We have three friends that have all bought vacation places in Florida over the last few months. The Sunshine State is getting some great new friends, who may become permanent residence, in time.
Our friends are settling all-over the state. One couple bought a place on Merritt Island, near Cape Canaveral (they can see rocket launches from their front porch). Another couple bought a place in Punta Gorda near where the big hurricane recently hit. And, the third couple are closing this week on a luxe new-construction home near Sarasota.
Florida real estate prices keep going up & up. While prices in many places are starting to fall behind rising interest rates, that’s not really happening in Florida. I’m guessing that because a higher share of these transactions are second-homes, the buyers are a bit insulated from the rising cost of borrowing.
We are getting ready for our 4th winter in Florida with an extended snowbird stay. We’ll be down there for about 10 weeks this year during January, February, and March, staying in longer-term Air BNB and private rentals. Two-and-a-half months isn’t long enough for us to think we need to invest in something of our own, but I think we are getting closer to making a longer-term commitment.
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