As I'm sitting here enjoying a cup coffee at Panera Bakery in Pompano Beach Florida I can't stop thinking about how most Canadian seniors that have paid their dues back home should take advantage of the collapsed Florida real estate market, I know I have and I'm no senior, I still have 35 years or so.
Toronto real estate agents should help our seniors in explaining the benefits of buying a condo down here and let’s not just limit this buying experience to just seniors. All Canadians that have some money either stashed in the bank or in their home should take a look at the opportunity that has presented itself in the U.S.
This place is a paradise with the weather consistently holding in the mid 20s, with the beaches being crystal blue.
A lot of seniors in Toronto own big homes that can be somewhat difficult to maintain or they just don't require that kind of space anymore as they have become empty nesters. When you own a home in the Toronto real estate marketplace and it's your principle residence it is not applicable to capital gains tax when you sell, this is why it would make sense for some home owners to sell and downsize, in doing so take the difference of those funds and buy a condo in South Florida.
And let me tell you, with a couple of hundred dollars will buy you a fabulous condo down here, 1500 sq feet of living space facing the water, all though in an older building but I prefer older buildings as they are fully occupied and that keeps the maintenance fees very low. If you want to buy in a new building on the beach it will run you as high as 500k for the same unit with double the Maintenance fees. The deals are in older units yet these units are very well maintained and most show very well.
I have comparing Mls listings down here and I came across a unit that is 1900 sq feet in Aventura which is just north of Miami Beach, this unit has been completely renovated and its stunning, its right on the water with great views of both the intercostal and the ocean. The Maintence fees are estimated at $600.00 per month and it included everything except the property taxes, they even include premium cable. Guess how much this unit is listed at? Asking $300k; now if you compare this unit to a Toronto condo on Lake Ontario it will run you close to a million dollars. This unit is a steal.
And as I was telling you earlier these are great opportunities for even young investors from Toronto. Own a home and buy a condo in Florida, enjoy the weather and over the years watch the values increase, the market down here will correct again and values will increase. In my opinion you can't lose, it’s a win-win.
So for all you Toronto Realtors out there it's time to start understanding the Florida market so that we can better educate our clients and ourselves as well.