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I would say that many of the people moving into these developments, high %, would be wealthy baby boomers from the Northeast and Canada looking to retire to the Florida lifestyle. No real big influx of high paying jobs I see to support these developments otherwise.
Nix Canadians for awhile......exchange rate is punishing them badly! It is 73 cents CA to a US dollar right now.
The bigger glitch is "wealthy baby boomers"........this is going to be the poorest group of retirees that we have ever seen. Gone are the paid off homes up north and the strong pensions, today it is debt right up until you retire, sell the house with the big mortgage and hope your 401K was funded and invested properly!
Nix Canadians for awhile......exchange rate is punishing them badly! It is 73 cents CA to a US dollar right now.
The bigger glitch is "wealthy baby boomers"........this is going to be the poorest group of retirees that we have ever seen. Gone are the paid off homes up north and the strong pensions, today it is debt right up until you retire, sell the house with the big mortgage and hope your 401K was funded and invested properly!
Not from what I have gained from my realtor friends, plenty of Canadians are buying properties here. The people renting my one property are from Canada and they are planning on buying in the next year once they determine where they want to live.
Baby Boomers, well I can speak from experience here, the above are such from Canada as well I have plenty of relatives of the age who are planning on moving down and friends of theirs along with the move. Some already moved down in the past year or so. My Aunt and Uncle are from NJ, their little 3/2/2 ranch in NJ was purchased in the 60's and was paid for by the mid to late 70's, both had stable jobs their entire life and put two kids through College...well they are planning on moving to Delray sometime in the next year, my Uncle was still driving into Manhattan in his mid 60's to his job.
Their little ranch house is worth around $400K due to the location. They paid $15K new in the day, for it.
So...I'm not seeing a drop in the influx of wealthy baby boomers, although I would not consider my aunt and uncle "Wealthy" or the ones to move down here and buy new construction and two new Lexus or a new Corvette, they have a nice nest egg to allow them to retire without worrying about money and still can go on trips and eat out.
The drop will come with the tale end of the BB Generation, though my 2 sisters and 2 brothers all fall into this category...only me an another sister are Gen X'r's, all of my siblings have had great careers and own homes, HNW and only one is the Black Sheep who smoked too much Pot, but he will inherit enough money to keep him afloat for the foreseeable future.
In reality the generations after the Baby Boomers will not be able to live like their parents, though some will inherit the assets eventually it will thin out though there will always be people with money, there won't be as many retiring here or retiring at all.
The later half of the baby boomers aren't nearly a wealthy as the first group with defined benefit plans, large IRA's and paid off mortgages.
Regardless, baby boomers have a limited shelf life. Either way the boom and bust cycles of Florida will continue well on after the last of the boomers decides to come here and then all the heirs will be looking to dump over priced property to no one.
Depending on your age that either means something or doesn't. Either way, history repeats.
The later half of the baby boomers aren't nearly a wealthy as the first group with defined benefit plans, large IRA's and paid off mortgages.
Regardless, baby boomers have a limited shelf life. Either way the boom and bust cycles of Florida will continue well on after the last of the boomers decides to come here and then all the heirs will be looking to dump over priced property to no one.
Depending on your age that either means something or doesn't. Either way, history repeats.
I agree with you on the cycle, but the problem is...those are not the same group that is relocating down here and buying new construction currently or in the next few years. The ones retiring now were born in the early 50's, but many retired sooner at younger ages. We are right in the middle of the Baby Boomer generation retirement wave...those born between 1946 to 1964, the ones born in the final quarter.5 will be those who are not as well off, but not all, just not as many. Then the decline will hit as they age and pass on. Even with the final wave not being as "wealthy", South Florida will have enough momentum from the group, in general, to carry on for sometime.
You guys have to understand people have so many options for work nowadays between working from home, running your own business and also jobs are being created here all the time some coming here from other states. People need to stop be so noisy and digging into people's pockets like its any of your business how people make their money. I wouldn't say Jupiter attracts as many snowbirds as other parts of PBC because the majority people I've seen interested in the area are for the schools. Canadian money value is lower than the US so actually Canadian home buying has been down all across Florida.
You guys have to understand people have so many options for work nowadays between working from home, running your own business and also jobs are being created here all the time some coming here from other states. People need to stop be so noisy and digging into people's pockets like its any of your business how people make their money. I wouldn't say Jupiter attracts as many snowbirds as other parts of PBC because the majority people I've seen interested in the area are for the schools. Canadian money value is lower than the US so actually Canadian home buying has been down all across Florida.
My job is not common, nor is the life I live, common, being able to live the lifestyle I live now, p/t here, more time in CA in my house there. Many people work in specialized fields that just do not do well here...could be lack of opportunity or lack of competitive pay. I go to San Francisco and Silicon Valley often since moving to Napa, there is a great job market in STEM related jobs that do not even exist here along with great salaries. I'm building my business there and it's whole different demographic, the people I meet, high level of intelligence,highly educated with Masters and PhD degrees, working in positions that fit their background...not like here where I see many college educated people waiting tables, or working in jobs that pay poorly, basically tossing away their education just because "it's as good as it gets".
I would not again make a statement that everyone we see in public, works from home and makes a great income, run's their own business or got a job here from someplace else and got full relo...sure it happens and it's possible but it's not a large % of the population or common.
"Noisy"? You mean Nosy...well it is my business actually, I work in Wealth Management and Finance so I dig into peoples pocket's all the time, they let me. Also I see payrolls of companies here and they are often, on average, quite low in relation to the high cost of living. I really do not know how a lot of these people make ends meet with $1,500.00/month median rent? For many it would easily be 50% of their income.
Also I'll say it again, I have a late 50 something couple from Canada renting my one home, they are looking to buy in the next 3-6 months. I also have a realtor friend in Wellington who sold 10 properties in the past few months to Canadians...the guy who owns several shopping centers in Wellington and just built a couple new ones, is Canadian...of course he has very HNW.
My job is not common, nor is the life I live, common, being able to live the lifestyle I live now, p/t here, more time in CA in my house there. Many people work in specialized fields that just do not do well here...could be lack of opportunity or lack of competitive pay. I go to San Francisco and Silicon Valley often since moving to Napa, there is a great job market in STEM related jobs that do not even exist here along with great salaries. I'm building my business there and it's whole different demographic, the people I meet, high level of intelligence,highly educated with Masters and PhD degrees, working in positions that fit their background...not like here where I see many college educated people waiting tables, or working in jobs that pay poorly, basically tossing away their education just because "it's as good as it gets".
I would not again make a statement that everyone we see in public, works from home and makes a great income, run's their own business or got a job here from someplace else and got full relo...sure it happens and it's possible but it's not a large % of the population or common.
"Noisy"? You mean Nosy...well it is my business actually, I work in Wealth Management and Finance so I dig into peoples pocket's all the time, they let me. Also I see payrolls of companies here and they are often, on average, quite low in relation to the high cost of living. I really do not know how a lot of these people make ends meet with $1,500.00/month median rent? For many it would easily be 50% of their income.
Also I'll say it again, I have a late 50 something couple from Canada renting my one home, they are looking to buy in the next 3-6 months. I also have a realtor friend in Wellington who sold 10 properties in the past few months to Canadians...the guy who owns several shopping centers in Wellington and just built a couple new ones, is Canadian...of course he has very HNW.
I don't understand how you are comparing a mega region known for tech jobs around the world to a county trying to diversify its economy. Most cities in this country don't have nearly as much opportunity in the tech field as Silicon Valley. Let's get something clear as far as people moving to that area thinking its going to be easy and they are going to make millions. A lot of people don't even end up making it there because its such a tight competitive job market. Yes a lot of "educated people" have to end of up working low end jobs to make ends meet because the job market doesn't have the right opportunities.
However let's not act like companies over in Cali are paying enough to keep up with the rising cost of living. Florida is more affordable than that area so apples to oranges comparison considering in order to live in San Francisco you basically have to be rich. I'm not saying PBC shouldn't have more high paying jobs but that with a double income you could live here pretty comfortably. I'm glad Canadians are still buying which I never said they weren't.
I don't understand how you are comparing a mega region known for tech jobs around the world to a county trying to diversify its economy. Most cities in this country don't have nearly as much opportunity in the tech field as Silicon Valley. Let's get something clear as far as people moving to that area thinking its going to be easy and they are going to make millions. A lot of people don't even end up making it there because its such a tight competitive job market. Yes a lot of "educated people" have to end of up working low end jobs to make ends meet because the job market doesn't have the right opportunities.
However let's not act like companies over in Cali are paying enough to keep up with the rising cost of living. Florida is more affordable than that area so apples to oranges comparison considering in order to live in San Francisco's you basically have to be rich. I'm not saying PBC shouldn't have more high paying jobs but that with a double income you could live here pretty comfortably. I'm glad Canadians are still buying which I never said they weren't.
I don't understand how you are comparing a mega region known for tech jobs around the world to a county trying to diversify its economy. Most cities in this country don't have nearly as much opportunity in the tech field as Silicon Valley. Let's get something clear as far as people moving to that area thinking its going to be easy and they are going to make millions. A lot of people don't even end up making it there because its such a tight competitive job market. Yes a lot of "educated people" have to end of up working low end jobs to make ends meet because the job market doesn't have the right opportunities.
However let's not act like companies over in Cali are paying enough to keep up with the rising cost of living. Florida is more affordable than that area so apples to oranges comparison considering in order to live in San Francisco's you basically have to be rich. I'm not saying PBC shouldn't have more high paying jobs but that with a double income you could live here pretty comfortably. I'm glad Canadians are still buying which I never said they weren't.
Well it's based on reports of South Florida becoming a tech hub, which is all smoke and mirrors. A lot of "educated people" end up moving to South Florida and take dead end jobs or sell themselves short, that much is known, by choice often...because they want the lifestyle and don't care to move someplace where they can have a career or often family keeps them there. What happens to many is, they end up losing their skills and knowledge, it can be 5 or 10 years later, no experience, the degree alone won't open all doors. This happens in a lot of fields, not just STEM related.
Please don't say "Cali", that's a city in Colombia, Californians hate that with a passion...and also a lot of companies in tech pay above average wages that in some parts of CA, you can do better than South Florida easily on median salaries. SF and SV, is not cheap never said it wasn't but many that move to the area do it early in life and do not mind living on less, unlike South Florida where the kids live with their parents and want the Lexus, toy's and party lifestyle.
One has to look at the COL and what it takes to own a home in South Florida, drive a car and etc, all of which is often higher than many parts of CA, my car insurance in Napa is a lot less than it was in Palm Beach, I brought all my cars and motorcycles out here except for a newer BMW that I have to keep in garaged in Palm Beach to get around there and entertain clients. I considered the rental car, but it just would not work in my line of work....it is costing me a lot and I'm thinking of changing that plan.
The problem in South Florida is...one is often better off working for Fire Rescue or the County than bothering to go to school and get a specialized degree in a STEM related field and a mass a ton of debt and try to make it work in the area and move out on your own. Guaranteed if in 2000 you joined PBFR you would be making more now then if you graduated in a STEM related field and stayed in South Florida, on average.
Not really, people are ignorant thinking South Florida is still a cheap place to live. Salaries are often all relative with exception in South Florida, expect to pay more for things that people in CA on average pay less for, once Palm Beach County raises the Sales Tax to 8%...opinions will change.
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