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 19th 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 7th 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
(March 2010). 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
18
years.
Here's just a sneak peak of what you will discover
inside the New 7th Edition:
The
10 Best Cities in which to "buy
now" (they are probably not where you think).
