
Finally,
is you see seniors cutting the grass
and trimming the hedges in front of their
units, then consider this a red
flag that they are trying
to chip in to keep maintenance expenses
down by doing their "fair share".
Hence,
you may not be interested in these extra "chores". After
all, you are retired!
This
is just 1 of 10 essential questions you
must ask your real estate agent or community
representative when investigating Florida
retirement.
The
other 9 questions are found in
the text of the new edition of "The
Florida Retirement Book - An Insider's
Guide"
In
fact, the above examination of vacancy
rates and community fees is a tiny
excerpt from the most authoritative
and up-to-date resource on Florida
retirement, "The
Florida Retirement Book - An Insider's
Guide".
Now
entering our 6th year, "The Florida
Retirement Book" has taught the
in and outs of a successful Florida retirement
to 1000's of prospective and established
FL retirees.
Plus
we've just updated the book with new
critical material which addresses the
changing state wide conditions in the
aftermath of the recent boom years.
In
the new 2011, 8th edition of "The
Florida Retirement Book - An Insider's
Guide", we leave no stone
unturned.
The
new additions to the full text were just
added (December 2011). They reflect the
most recent changes in the state that
affect prospective Florida retirees.
I'd
like to share this important info with
you so you can formulate a bullet proof
strategy and avoid the most common mistakes
and hidden traps.
This
is a great opportunity to learn from
my first hand experience as a
Florida retiree, as well as the scores
of others who have shared their stories
the past 19 years.
Here's just a sneak peak of what you will discover inside the New 8th
Edition:
The 10
Best Cities in which to "buy
now" (they are probably not where
you think).
